Boca Raton Housing Affordability Index and Anna Kournikova

Boca Raton, Florida - Many readers keep wanting information on where Anna Kournikova's house for sale is located. We respect her tennis abilities yet don't have information on the Anna Kournikova home or condo. We do see a magnificent new Library in Boca Raton, Florida. The Owner is the sunny City of Boca Raton. The Architect, Slattery & Associates, did a terrific job with the Spanish River Library in Boca Raton Florida.

Spanish River Library in Boca Raton Florida

The Spanish River Library and Community Center offers several well-appointed and functional rooms and areas within the Library which may be reserved for meetings or private events. Detailed information about room reservations, including fees, policies, and procedures, may be found in the Facility Usage Information Packet. Rooms are reserved on a first-reserved, first-served basis, and may be applied for by completing a Room Request Application.

Boca Raton Library Architect Highlights

This Library has a beautiful lakeside patio which is helpful for Boca Raton Home sellers. The Lakeside Patio offers a gorgeous view of the lake and the flexibility and interest of multi-level seating. The Florida Architect also has a convenient rooftop terrace. The Rooftop Terrace offers yet another spectacular view of the lake for both day and evening events, along with convenient access to the Lakeside Patio, the Changing Room, and Catering Prep area.

There is also a Mezzanine which is a large open indoor space on the second floor which overlooks the Library. There is a beautiful view of the lake through the tall arched windows on the first floor.

Housing Affordability Index Hits Record High

Housing affordability conditions have reached the highest level since recordkeeping began in 1970, based on the National Association of Realtors study. NAR’s Housing Affordability Index rose to a record high 206.1 in January, in accordance with the relationship between median home price, median family income and the average mortgage interest rate. The higher the index, the greater the household purchasing power.

An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments. For first-time buyers making small down payments, the affordability levels are relatively lower.

Homes in Boca Raton Florida are Now More Affordable

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said this latest data underscores buyer opportunities in today’s market. “This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home,” he said. “For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.”

Mortgage Interest Rates Support Buying Boca Raton Houses and Condos

NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year. “Housing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country. Florida Real estate specialists claim that If access to credit improves, we could see a much more meaningful increase in home sales. Also Florida could see a broader stabilization in home prices with modest gains in areas with stronger job growth.

Housing Affordability and Boca Raton Real Estate News

Boca Raton, Florida - Anybody taking into consideration an investment in Florida Real estate should take into account the south east portion of Palm Beach County. Specifically consider Boca Raton Homes and Delray Beach Condominiums. It appears The People from the North are heading there. The Boca Raton area has stunning weather, and the retail and restaurants sector is booming. There are plenty of sources for Florida Homeowners Insurance also.

Housing Affordability Reaches New Records

Housing affordability rose to a record high during the fourth quarter of 2011, which means a home buyer’s purchasing power is greater than it ever has been before, according to the National Association of Home Builders - Wells Fargo Housing Opportunity Index.

Boca Raton Real Estate News

The index showed that 75.9 percent of all new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,200, according to the index. That marks the highest percentage recorded in the index’s 20-year history.

Home Ownership and Boca Raton Florida Condos

"While today's report indicates that home ownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions confronting home buyers and builders remain significant obstacles to many potential homes sales, even with interest rates at historically low levels," says Barry Rutenberg, chairman of the National Association of Home Builders.

Most Affordable Cities to Purchase Real Estate

According to the index, the most affordable major housing market was Youngstown - Warren-Boardman, Ohio, in which 95 percent of all homes sold during the fourth quarter were affordable to households earning the median family income of $54,900, according to the index.

Other top affordable housing markets include: Lakeland - Winter Haven, Fla.; Modesto, Calif.; Harrisburg - Carlisle, Pa.; and Toledo, Ohio. Also ranking at the top of the most affordable major housing markets, are areas in Indiana, Illinois and Alaska.

Among smaller housing markets, the most affordable was Kokomo, Ind., where 99.2 percent of homes sold during the fourth quarter of 2011 were affordable to families earning the median income of $59,100. Other smaller housing markets at the top of the index included Fairbanks, Alaska; Cumberland, Maryland - West Virginia; Lima, Ohio; and Rockford, Illinois.

Least Affordable Cities for Home Ownership

However, some metro areas still remain too pricey for buyers. The least affordable major housing market during the fourth quarter was New York - White Plains - Wayne, N.Y.- N.J., in which 29 percent of all homes sold were affordable to those earning the area's media income of $67,400.

Higher Priced Metropolitan Ares for Home Ownership

Other high-priced metro areas at the bottom of the affordability index include: Honolulu; San Francisco - San Mateo - Redwood City, Calif.; Santa Ana - Anaheim -Irvine, Calif.; and Los Angeles - Long Beach-Glendale, California. We realize Orange County California is a beautiful area yet is expensive with the cost of living.

Do Boca Raton Homes For Sale Fit the Budget

Ocean City, N.J., where 47.5 percent of the homes were affordable to families earning the median income of $70,100, was the least affordable of the smaller metro housing markets in the country during the fourth quarter.

Affordable Housing Real Estate News and Housing Affordability Index

The housing affordability index measures whether or not a typical family could qualify for a mortgage loan on a typical home. Many Buyers and analysts will check monthly national data, quarterly national data for all buyers and for first-time buyers, and annual data for the 155 metropolitan areas also covered in the metropolitan median price series of research.