Mr. Littman's affordability index compares the average price of a new vehicle ($20,802 in the second quarter) with median annual family income ($45,835).

The Federal Home Loan Bank of New York calculates an "affordability index" that gauges the ease with which families can finance houses at the median price.

"The affordability index is the best it's been in 25 years," he said.

The National Association of Realtors said its affordability index stood at 110.5 in July, down from 111.2 in June.

The affordability index has been above 100 since June 1986, and association economists said the slight dip in July did not represent a significant change in home ownership possibilities.

The association said the affordability index rose because interest rates fell, as did national median home prices, while median family incomes rose.

That the gap between income and prices is still an insurmountable hurdle for many households can be seen in the affordability index of the National Association of Realtors.

The improvement is documented in an affordability index, which is calculated by the National Association of Realtors.

The National Association of Realtors said the affordability "index" has changed little in the New York region.

The buyer's affordability index was 41.6 percent on a fixed-rate mortgage and 51.8 percent on an adjustable mortgage.