Detroit among most affordable cities in US

Detroit, along with the Dearborn, Livonia, and Warren areas, has been ranked among the most affordable cities in the US.

Excerpt:

Nationwide, homes became more affordable for the third consecutive quarter, with the HOI rising to and almost matching the highest level since the second quarter of 2004.

“Today’s HOI reading shows that 55 percent of all new and existing homes that were sold during the second quarter were affordable to families earning the national median income of $61,500,” said NAHB President Sandy Dunn, a builder from Point Pleasant, W.Va. “Several factors combined to increase housing affordability nationwide. There was a marginal rise in mortgage rates, which still remain near the historically low levels of a few years ago, family income nationwide held steady and lower house prices.”

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