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Portland home affordability slips

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Wednesday, August 15, 2012

Price gains hurt the ability of Portland-area families to buy a home.

According to the Housing Opportunity Index published by the National Association of Home Builders and Wells Fargo, 72.2 percent of homes sold between April and June were affordable for families making the area's median family income of $73,000. That's down from 77.6 percent in the year's first quarter.

The last time homes showed a comparable decline in affordability was in the second quarter of 2006, when the index dropped 8.8 points. Then, only 33.7 percent of median-income homeowners could afford a home sold.

Read more at OregonLive.com.

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