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The Most...and The Least Expensive Places to Live in the U.S.A.

By
Services for Real Estate Pros with AZ Veteran Notary Services CA BRE 01444168

I just came across an interesting article on CNNMoney that breaks down the top and bottom 5 places to live in this country, based on affordability.

Most Affordable

  1. Indianapolis - IN
    Median home price: $105,000
    Median income: $68,100
    Affordability score: 94.5%
  2. Youngstown, OH
    Median home price: $72,000
    Median income: $54,300
    Affordability score: 93.9%
  3. Detroit, MI
    Median home price: $84,000
    Median income: $57,100
    Affordability score: 92.2%
  4. Warren, MI
    Median home price: $140,000
    Median income: $79,000
    Affordability score: 91.8%
  5. Grand Rapids, MI
    Median home price: $103,000
    Median income: $63,100
    Affordability score: 91.4% - 5th best

These are the top 5 MOST affordable places to buy a home, in the U.S.A.  To look deeper into this data you will discover these are areas where the home prices are depressed... a lot of these markets are being hurt big time by massive foreclosures... which is a good thing right now for investors and buyers.

Notice 3 of the top 5 are in Michigan...

And now, for the LEAST affordable places to call home.

The Least Affordable Real Estate Markets To Buy a House

  1. New York City, NY
    Median home price: $425,000
    Median income: $64,800
    Affordability score: 19.2%
  2. San Francisco, CA
    Median home price: $598,000
    Median income: $96,800
    Affordability score: 23.6%
  3. Honolulu, HI
    Median home price: $598,000
    Median income: $96,800
    Affordability score: 23.6%
  4. Santa Ana, CA
    Median home price: $598,000
    Median income: $96,800
    Affordability score: 23.6%
  5. Nassau/Suffolk, NY
    Median home price: $380,000
    Median income: $101,800
    Affordability score: 39.6% - 5th worst

When you look at these markets, you'll see that their pricing is still high compared to median incomes in those areas... and when you look a bit more deeply at why... most of these areas are places that a lot of companies are either already located or are locating too... and they are in typical areas that tend to be at the top end of the pricing scale anyway and have not been affected as much by foreclosures (at least... yet).

Posted by

Until Next Time, Have a Blessed Day,

John Occhi, ePRO, REALTOR®
DRE Lic No: 01444168


ePro,John Occhi,www.johnocchi.com,realtor      Certified Probate Real Estate Specialist Logo Awarded to John OcchiFive Star Logo,Certification,REO,Five Star Institute     

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This blog and the contents written here is the intellectual property of John Occhi, Temecula - Murrieta, CA REALTOR® in the South West Riverside County region of the Inland Empire of Southern California.  The views and opinions expressed are just that - views and opinions of John Occhi and those who comment.  Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance. 


I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

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Liz Moras Migic
Chilliwack, BC
Chilliwack, British Columbia - Realtor

Interesting numbers but not really surprising when you stop and think about..:-)

Dec 09, 2009 05:20 PM
Rick Cordisco
Pocono Mountain Lakes Realty - Lake Harmony, PA
Pocono Real Estate Professional

Interesting list. Thanks for sharing John.

Dec 09, 2009 05:28 PM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

John, Great market snap shot thanks for putting this together.

Dec 10, 2009 12:49 AM
John Occhi
AZ Veteran Notary Services - Marana, AZ
Mobile Notary Public/Certified Loan Signing Agent

Liz,

Glad you found these numbers to be interesting

Merry Christmas,

John

Dec 10, 2009 02:28 AM
John Occhi
AZ Veteran Notary Services - Marana, AZ
Mobile Notary Public/Certified Loan Signing Agent

Pocono,

First, I love the Poconos - havn't been there since back in the 70's when stationed in the DC area - but always thought it was a great place to get away...do you remember the big Rock Festival they had in 72 or 73 at the speedway...I was there in a different life...:)

So thanks for stopping by and taking a look

Merry Christmas,

John

Dec 10, 2009 02:30 AM
John Occhi
AZ Veteran Notary Services - Marana, AZ
Mobile Notary Public/Certified Loan Signing Agent

Steve,

You are welcome - hopefully you can put this to some use - but the data is all CNNMoney.

John

Dec 10, 2009 02:31 AM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

John, it is surprising to me that NY's median income is so low compared to the median home value. It is only about $10,000 higher than here and our median price house is less than half of that! Makes me realize what a great bargain the Jacksonville area is - and why it was named one of the top 10 best places to get a bargain by Forbes.com.

Dec 10, 2009 04:22 AM
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

That's interesting. P.S.Riley Rover must know I'm writing you at this exact moment because he is barking away at nothing!

Dec 10, 2009 11:51 AM