Great news: Housing Affordability Surges to Highest Level in 18 Years
According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago. What are the numbers? The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.
This is great news for those looking to buy in the Tampa Bay area. While the median family income is below the national average, homes in the Tampa Bay area have a median price well below the national average. In the first quarter of 2009 according to the HOI out of 232 cities cited and compared with each other, the Tampa Bay area ranks a respectable #120 out of 232 that were cited and compared.
What also helps is the First-Time Home Buyer Tax Credit:
A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
If you want more information you can check out this website: http://www.federalhousingtaxcredit.com/2009/index.html
Or feel free to contact us if you have any questions.
