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Big boost for housing affordability - Feb. 19, 2009 money.cnn.com
Topping the list of most affordable U.S. metro areas, which ranks areas with
more than 500,000 in population, was Indianapolis. This is the city's 14th
consecutive quarter in first place; it boasts a full 93% of all homes sold being
affordable to median family households
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Affordability in Indianapolis, the 33rd largest metro area in the United States
with 1.7 million people, was buoyed by fairly high median income of $65,100 and
rock-bottom home prices. The median price for a home sold during the quarter was
just $103,000, according to the National Association of Home Builders report
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Those prices, combined with reasonable mortgage interest rates, make home-buying
in the area a snap. A buyer of a median-priced home putting 20% down would pay
only about $450 a month in mortgage expenses
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