Hoosier Homes

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For the third quarter of 2005, Indianapolis was the nation's most affordable housing market among major metros with populations over 500,000, according to the NAHB/Wells Fargo Housing Opportunity Index

(HOI). In Indianapolis, 89.7 percent of new and existing homes sold in the third quarter were affordable to families earning the area's median income of $64,000; the median price of homes sold in Indiana's capital was $125,000. The next four major metro areas were Youngstown-Warren, Ohio/Boardman, Pa.; Detroit-Litonia-Dearborn, Mich.; Buffalo-Niagara Falls, N.Y.; and Oklahoma City, in that order.

California once again dominated the HOI rankings for the least affordable major metros. In Los Angeles-Long Beach-Glendale, a mere 2.4 percent of homes sold were affordable to those earning the median income of $54,500; the median sales price was $495,000. Behind Los Angeles were Santa Ana-Anaheim-lrvine; San Diego-Carlsbad-San Marcos; and Stockton, in that order. New York-White Plains, N.Y./Wayne, N. J., at No. 5, was the only non-California entry on the list of the five least affordable major metros.