Wednesday, July 23, 2014

10 most affordable housing markets (10 items)

Bethan Owen

June 2, 2014

CityLab recently did the math on affordable housing, ranking cities in the U.S. based on the average housing costs there.

The following cities are listed based on the percentage of housing that someone with an average income can afford. Because these averages vary from state to state, CityLab adjusted its averages accordingly.

"In most U.S. markets, the majority of homes for sale are within reach of the middle class, and buying is cheaper than renting in all of the 100 largest metros," CityLab wrote.

Did your city make the list?

1 of 10. Rochester, New York

Percent of for-sale homes affordable for middle class, May 2014: 81

Median size of affordable for-sale homes, May 2014 (square feet): 1,400

Percent of for-sale homes affordable for middle class, May 2013: 79

2 of 10. Little Rock, Arkansas

Percent of for-sale homes affordable for middle class, May 2014: 81

Median size of affordable for-sale homes, May 2014 (square feet): 1,600

Percent of for-sale homes affordable for middle class, May 2013: 83

3 of 10. Cleveland, Ohio

Percent of for-sale homes affordable for middle class, May 2014: 81

Median size of affordable for-sale homes, May 2014 (square feet): 1,350

Percent of for-sale homes affordable for middle class, May 2013: 85

4 of 10. Detroit, Michigan

Percent of for-sale homes affordable for middle class, May 2014: 81

Median size of affordable for-sale homes, May 2014 (square feet): 1,100

Percent of for-sale homes affordable for middle class, May 2013: 87

5 of 10. Columbus, Ohio

Percent of for-sale homes affordable for middle class, May 2014: 81

Median size of affordable for-sale homes, May 2014 (square feet): 1,400

Percent of for-sale homes affordable for middle class, May 2013: 87
1. Max
Upstate, NY,
June 3, 2014

Housing prices in NY are very misleading. Property taxes are among the highest in the nation (three to five times what they are in Utah). This depresses home prices and makes it appear much more affordable than it really is. Property taxes will account for half (or more) of your monthly payment. This dramatically diminishes the kind of house you thought you could afford when only looking at the price. With property taxes included in the analysis, I doubt Rochester would be on this list.

2. The Rock
Federal Way, WA,
June 3, 2014

Okay so 81% of the middle class can afford to live in these cities.
So how much do the houses cost? That would have been useful.

3. Jim Hippen
Palmyra, NY,
June 3, 2014

Have property taxes been figured in? Monroe County, where Rochester, NY is, has the highest property taxes in the country. Even after your house is paid for, you'll have a huge monthly payment to cover your taxes.

4. ZorroPC
Park City, UT,
June 3, 2014

The article says nothing about the quality of like. I have been in 75% of these cities in the last 6 months and many of them have serious quality of life issues. Detroit proper is a war zone, and Gary Indiana is not much better. So you home is affordable for good reason.

5. lixircat
Indianapolis, IN,
June 3, 2014

Agree with the comments about property taxes in NY. The actual amounts vary depending on your county and school district. While I lived there I paid $600 per month in property taxes and I knew several people who paid over $1000 per month. That's more than some people's mortgage payment.