June 7th, 2011
With the tough economy, many make the assumption that owning a home is a difficult – if not impossible – endeavor to take on. But new data shows that buying a home is more affordable now than it’s been in years, and not just for the wealthy.
According to National Mortgage Professional Magazine, data from the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) showed that in the first quarter of 2011, housing affordability rose to its highest level since the inception of the Index more than 20 years ago.
The National Mortgage Professional blog post says,
The HOI indicated that 74.6 percent of all new and existing homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400.
And that’s the national percentage. The HOI index for the Portland/Biddeford, Maine is currently 83.6, up from 76.1 in the last quarter of 2010. This jump has landed Portland a spot on the list of 100 U.S. cities with the most affordable homes, ranking in at 78.
If 83.6 percent of homes in the Portland, Maine area are considered affordable for the average, middle class family, why can’t you own one of them?
Call Acadia Lending Group today for a free rate quote today. It’s the first step in becoming the homeowner you deserve (and can afford) to be!