Housing in the first quarter was the most affordable in more than 20 years, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. The index shows that 77.5 percent of all new and existing homes were affordable to families earning the national median income of $65,000.
Wichita was the 38th most affordable market in the nation and the 20th most affordable market in the region.
“Homes in this year’s first quarter were more affordable than they have been at any time in more than 20 years, yet many potential sales are not happening because of overly tight lending conditions that are keeping hardworking families from obtaining a suitable mortgage,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “Without this significant hurdle, the housing and economic recovery could be proceeding at a much stronger pace.”
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