Thursday, February 21, 2008

Orlando Affordability Index is Caught Up

Orlando one of the hottest real estate markets in the past few years had cause real estate appreciation to rapidly increase. But peoples salaries were not keeping up with the housing appreciation pace, leaving first time home buyers left to continue renting. As the median price of a home drops to $223,900 in December 2007 caused tremendous increase in affordability index to 100.3 percent. This means that buyers who reported a median income of $51,335 can qualify to purchase a home for $230,617 or less in the Orlando area. There 6,936 homes in Orange and Seminole counties under this price range.