For the first time in its history, the National Association of Home Builders (NAHB), together with Wells Fargo, measured housing affordability in metro areas between this country’s major races and ethnic groups.
The report looked at several metro areas in Massachusetts and determined the Housing Opportunity Index (HOI) for all races and ethnic groups combined in that area. Nationally, the HOI was 72.8 in 2010 – meaning 72.8 percent of all homes sold in the country last year were affordable to families earning the national median income of $64,400.
Here are the results for the Barnstable Town area where the median price for a home is $282,000:
· Whites: 60.1 percent of homes sold in 2010 were affordable; $76,400 median family income
· Blacks: 40.2 percent of homes sold in 2010 were affordable; $57,800 median family income
· Hispanics: 34.3 percent of homes sold in 2010 were affordable; $53,900 median family income
· Asians: 52.6 percent of homes sold in 2010 were affordable; $69,500 median family income
· American Indian/Alaska Natives: 33.8 percent of homes sold in 2010 were affordable; $53,600 median family income
For the Boston-Quincy area where the median price for a home is $292,000:
· Whites: 71.2 percent of homes sold in 2010 were affordable; $97,400 median family income
· Blacks: 27.4 percent of homes sold in 2010 were affordable; $50,900 median family income
· Hispanics: 15.9 percent of homes sold in 2010 were affordable; $39,000 median family income
· Asians: 52.5 percent of homes sold in 2010 were affordable; $73,300 median family income
· American Indian/Alaska Natives: 24.5 percent of homes sold in 2010 were affordable; $48,600 median family income
For the Cambridge-Newton-Framingham area where the median price for a home is $339,000:
· Whites: 65.8 percent of homes sold in 2010 were affordable; $104,200 median family income
· Blacks: 24.6 percent of homes sold in 2010 were affordable; $56,000 median family income
· Hispanics: 19.3 percent of homes sold in 2010 were affordable; $49,300 median family income
· Asians: 63.4 percent of homes sold in 2010 were affordable; $99,900 median family income
· American Indian/Alaska Natives: No data given
For the Pittsfield area where the median price for a home is $172,000:
· Whites: 73.8 percent of homes sold in 2010 were affordable; $66,600 median family income
· Blacks: 61.3 percent of homes sold in 2010 were affordable; $51,100 median family income
· Hispanics: 33.3 percent of homes sold in 2010 were affordable; $34,400 median family income
· Asians: 77.6 percent of homes sold in 2010 were affordable; $75,300 median family income
· American Indian/Alaska Natives: No data given
For the Springfield area where the median price for a home is $160,000:
· Whites: 86.9 percent of homes sold in 2010 were affordable; $75,700 median family income
· Blacks: 49.4 percent of homes sold in 2010 were affordable; $41,500 median family income
· Hispanics: 21.5 percent of homes sold in 2010 were affordable; $24,800 median family income
· Asians: 77.4 percent of homes sold in 2010 were affordable; $62,200 median family income
· American Indian/Alaska Natives: No data given
For the Worcester area where the median price for a home is $187,000:
· Whites: 84.3 percent of homes sold in 2010 were affordable; $84,600 median family income
· Blacks: 47.7 percent of homes sold in 2010 were affordable; $45,700 median family income
· Hispanics: 29 percent of homes sold in 2010 were affordable; $34,500 median family income
· Asians: 90.9 percent of homes sold in 2010 were affordable; $103,200 median family income
· American Indian/Alaska Natives: 80.6 percent of homes sold in 2010 were affordable; $76,800 median family income
NAHB Chairman Bob Nielsen said in a statement that this report confirms to homebuilders that their efforts to build affordable housing are important. I like that this study was done and shows the disparities, but shouldn’t homebuilders have already known that their affordable housing work is extremely important?
You can read more about the report here.
