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November 4, 2019

New HOI numbers due this week

What is HOI?

The National Homebuilders Association (NAHB) will release the latest Housing Opportunity Index (HOI) this week. According to the organization, the HOI “for a given area is defined as the share of homes sold in that area that would have been affordable to a family earning the local median income, based on standard mortgage underwriting criteria. Therefore, there are really two major components — income and housing cost.”

This week’s report will cover the second and third quarters of 2019. Q1 saw an HOI of 61.4%, up nearly five points from the Q4 2018. For the first quarter of this year, NAHB put the national median price of homes in 239 metro areas at $260,000, down $3000 from the previous quarter. The weighted interest rate dropped as well to 4.64%.

The NAHB/Wells Fargo Housing Opportunity Index (1991-Current)Download

Affordable homes in Alaska

Fairbanks, Alaska ranked first by affordability for Q1 2019 with more than 94% of homes considered “affordable for median income.” Here’s a look at the top five.

 HOI 1st Qtr 201920191st Qtr 20191st Qtr 2019
Metro AreaShare of HomesMedianMedianAffordability
 Affordable forFamilySalesRank
 Median IncomeIncomePriceNationalRegional
  (000s)(000s)  
Fairbanks, AK94.792.423311
Elizabethtown-Fort Knox, KY94.468.113621
Kokomo, IN94.365.211631
Elmira, NY94.274.08541
Cumberland, MD-WV94.059.39652
Youngstown-Warren-Boardman, OH-PA93.359.88562
Binghamton, NY92.970.59672
Davenport-Moline-Rock Island, IA-IL91.472.79883
Monroe, MI91.279.015494
Battle Creek, MI91.064.2100105

Problems in Silicon Valley

San Francisco came in last with just 6.9% homes “affordable for median income.” The median family income here is $122,000 but the median sales price is $1.27 million.

The NAHB/Wells Fargo Housing Opportunity Index: History of Least and Most Affordable AreasDownload
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E. Hall
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E. Hall
Marketing Coordinator at Navigate Affordable Housing Partners
Ebony enjoys engaging our audience on social media and with video. Before joining Navigate in 2016, Ebony was a morning show anchor and tv host.She has a Masters degree in Strategic Public Relations from George Washington University.She finished undergrad with a Bachelors in Broadcast News at UGA.
E. Hall
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Latest posts by E. Hall (see all)
  • Generations: “It’s difficult to qualify for a mortgage” - February 17, 2020
  • The Affordable Housing Shortage & Job Growth - January 21, 2020
  • New HOI numbers due this week - November 4, 2019

Filed Under: Blog, Homeownership, Housing Tagged With: housing affordability

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About E. Hall

Ebony enjoys engaging our audience on social media and with video. Before joining Navigate in 2016, Ebony was a morning show anchor and tv host. She has a Masters degree in Strategic Public Relations from George Washington University. She finished undergrad with a Bachelors in Broadcast News at UGA.

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