St. Louis' housing affordability No. 2 among major U.S. metros
St. Louis Business Journal - January 7, 2005
St. Louis ranked the second most-affordable large metro area in the country on a recent survey by the National Association of Home Builders.
The metropolitan area had a housing opportunity index of 83.7 for the third quarter, which means 83.7 percent of homes sold in the period were affordable to families earning the area's median household income of $65,900. The median sales price during the period was $119,000.
St. Louis ranked behind only Grand Rapids-Muskegon-Holland, Mich., which was the most affordable metro area with a population above 1 million. Grand Rapids' affordability index was 86.
St. Louis ranked also ranked No. 15 nationally and No. 12 among Midwestern cities.
Nationally, Lima, Ohio, was the most affordable market, where 90.5 percent of homes sold were affordable to families earning the median income of $52,500.
Eighteen of the top 25 affordable metro areas in the nation were in the Midwest, while 19 of the least affordable metro areas were in California. The least affordable metro in the county was Santa Barbara-Santa Maria-Lompoc, Calif., where less than 5 percent of homes sold were affordable to families earning the median income of $64,700. The median sales price in that area was $447,000. Chicago was the least affordable metro in the Midwest.
St. Louis ranked the second most-affordable large metro area in the country on a recent survey by the National Association of Home Builders.
The metropolitan area had a housing opportunity index of 83.7 for the third quarter, which means 83.7 percent of homes sold in the period were affordable to families earning the area's median household income of $65,900. The median sales price during the period was $119,000.
St. Louis ranked behind only Grand Rapids-Muskegon-Holland, Mich., which was the most affordable metro area with a population above 1 million. Grand Rapids' affordability index was 86.
St. Louis ranked also ranked No. 15 nationally and No. 12 among Midwestern cities.
Nationally, Lima, Ohio, was the most affordable market, where 90.5 percent of homes sold were affordable to families earning the median income of $52,500.
Eighteen of the top 25 affordable metro areas in the nation were in the Midwest, while 19 of the least affordable metro areas were in California. The least affordable metro in the county was Santa Barbara-Santa Maria-Lompoc, Calif., where less than 5 percent of homes sold were affordable to families earning the median income of $64,700. The median sales price in that area was $447,000. Chicago was the least affordable metro in the Midwest.
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