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

Reblogger Heather Fitzgerald
Real Estate Sales Representative with REALTY WORLD-Harbert Company, Inc.

Original content by John Occhi 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).

Until Next Time, Have a Blessed Day,

John Occhi, ePRO & Five Star Certified REO REALTOR®
www.JohnOcchi.Com
Hemet - San Jacinto Valley, CA 
The Excellence in Real Estate Team @
Allison James Estates & Homes
2281 W. Esplande Ave, #102-B
Next to "Starbucks"
San Jacinto CA 92582
(951) 654-5550

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This blog and the contents written here is the intellectual property of John Occhi, Hemet - San Jacinto Valley 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. 

This blog is part of the ActiveRain Real Estate Network, which is a social network highlighting the best of Web 2.0.  Information is provided with the intent of educating and assisting home owners, home sellers, home buyers and real estate investors with information the can be used to make better real estate decisions. 

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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Rainer
89,841
Christine Hynes
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant

Heather - I would have thought Newport Beach, Beverly Hills, Malibu, Corona Del Mar would have been on the list.

Dec 10, 2009 01:38 AM #1
Rainmaker
492,327
Richard T. Dolbeare
eXp Realty - Kahului, HI
R(B), ABR, CRS...Hawaii Multi-Island Specialist

I'm surprised the median income figure for NYC is surprisingly less than the other high-cost areas.

Dec 10, 2009 01:41 AM #2
Rainmaker
312,065
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Heather,

Thanks for the reblog.  I agree with your readers that the numbers just don't appear to be where they should in some cases - for example Santa Ana is in Orange County - a high end county, no doubt...but Santa Ana is definately below the median everything for Orange County - I'd even be willing to go out on a limb and wager dollars to donuts that MOST people who live in Orange County would NOT want to lisve in Santa Ana under any circumstances...just a hunch.

Merry Christmas,

John

Dec 10, 2009 02:27 AM #3
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Rainmaker
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Heather Fitzgerald

REALTOR Greenwood Indiana Real Estate
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