The chart above is from the June RMLS Market Action. It shows the historical affordability of the Portland housing market. The National Association of Home Builders publishes the NAHB/Wells Fargo Housing Opportunity Index (HOI).
CNNMoney reported yesterday on the HOI index and the most and least affordable cities but Portland doesn’t get mention. Going into the data on from NAHB website we find Portland ranked 198th out of 226. Note that RMLS data cites the National Association of Realtors (NAR) and CNN cites NAHB. Portland is more affordable vis-a-vis itself historically but still remains one of the less affordable markets nationally.
The typical American family, making the nation’s median income of $64,000 a year, could afford to buy 72.3% of all homes sold in the United States during the second quarter, according a quarterly report from the National Association of Home Builders (NAHB) and Wells Fargo (WFC, Fortune 500).
That’s off just a tad from the record 72.5% reached during the first three months of 2009, but up substantially from the second quarter of 2008 when only 55% of homes sold were affordable.