Homes are the most affordable they have been in years according to a recent study by NAHB/Wells Fargo Housing Index (HOI). This study tracks the median income compared to the median price range of homes for metropolitan areas across the nation. The study released on 08/19/09 shows that for the Salt Lake City, UT area the Housing Opportunity Index is 70.6% for the second quarter of 2009 meaning that of the people earning the median income of $67,800 a year 70.6% can afford the median price range home. Compared to the second quarter of 2007 when the Home Opportunity Index was 31.7% this is a vast improvement.
This indicates two things:
1) Housing is more affordable than it has been in years.
2) The median income for the area is keeping up with the cost of housing.