Home Builders Association of the Greater Rockford Area

Articles

Housing Affordability June

Affordability Slips as Home Values Strengthen

Nationwide housing affordability slipped several notches as recovering markets witnessed significant firming of home prices in the second quarter, according to the NAHB/Wells Fargo Housing Opportunity Index (HOI), released on Aug. 13. In all, 69.3% of new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $64,400. This is down from the 73.7% of homes sold that were affordable to median-income earners in the first quarter, and the first time that the measure has fallen below 70% since late 2008. Rising home prices signal the improving health in housing markets, and the median price of all new and existing U.S. homes sold in this year’s second quarter, at $202,000, was well ahead of the second quarter 2012 median price of $185,000. “Together with rising mortgage rates, this contributed to affordability slipping to the lowest level in more than four years,” said NAHB Chief Economist David Crowe. 

Rockford, IL is the 23rd most affordable housing market in the nation where 90.4% of the houses sold with a median value of $100,000 could have been bought by a family with the local median family income of $61,100.          

You are here:

Get in touch

HBAGRA Contact:
Dennis J. Sweeney
Executive Vice President
Phone: 815.962.1148
Fax: 815.962.1151
Email:

Mission Statement

The HBAGRA provides building industry knowledge and information to members and the community

Read more

HBAGRA General Membership Meeting

  • November 20, 2014 
  • General Membership Meeting at Lino's. Social hour begins at 6pm. Dinner served at 7pm. Entree slelections are: baked chicken a la Lino or lasagna, $25.00; NY strip steak, $40.00.
  • Email  before 3:00 PM on November 18th to register.