Nationwide Housing Affordability is on the Rise

If you’ve been avoiding house hunting for a new home in Chicago because you thought you couldn’t afford it, the good news is that now may be the perfect time to find an affordable home.
According to the National Association of Home Buildersmove up buyers home shopping/Wells Fargo Housing Opportunity Index, 74.9 percent of all homes sold in October through December 2012 were affordable to families who earned the U.S. median income of $65,000.
Interest rates continue to remain at record-lows, and this factor combined with stabilizing home prices makes home ownership more of a reality and less of a dream for many Americans. The current median home price of all new and existing homes sold in the final months of 2012 was $188,000.  In the Chicago area, the median home price is currently $141,000. Curious as to who snagged the top housing affordability spot in the U.S.? The honor goes to Ogden-Clearfield, Utah, where 93.7 percent of all homes are affordable to families with a local median household income of $71,500.