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Published: Friday, 11/19/2010

Housing affordability falls in Toledo area

Toledo's housing market has become less affordable during the year, according to an index compiled by the National Association of Home Builders.

The Washington trade group Thursday said 85 percent of homes in the area are affordable for a median family income of $61,500, making Toledo the 53rd most affordable housing market in the nation.

Toledo was the 20th most affordable during the first quarter, and seventh most affordable at that time among large cities with 500,000 or more residents, according to the association. During that quarter, 92.7 percent of Toledo houses were considered affordable for an income of $61,500.

Nationally, the report shows, housing affordability neared its highest level for the seventh consecutive quarter, at 72.1 percent of homes sold being affordable to people with the national medium income of $64,400.

The Indianapolis metro area was considered most affordable in the country among big cities and Kokomo, Ind., the most affordable among smaller cities.

The Toledo housing market reached its least affordable point since 2007 during the second quarter of this year, with 82.4 percent of homes considered affordable. Toledo was considered the 98th most affordable housing market in the nation at that time.

Among big cities, three Ohio metro areas made it onto the association's 10 most-affordable list during the third quarter of 2010. Youngstown was in second place, with 91.2 percent of houses deemed affordable for a median family income of $53,500 in the third quarter. Dayton tied with Grand Rapids, Mich., for third place, with 90.4 percent of houses being within the means of a family with $61,700. Akron was ninth among big cities with 88.5 percent of homes considered affordable for a median income of $64,800.

Among cities of all sizes, Lima was the third most affordable metro area for home prices, with 94.9 percent of homes affordable for a family with median income of $57,000 in the Allen County city.

Monroe was in fourth place nationwide, with 94.8 percent of houses affordable for an income of $69,000.

Contact Sheena Harrison at: sharrison@theblade.com or 419-724-6103.

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