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.

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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

  1. Youngstown OH                              110.3%
  2. Jackson MS                                    102.4%
  3. Flint MI                                           93.2%
  4. Detroit MI                                       83.4%
  5. Gary IN                                          82.7%
  6. Peoria IL                                         63.9%
  7. Lawton OK                                      57.5%
  8. Decatur IL                                       55.4%
  9. Akron OH                                        53.4%
  10. 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 

  1. Newport Beach CA                            5.3%
  2. Santa Monica CA                              5.5%
  3. Palo Alto CA                                     5.5%
  4. Berkeley CA                                     6.2%
  5. Santa Barbara CA                             6.8%
  6. Redwood City CA                              7.7%
  7. Boulder CO                                      7.8%
  8. Glendale CA                                     7.8%
  9. San Francisco CA                              7.8%
  10. 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

  1. Mississippi                                        65.5%
  2. Ohio                                                 47.2%
  3. Oklahoma                                         38.3%
  4. Michigan                                           37.6%
  5. Illinois                                              35.5%
  6. Indiana                                             35.5%
  7. Alabama                                           34.1%
  8. Iowa                                                 33.6%
  9. Missouri                                            33.3%
  10. Kansas                                              31.1%

The Least Affordable States to Buy a Home 

  1. Hawaii                                               10.0%
  2. District of Columbia                             13.5%
  3. California                                            13.6%
  4. Massachusetts                                     15.4%
  5. Washington                                         16.2%
  6. Oregon                                               16.3%
  7. Idaho                                                  17.1%
  8. Maine                                                  17.9%
  9. Colorado                                              17.9%
  10. 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