There was a report published today that said that 73% of homes bought in America so far this year have been affordable. That is the highest percentage since 1991. Home affordability is determined by the average American family income of $64,000, and no more than 28% of that annual income being used for home buying. Several factors have made homes so affordable this year, including the continuing decline of home prices, the low interest rates, and the $8000 tax credit for first time home buyers. To read more, and see all the cities that are considered to be the most affordable, unfortunately Portland is not on that list, click here:
http://money.cnn.com/2009/05/18/real_estate/most_affordable_cities/index.htm?section=money_realestate
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