Key Highlights
- Most affordable housing markets in US uniformly located in South and Midwest
- Refiguide compared median annual income as percentage of home prices in area
Not only are mortgage interest rates at record lows, our at-home time is at record highs. This equation has caused a boom in home buying despite the COVID pandemic and nation-wide 8.4% unemployment rates.
Download Your FREE Ultimate Agent Survival Guide Now. This is the exact ‘do this now’ info you need. Learn NOW How to Access All The Bailout Program Cash You Deserve. Including Unemployment and Mortgage Forbearance Plans. To Access the Ultimate Agent Survival Guide Now Text The Word SURVIVAL to 47372. 4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & privacy: slkt.io/JWQt
People are on the move looking to new locations and new home priorities to accommodate new work/school realities.
RefiGuide.org, an online marketplace that connects users with top-flight educational resources regarding mortgages and homes loans and with banks, lenders and brokers, analyzed housing markets and states based upon affordability. RefiGuide calculated affordability by taking median annual income as a percentage of home prices in the larges 610 cities and towns in the US to determine which places and states in the country were the most and least affordable. Here are the results.
The Most Affordable Places to Buy a Home in the US
Place Affordability Percentage
- Youngstown OH 110.3%
- Jackson MS 102.4%
- Flint MI 93.2%
- Detroit MI 83.4%
- Gary IN 82.7%
- Peoria IL 63.9%
- Lawton OK 57.5%
- Decatur IL 55.4%
- Akron OH 53.4%
- Birmingham AL 52.4%
*Note that only 50 of the 610 places analyzed by RefiGuide.org in the US have affordability scores over 36%.
The Least Affordable Places to Buy a Home in the US
- Newport Beach CA 5.3%
- Santa Monica CA 5.5%
- Palo Alto CA 5.5%
- Berkeley CA 6.2%
- Santa Barbara CA 6.8%
- Redwood City CA 7.7%
- Boulder CO 7.8%
- Glendale CA 7.8%
- San Francisco CA 7.8%
- Daly City CA 8.0%
- Note that 24 of the top 25 places on the least affordability list are located in California. New York, Colorado, Hawaii and Florida all have cities on this least affordable list but California cities clearly dominate.
The Most Affordable States to Buy a Home
- Mississippi 65.5%
- Ohio 47.2%
- Oklahoma 38.3%
- Michigan 37.6%
- Illinois 35.5%
- Indiana 35.5%
- Alabama 34.1%
- Iowa 33.6%
- Missouri 33.3%
- Kansas 31.1%
The Least Affordable States to Buy a Home
- Hawaii 10.0%
- District of Columbia 13.5%
- California 13.6%
- Massachusetts 15.4%
- Washington 16.2%
- Oregon 16.3%
- Idaho 17.1%
- Maine 17.9%
- Colorado 17.9%
- Nevada 18.4%
Thanks to RefiGuide.org.
To learn more about more places and states that are more/least affordable, please click
https://www.refiguide.org/most-and-least-affordable-places-to-buy-a-home-in-america/
Also read: If You or Your Clients Bought in 2012, You’re A Home Equity Winner, Gravitation Towards Suburban/Rural Areas Continues, Two Straight Months of Surging Pending Home Sales