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NPT: El Paso? Poor, but not cheap, comparatively speaking.

According to the National Association of Home Builders and Wells Fargo, El Paso ranks near the bottom of cities in the U.S. for home affordability. According to their survey, El Paso median income and home prices went from $38,600 and $117,000, respectively in 2005, to $37,200 and $131,000 in the fourth quarter of 2008. By their measure, El Paso ranks as number 213 in the nation for affordability. Here’s the news release about the list. Here’s the explanation of how they arrive at the numbers: The NAHB/Wells Fargo HOI is a measure of the percentage of homes sold in a given area that are affordable to families earning that area’s median income during a specific quarter. Prices of new and existing homes sold are collected from actual court records by First American Real Estate Solutions, a marketing company. Mortgage financing conditions incorporate interest rates on fixed- and adjustable-rate loans reported by the Federal Housing Finance Board.

For the spreadsheet with the numbers, go here and click on the third item (“The NAHB/Wells Fargo Housing Opportunity Index: Complete History by Metropolitan Area (1991-Current”).

Sito Negron

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Written by newspapertreeelpaso

February 23, 2009 at 10:46 am

3 Responses

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  1. There’s a group of homes, just off Resler, before you reach El Cajon, that are going for – get this – S334,000 plus 4% interest and they were “reduced in price”!

    LyndaLBD

    February 23, 2009 at 3:01 pm

  2. No need to worry, low wages, no REAL jobs, reduced city services, massive city govt debt. Keep building, that initiates migration to a city. If not, no big deal, remember ALL the soldiers are coming, with money to burn, and will buy all the new houses.

    The developers and the Mayor sold you a bill of goods with the philosphy that if you build enough houses, people will move here, not real jobs.

    Rey

    February 24, 2009 at 3:53 pm

  3. […] leave a comment » A post less than a week ago noted a report from the National Association of Home Builders and Wells Fargo that ranked El Paso near the bottom of cities in the U.S. for home affordability. [link] […]


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