One of the upsides of a down economy: affordable housing. And since our economy has been down for years now, we’ve got some really affordable—some might even say “cheap”—housing.
According to a Nov. 18 report from the National Association of Home Builders, the Las Vegas-Paradise metropolitan statistical area ranked 42nd in the nation in terms of how affordable housing is for families earning the median income, which is $65,700 here. The report states that 86.5 percent of all homes sold in the third quarter of 2010 were “affordable” by those standards. The median sales price was $138,000.
That’s quite an “improvement” from the third quarter of 2006, when the report ranked our little area 174th in terms of affordability. Back then, only 14 percent of all homes sold were affordable to residents earning the median household income of $58,000 per year.
In case you’re interested in moving where housing is even cheaper, Indianapolis is your top destination among markets the size of Las Vegas. There, 93 percent of all houses sold are considered affordable by the terms of this study. And by that same metric, you can skip the least affordable place in America: White Plains, N.Y.,–Wayne, N.J., where only 23 percent of homes sold are affordable. Median sales price: $435,000.