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Top 5 Most Affordable Areas In Washington Real Estate

vl_top_5_400The 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:

  1. 73.7 HOI – Tacoma
  2. 67.0 HOI – Bremerton / Silverdale
  3. 64.2 HOI – Olympia
  4. 57.4 HOI – Seattle / Bellevue / Everett
  5. 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.

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