Home affordability is at an all-time high. Home values are still in recovery while mortgage rates continue to make new lows. But where are homes the most affordable?
CNNMoney.com recently ran a piece titled “Where Homes Are Affordable“, listing 25 communities around the U.S. in which median incomes are relatively high and median homes are relatively low. It’s a housing market “bank for your buck” list.
The top 10 cities as listed by the editors:
- Deerfield Beach, FL
- Lafayette, IN
- San Antonio, TX
- Deltona, FL
- Spring, TX
- Glendale, AZ
- Avondale, AZ
- Bolingbrook, IL
- Fishers, IN
- Des Moines, IA
Of the top 10, 2 picks are from the Southeast; 4 are from the Midwest; and 4 are from the Southwest. 2 are “major” cities and the rest are suburbs of bigger cities. Lafayette stands lone as a college town.
The rest of CNNMoney.com’s 25 cities follow a similar pattern — larger suburbs geographically concentrated in the Midwest and Southwest. Surprisingly, though, New Jersey and Virginia do find themselves represented. Even the expensive Eastern Seaboard has its good buys.
Philadelphia did not make the list, though houses in the city of Philadelphia remain incredibly affordable. Perhaps we fail to make the lsit due to the influence of the pricier suburban areas which comprise the Philadelphia MSA (Metropolitan Statistical Area). For buyers in the know however, Philadelphia remains an affordable and attractive detination.