Orlando Makes Forbes List of US Affordable Housing Markets
According to Forbes.com, real estate statistics for the first quarter of this year show that an increasing number of median-earning households have been able to afford metro homes in several markets. This is a sign that buyers have started to respond to the shift in market affordability. Cities topping the list of greater affordability were: Boston, Orlando, Washington DC and Phoenix.
The data used to calculate the affordability factor was from the National Association of Home Builders. The fifty largest cities were compared to see which metro areas were changing the fastest. Cities seeing increasing affordability in combination with a solid local economy or an influx of first-time home buyers made the list.
Technically, this is good news for the Orlando real estate market. Although homes have gone through a massive price correction, more buyers can now afford to purchase homes. This activity is key to strengthening the economy and getting us through the credit crunch. In the previous market (from 01 to 06), price growth outpaced income growth which meant the majority of homeowners had to pay more than half their income to afford home ownership.
For more information about Orlando real estate, please contact the British Homes Group.
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