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34 | BUSINESS


BUSINESS


8.0 7.0


6.0 5.0 4.0 3.0 2.0 1.0 0.0


Flying high | New York City real estate is some of the most unaff ordable in the U.S.


had Median Multiples in the normal range of 2.0 to 3.0. Honolulu, Hawaii was the least


affordable of all markets, with a Median Multiple of 8.7. Outside the major markets, Santa Cruz, California (in exurban San Jose) and San Luis Obispo, California each had a Median Multiples of 6.6 and were severely unaffordable, along with Boulder, Colorado (in exurban Denver), Barnstable Town, Massachusetts (in exurban Boston), Bridgeport, Connecticut (in exurban New York), Santa Rosa, California (in exurban San Francisco) and Oxnard- Ventura, California (exurban Los Angeles). There were 24 affordable major markets in the United States, including Detroit, Atlanta, Phoenix, Cincinnati,


Cleveland, Las Vegas, Rochester, Columbus, Kansas City, Minneapolis – St. Paul, Buffalo, Indianapolis, Memphis, Pittsburgh, St. Louis, Jacksonville, Orlando, Dallas/ Fort Worth, Houston, Nashville, Oklahoma City, Sacramento, Charlotte and Louisville. The most unaffordable major metropolitan market in the United States was San Jose (6.9), followed by San Francisco (6.7), San Diego (6.1), New York (6.1), Los Angeles (5.7) and Boston (5.3).


According to the NAR Profi le of International Home Buying Activity, buyers from 70 countries purchased an approximate $41 billion in U.S. residential real estate. 58% of those transactions occurred in four states


2000 Peak (2006-7) 2011


www.opp.org.uk |MARCH 2012


Florida Housing Aff ordability 2000-2011 Major Metropolitan Areas: Median Multiple


Median Multiple:


Median House Price Divided by Median Household Income


Jacksonville


Miami


Orlando


Tampa- St.Petersburg Source: The 8th Annual Demographia International Housing Aff ordability Survey


– Arizona, California, Florida, and Texas. Florida captured the largest share of foreign buyers at 31% of all transactions, and their market analysis is depicted below. The Demographia survey is good news for foreign buyers looking to purchase homes in those states, as several of the most affordable major metropolitan markets are located in those states: Phoenix, Arizona, Jacksonville, Florida, Orlando, Florida, Dallas/Fort Worth, Texas, Houston, Texas, Sacramento, California To help your buyers fi nd properties in these affordable markets in the United States and other markets, visit the newly launched REALTOR.com® International web site (http://www.


Table 4: Housing Aff ordability Ratings by Nation: Major Markets (over 1,000,000 Population Nation


Australia Canada


China (Hong Kong) Ireland


New Zealand


United Kingdom United States Total


Aff ordable (3.0 & Under)


0 0 0 0 0 0


24 24


Moderately Unaff ordable (3.1-4.0)


0 3 0 1 0 0


16 20


Seriously


Unaff ordable (4.1-5.0)


0 0 0 0 0 8 5


13 Seriously


Unaff ordable (5.1& Over)


5 3 1 0 1 8 6


24 Total


5 6 1 1 1


16 51 81


Source: The 8th Annual Demographia International Housing Aff ordability Survey


National Median


6.7 4.5


12.6 3.3 6.4 5.0 3.1 /


realtor.com/international).


There, you will be able to view more than 4 million properties from around the world, including one-million listings from outside the U.S. You can view the listings in 11 languages, and convert currency and units of measurement on the site. If your buyer is looking in one of the less affordable areas, this site also allows for map search, using a drill-down feature to select a geographical region. For example, New York City, New


York is an expensive market in the United States. If the buyer needs to be in that area of the country, and New York City properties are out of the desired price range, the regional search will bring up properties in adjacent cities, including some in nearby New Jersey, which could be more affordable housing options.


Another option is to contact a


REALTOR® with the Certifi ed International Property Specialist designation and/or Resort & Second- Home Property Specialist certifi cation located in the desired region. These professionals have received in-depth training on working with international and/or second-home property buyers. To read the full Demographia International Housing Affordability Survey: http://www.demographia.com/ dhi.pdf. To read the NAR Profi le of International Home Buying Activity: http://www.realtor.org/research/ research/reportsintl.


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