Asheville among least affordable home markets

Home Affordability in the South

Even though home affordability is the highest in decades, a new report shows Asheville is still among the least affordable housing markets in the South.

Nearly 73% of all homes sold in the United States during the first three months of 2009 were considered affordable. That was the highest percentage ever reported by the 18-year-old Housing Opportunity Index, an analysis of markets compiled quarterly by the National Association of Homebuilders and Wells Fargo Bank.

via The nation’s most affordable housing market – May. 18, 2009.

Asheville’s affordability index was 62.3, as compared to Greenville which was 81.1.  Sherman-Denison in Texas had the best affordability in the South at 94.9, meaning that about 95% of families making the median national income of $64,000 would be able to buy property there and devote no more than 28% of their income toward housing costs.

You can get complete access to the data here.

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