One thing I find interesting when talking with students from around the country is the great variance in their customer's loan sizes and income levels.
There are a lot of “fun” statistics at this article's website, including loan value information from around the country:
- Nationwide, 72.9% of all new and existing homes sold in the third quarter of 2011 were affordable to the median American income of $64,200.
- Among the major markets, Lakeland – Winter Haven, Florida was the most affordable, at 92.5% with a median income of $53,800.
- The New York metropolitan market has the worst affordability index: only 23.3% of homes are available to those with income of $67,400.
- On the other side of the continent in Fairbanks, Alaska, 97.8% of homes are affordable for the median income ... and the median income is $91,700!
These statistics make us ask: would you rather be rich or warm? Take a moment to look at this website to see what's going on around the U.S. in our housing market.