The National Association of Home Builders/Well Fargo Housing Opportunity Index ranks Kokomo highest on its housing affordability index among smaller housing markets.
According to the index, 94.8 percent of the home sold in Kokomo during the April-June period, were affordable to families earning Kokomo’s median income of $56,900.
“As home prices trend upward, it is endemic of a robust local economy, that homes in Kokomo have remained affordable to everyone,” said Kokomo Mayor Greg Goodnight. “For people who work in central Indiana, Kokomo is the best and most affordable place to live and raise a family.”
In Kokomo, the median home price in the third quarter of 2014 was $101,000. Nationally, the price was $221,000.
The NAHB/Wells Fargo Housing Opportunity Index is a measure of the percentage of homes sold in a given area that are affordable to families earning the area’s median income during a specific quarter.