Where to Find the Most Affordable Housing Markets in the U.S.
The National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index has released a list of the 10 Most Affordable Housing Markets in the U.S. If you are looking for a quiet neighborhood that is just within your budget, take advantage of the list. Buy your own home without having to spend too much.
The 10 Most Affordable Housing Markets
1. Indianapolis-Carmel, Ind.
Median home price: $108,000
Median household income: $65,100
Share of homes affordable to median-income families: 91.6%
Share of affordable homes in Q2 1998: 73.1%
2. Youngstown-Warren-Boardman, Ohio-Pa.
Median home price: $77,000
Median household income: $52,000
Share of homes affordable to median-income families: 90.1%
Share of affordable homes in Q2 1998: 80.1%
3. Detroit-Livonia-Dearborn, Mich.
Median home price: $92,000
Median household income: $54,400
Share of homes affordable to median-income families: 88.4%
Share of affordable homes in Q2 1998: 62.8%
4. Warren-Troy-Farmington Hills, Mich.
Median home price: $140,000
Median household income: $78,800
Share of homes affordable to median-income families: 86.8%
Share of affordable homes in Q2 1998: N/A
5. Grand Rapids-Wyoming, Mich.
Median home price: $112,000
Median household income: $59,200
Share of homes affordable to median-income families: 86.3%
Share of affordable homes in Q2 1998: 74.8%
6. Toledo, Ohio
Median home price: $104,000
Median household income: $60,100
Share of homes affordable to median-income families: 85.5%
Share of affordable homes in Q2 1998: 77.3%
7. Dayton, Ohio
Median home price: $102,000
Median household income: $59,800
Share of homes affordable to median-income families: 85.4%
Share of affordable homes in Q2 1998: 83.8%
8. Akron, Ohio
Median home price: $100,000
Median household income: $61,700
Share of homes affordable to median-income families: 84.5%
Share of affordable homes in Q2 1998: 69.6%
9. Syracuse, N.Y.
Median home price: $98,000
Median household income: $61,000
Share of homes affordable to median-income families: 84.2%
Share of affordable homes in Q2 1998: 83.6%
10. Scranton/Wilkes-Barre, Pa.
Median home price: $91,000
Median household income: $54,700
Share of homes affordable to median-income families: 82.5%
Share of affordable homes in Q2 1998: N/A
Source: National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index