US home affordability at record high

US home affordability at record high

Buying property in the USA is now more affordable than it has been in 20 years, according to numbers released by the country's National Association of Home Builders.

In the fourth quarter of 2011, 75.9 percent of homes sold were affordable to families who earn the national median income of $64,200.

But, despite this, many experts believe that rigid lending requirements continue to prevent many borrowers from capitalising on the opportune conditions, the association says.

"While today's report indicates that home ownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions ... remain significant obstacles," said Barry Rutenberg, Chairman of the association.

The Youngstown-Warren-Boardman area of Ohio and Pennsylvania were the most affordable of all the regions that were measured by the association's index, with 95.1 percent of homes sold considered affordable. Other top-ranking areas include Winterhaven in Florida, Modesto in California, Harrisburg-Carlisle in Pennsylvania and Toledo in Ohio.

There will be a host of American exhibitors at A Place in the Sun Live, as well as a dedicated Florida Pavilion bringing together agents, developers and experts from the Sunshine State. The exhibition takes place at between the 30th of March- 1st of April 2012 at London Earls Court. Advance tickets are available to book now, priced at two for £15 and include a FREE six-month subscription to A Place in the Sun magazine.

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A Place In The Sun