Housing affordability is reaching record levels with nearly 73 percent of all homes sold in the first three months of 2009 considered affordable.

That’s the highest percentage ever reported by the 18-year-old, quarterly Housing Opportunity Index, compiled by the National Association of Home Builders and Wells Fargo Bank.

To be considered affordable, a family making the national median household income of $64,000 must be able to devote no more than 28 percent of their income toward housing costs.

The most affordable major metropolitan areas and their median home prices are:

  1. Indianapolis: $98,000
  2. Youngstown, Ohio: $67,000
  3. Akron, Ohio: $78,000
  4. Grand Rapids, Mich.: $97,000
  5. Syracuse, N.Y.: $85,000
  6. Warren, Mich.: $119,000
  7. Cleveland: $86,000
  8. Buffalo, N.Y.: $90,000
  9. Toledo, Ohio: $78,000
  10. Dayton, Ohio: $85,000

The 10 least affordable metropolitan areas are:

  1. New York City: $418,000
  2. San Francisco: $525,000
  3. Los Angeles: $288,000
  4. Nassau-Suffolk, N.Y.: $375,000
  5. Honolulu: $360,000
  6. Santa Ana: Calif., $360,000
  7. Newark, N.J.: $315,000
  8. Miami: $185,000
  9. McAllen, Tex.: $106,000
  10. El Paso, Tex.: $127,000

Source: CNNMoney, Les Christie (05/19/2009)