2023’s Most Affordable Cities for Home Buyers

With the median home sales price having skyrocketed from $313,000 in Q1 2019 to $436,800 in Q1 2023, the personal-finance website WalletHub today released its report on 2023’s Most Affordable Cities for Home Buyers, as well as expert commentary.

In order to determine the most affordable cities for home buyers, WalletHub compared 300 U.S. cities across ten key metrics. The data set ranges from the costs of homes and their maintenance to tax rates and vacancy rates.
 

Best vs. Worst

• Springfield, Illinois, has the most affordable housing (median house price divided by median annual household income), 1.67, which is 17.5 times cheaper than in Santa Barbara, California, the city with the least affordable housing, with a ratio of 29.24.
   
• Honolulu has the lowest median real-estate tax rate, 0.30 percent, which is 12 times lower than in Waterbury, Connecticut, the city with the highest at 3.59 percent.
   
• Flint, Michigan, has the highest rent-to-price ratio, 26.64 percent, which is 16 times higher than in Santa Monica, California, the city with the lowest at 1.66 percent.
   
• Miami Gardens, Florida, has the highest median home price appreciation, 94.61 percent, which is 59.1 times higher than in Hampton, Virginia, the city with the lowest at 1.60 percent.
   
• Miami Beach, Florida, has the highest vacancy rate, 35.24 percent, which is 17.4 times higher than in South Gate, California, the city with the lowest at 2.02 percent.

 
To view the full report and your city’s rank, please visit: 
https://wallethub.com/edu/most-affordable-cities-for-home-buyers/121950

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 641-1531
Fax: (407) 205-1951
email: info@phphouses.com

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.