Midwest Housing Is Most Affordable

Buyers looking for affordable housing might shop in the Midwest, which had more than half the nation’s 25 least-expensive markets in the final three months of 1995.

The National Association of Home Builders said Wednesday that consumers could choose from metropolitan areas such as Kansas City and Minneapolis, or smaller cities like Lima, Ohio, the most affordable city in the nation.

Affordability improved in many U.S. markets as prices and mortgage rates both fell, the Home Builders said. In fact, the nation had a 63.4 reading on the index, up from 61.3 from July through September and suggesting greater purchase opportunities.

The index measures the proportion of homes sold in a specific market that a family earning the median income could afford.