Third Quarter Housing Affordability Index for Alabama Now Available on UA Real Estate Center Web Site
November 17, 2008 - Filed under: Research | Tagged: Housing, Real Estate
TUSCALOOSA, Ala. – The third quarter Alabama Housing Affordability Index is now posted on The University of Alabama’s Center for Real Estate Web site at http://acre.cba.ua.edu/affordability_index.php.
The statewide housing affordability index is calculated as the ratio of the state’s median family income to the income needed to buy and finance the state’s median priced home. An index of 100 means that a family earning the state’s median income has just enough buying power to qualify for a loan on the state’s median priced, single-family home. The higher the index, the more affordable the housing.
The state average for the third quarter of 2008 is 154.4, a drop of 7.7 from the second quarter, but far above the national average of 127.1.
The new posting details 11 metro areas and six county areas. The Web site Affordability Index page also has a written analysis that can be accessed by clicking on “3rd Quarter 2008 Article.”
The University of Alabama, a student-centered research university, is experiencing significant growth in both enrollment and academic quality. This growth, which is positively impacting the campus and the state's economy, is in keeping with UA's vision to be the university of choice for the best and brightest students. UA, the state's flagship university, is an academic community united in its commitment to enhancing the quality of life for all Alabamians.
CONTACT: Bill Gerdes, UA Media Relations, 205/348-8318, bgerdes@cba.ua.edu
SOURCE: Grayson Glaze, executive director,
UA’s Alabama Center for Real Estate, gglaze@cba.ua.edu