jclick
05-21-2008, 08:51 AM
OKC Among Biggest Bargains (http://www.modernlandrun.com/story/okc_among_best_bargains) - via ModernLandRun.com
Given a decline in home values in some parts of the country, historically low interest rates, and an up-tick in average household income, the scale and parameter of affordable housing is changing. It's no doubt temporary, but creating opportunity nonetheless for some to step into a new home they may otherwise have never been able to afford.
From the CNNMoney.com article (http://money.cnn.com/2008/05/20/real_estate/big_improvement_in_home_affordability/index.htm?postversion=2008052013)...
"...53.8% of all new and existing homes sold nationwide during the first three months of 2008 were affordable to families earning the median household income of $61,500, according to the latest Housing Opportunity Index released Tuesday by Wells Fargo and the National Association of Home Builders (NAHB)."
While it's probably not a ranking worth shouting about from the rooftops, Oklahoma City came in as 49th in CNNMoney.com's national affordability ranking, which considered over 200 major metropolitan markets. Fortunately, it's not due to a decline in home values (remember, we're still seeing appreciation), but mainly the already-low median sales price of homes in Oklahoma City.
(Edited to add link to story.)
Given a decline in home values in some parts of the country, historically low interest rates, and an up-tick in average household income, the scale and parameter of affordable housing is changing. It's no doubt temporary, but creating opportunity nonetheless for some to step into a new home they may otherwise have never been able to afford.
From the CNNMoney.com article (http://money.cnn.com/2008/05/20/real_estate/big_improvement_in_home_affordability/index.htm?postversion=2008052013)...
"...53.8% of all new and existing homes sold nationwide during the first three months of 2008 were affordable to families earning the median household income of $61,500, according to the latest Housing Opportunity Index released Tuesday by Wells Fargo and the National Association of Home Builders (NAHB)."
While it's probably not a ranking worth shouting about from the rooftops, Oklahoma City came in as 49th in CNNMoney.com's national affordability ranking, which considered over 200 major metropolitan markets. Fortunately, it's not due to a decline in home values (remember, we're still seeing appreciation), but mainly the already-low median sales price of homes in Oklahoma City.
(Edited to add link to story.)