Top 10 Most Affordable U.S Cities To Buy Home
Are you among the richest persons of the world? I guess not, then this post may be of great patronage to you. Most of the denizens of USA purchase houses on long term lease, albeit the monthly payments are very high to manage when concurrently, they have to pay the regular utility bills as well. This is not possible for middle class guys as their income level don’t allow them to take such a big step. We should help them locate cities where they can fulfill their dreams at affordable price. My today’s post is about this issue. Based on the attractiveness and overall affordability, each city is earmarked an affordability score ___ higher the score better the place is in terms of purchasing house.
The median income level in this city is about 10% above the national median owing to the presence of many multi-national companies such as Kroger & Macy’s and Procter & Gamble. The median annual income here is $71,000+ and the median home price touches around $110,000. The affordability score is 90.2%.
9. Akron, Ohio
The scenario here is that although the population has grown at less than 7% since 1990 but the family income here is a bit above the national median income. The houses price was high till 2007 but since then, the overall prices have depressed by 22% which makes this place an affordable city. The affordability score is 90.6% and the median home price is around $96,000.
8. Syracuse, N.Y
With a median house price of $106,000 and the affordability score of 90.6%, Syracuse comes eighth in the list. Due to the slight increase in the growth rate of population of just 2%, this place has very little competition for houses. The median income of people here is $66,000.
7. Ogden, Utah
Grabbing the seventh place on the top ten chart is Ogden, which has got a median home price of $166,000 and affordability score of 91.1%. You might be wondering that how a place with a median home price of well above the previous places outsmarted those in the top ten list? The answer to your question lies in the fact that this place has witness many pro-business policies which have also hit the real estate sector resulting in economical house construction. Moreover, the median income is very good here because there are many big entities working here owing to sound business policies. Some of those are FJ Management, an oil services company, Convergys, a business consultancy, and Autoliv, an automotive safety systems company. The median income is $71,500.
6. Buffalo, N.Y
The credit goes to Rust-Belt manufacturers which have made redundant a lot of workforce due to which the population of the metro area has significantly shrunk, consequently the demand and thus the price for homes has plummeted. The median home price is $94,000 and affordability score is 91.2%. The median income of people here touches $66,100.
5. Grand Rapids, Mich.
Somewhat same scenario is here as the population growth has slowed over the past decade resulting in more homes available as compared to potential buyers. In addition to furniture industry, health sector is also flourishing there thick and fast which provides lucrative jobs here. The median house price, median income and affordability score of Grand Rapids is $100,000, $60,300 and 91.2% respectively.
4. Modesto, Calif.
Suffice to say, the house prices in this place has declined by 67% as compared to the year 2005 peak. Once, the houses here were pretty expensive but today’s scenario is a far cry from previous time. The affordability score of this place is 92.5% and the median house price is $127,000. The median income is $62,000.
3. Lakeland, Fla.
People tend to see this place as just a location between two major cities but those who decide to stay here permanently can for sure get themselves a nice house deal. There has been a disproportionate decrease in both the home prices and median income with the home prices surpassing the median income. According to some stats, the house prices have fallen by 58% and the income level has started to improve nowadays. The median house price is just $85,000 and the median income and affordability score is $54,000 and 93.2% respectively.
2. Dayton, Ohio
Lakeland and Dayton are facing the same scenario but in the case of latter, the median home price is $81,000. The demand for home is less here due to drastic job cuts witnessed by this city. Current situation is different as the economy is again showing positive signs. The median income is $63,300 and affordability score is 93.7%.
At the top of the chart is Indianapolis with median house price of $102,000 and median income level of $66, 900. Recently, the employers’ pool has enormously widened with the introduction of health care, pharmaceutical and retail sectors. The overall economy has improved, albeit the house prices are within affordable brackets due to availability of more than enough land to build houses when the need arises. The affordability score is 95.8%.