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:
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.