Is Your Market Affordable?
Find out if your market is affordable with NAR’s Housing Affordability Index. The interactive map allows those to show their customers which way the market’s housing affordability is trending.
The National Association of REALTORS Housing Affordability Index is based on relationships between median home price, median family income and mortgage rate interest. This interactive map allows one to hoover and click on “bubbles” to see the Housing Affordability Index of a specific metro area. The color of the bubble shows the annual growth of the Housing Affordably index. The blue color indicates the metro areas with the highest growth while the brown colors show the metro area with the lowest growth. The higher the growth of the Housing Affordability Index, the more affordable the metro area is, and vise versa.
The housing affordability index is calculated based on sales price of the Existing Single – Family homes. The higher the housing affordability index, the more affordable the metro area is.
Below are the graphs generated for the Akron Cleveland Area. We can see that both regions are above the industry standards housing affordably index.
Akron Metro Area Cleveland Metro Area