Boca Raton, Florida - Anybody taking into consideration an investment in Florida Real estate should take into account the south east portion of Palm Beach County. Specifically consider Boca Raton Homes and Delray Beach Condominiums. It appears The People from the North are heading there. The Boca Raton area has stunning weather, and the retail and restaurants sector is booming. There are plenty of sources for Florida Homeowners Insurance also.
Housing Affordability Reaches New Records
Housing affordability rose to a record high during the fourth quarter of 2011, which means a home buyer’s purchasing power is greater than it ever has been before, according to the National Association of Home Builders - Wells Fargo Housing Opportunity Index.
Boca Raton Real Estate News
The index showed that 75.9 percent of all new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,200, according to the index. That marks the highest percentage recorded in the index’s 20-year history.
Home Ownership and Boca Raton Florida Condos
"While today's report indicates that home ownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions confronting home buyers and builders remain significant obstacles to many potential homes sales, even with interest rates at historically low levels," says Barry Rutenberg, chairman of the National Association of Home Builders.
Most Affordable Cities to Purchase Real Estate
According to the index, the most affordable major housing market was Youngstown - Warren-Boardman, Ohio, in which 95 percent of all homes sold during the fourth quarter were affordable to households earning the median family income of $54,900, according to the index.
Other top affordable housing markets include: Lakeland - Winter Haven, Fla.; Modesto, Calif.; Harrisburg - Carlisle, Pa.; and Toledo, Ohio. Also ranking at the top of the most affordable major housing markets, are areas in Indiana, Illinois and Alaska.
Among smaller housing markets, the most affordable was Kokomo, Ind., where 99.2 percent of homes sold during the fourth quarter of 2011 were affordable to families earning the median income of $59,100. Other smaller housing markets at the top of the index included Fairbanks, Alaska; Cumberland, Maryland - West Virginia; Lima, Ohio; and Rockford, Illinois.
Least Affordable Cities for Home Ownership
However, some metro areas still remain too pricey for buyers. The least affordable major housing market during the fourth quarter was New York - White Plains - Wayne, N.Y.- N.J., in which 29 percent of all homes sold were affordable to those earning the area's media income of $67,400.
Higher Priced Metropolitan Ares for Home Ownership
Other high-priced metro areas at the bottom of the affordability index include: Honolulu; San Francisco - San Mateo - Redwood City, Calif.; Santa Ana - Anaheim -Irvine, Calif.; and Los Angeles - Long Beach-Glendale, California. We realize Orange County California is a beautiful area yet is expensive with the cost of living.
Do Boca Raton Homes For Sale Fit the Budget
Ocean City, N.J., where 47.5 percent of the homes were affordable to families earning the median income of $70,100, was the least affordable of the smaller metro housing markets in the country during the fourth quarter.
Affordable Housing Real Estate News and Housing Affordability Index
The housing affordability index measures whether or not a typical family could qualify for a mortgage loan on a typical home. Many Buyers and analysts will check monthly national data, quarterly national data for all buyers and for first-time buyers, and annual data for the 155 metropolitan areas also covered in the metropolitan median price series of research.
