Like we didn't already know...

Reported today by CNN, the latest Housing Opportunity Index has been released by the NAHB and Wells Fargo. This index tracks the percentage of homes sold in a given market against the median income in that market. In short, for the New York City area, only 12.5% of the homes sold last year had a monthly payment of less than 28% of the average NY'ers salary.

Like we didn't already know that. Anyone want to bet how many of that 12% were condo's or in neighborhoods most of us would refuse to live in? I'd say 95+%.

The least affordable big city outside California was the New York metro area. There, nearly flat prices - $490,000 this year compared with $500,000 last, led to an increase in affordability to 12.5% this year. Still, that's better than a year ago, when only 6% of homes sold were affordable. New York is the second least affordable area according to this survey.

Link to the CNN Article