The Greater Syracuse Association of Realtors® reports Syracuse as the nation’s most affordable major housing market.

Syracuse, N.Y. claimed the title of the nation’s most affordable major housing market, as 92.8 percent of all new and existing homes sold in the fourth quarter of 2014 were affordable to families earning the area’s median income of $67,700.

Slightly lower interest rates and home prices in markets across the country contributed to a slight increase in nationwide housing affordability in the fourth quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).

“This upturn in affordability for the final quarter of 2014 is a positive development and is in line with what we are hearing from builders in the field that more prospective buyers are starting to move forward in the marketplace,” said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo.

“Affordable home prices, historically low mortgage rates and an improving job market will release pent-up demand and help keep the housing market moving forward in the year ahead,” said NAHB Chief Economist David Crowe.

James Gamble

James Gamble

Licensed Associate Real Estate Broker
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