Home Affordability Hits 18-Year High

Housing affordability is reaching record levels with nearly 73 percent of all homes sold in the first three months of 2009 considered affordable.That’s the highest percentage ever reported by the 18-year-old, quarterly Housing Opportunity Index, compiled by the National Association of Home Builders and Wells Fargo Bank. To be considered affordable, a family making the national median household income of $64,000 must be able to devote no more than 28 percent of their income toward housing costs.

CNNMoney, Les Christie (05/19/2009)