The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) is out for the 2nd quarter of 2010. Below are the Top 5 areas in Washington. But first, a quick rundown of the index and how it works.
The HOI is the share of homes sold in a given area that would have been affordable for a family making the local median income. It assumes the family can afford 28% of their income for housing. Income figures came from Dept Housing and Urban Development. A detailed definition of HOI is here.
The higher the HOI, the more affordable share of homes available:
- 73.7 HOI – Tacoma
- 67.0 HOI – Bremerton / Silverdale
- 64.2 HOI – Olympia
- 57.4 HOI – Seattle / Bellevue / Everett
- 55.1 HOI – Bellingham
For comparison, the most affordable area in the US is Syracuse, NY clocking in at 97.2 HOI. The least affordable was New York / White Plains at 19.9.
If you want to get real nerdy and check the raw data, you can help yourself to numerous spreadsheets here.