2023-09-21 17:37:23
In a real estate market that has been characterized by high prices, it is important to know which cities are the most affordable to buy a home. RealtyHop reports that this month, Detroit, Michigan tops the top 5 options in the country.
“Prospective buyers still face unattractive market conditions, such as low inventories and interest rates,” the report says. “However, Home prices in some cities have fallen this month, creating opportunities for those who kept up in previous seasons. Buyers who are flexible may consider moving to save on mortgage payments and property taxes.”
Key findings from the report:
· Homeowners in 66 major cities must spend more than 30% of their income annual homeownership; that’s two less than last month.
· In the 25 most unaffordable real estate markets in the country, homeowners are still spend 40% or more of their income to home ownership costs.
· The median list price increased this month in two of the least affordable real estate markets: Miami y Hialeah.
· Housing costs decreased or remained unchanged in the five most affordable housing markets.
The 5 most affordable real estate markets:
1. Detroit, Michigan
The median home purchase price in Detroit dropped to $78,850, meaning the average family would need to spend just $467 per month on homeownership costs—i.e. 15.3% of their income.
2. Wichita, Kansas
Housing costs didn’t change this month in Wichita, meaning homeowners with a median income of $63,360 can still expect to allocate only 19.70% to the ownership of a house.
3. San Luis, MO
Home prices decreased slightly to $175,000 in St. Louis, and a household with a median income only needs to spend $945 a month on mortgage payments and property taxes, 21.3% of their income.
4. Cleveland, Ohio
An average family earning $37,306 would only need to spend 22.09% of your income in mortgage costs and taxes to own a home in Cleveland, where the median price is $114,900.
5. Kansas City, Missouri
With a median home sales price of $230,000, homeowners only need to spend 23.31% of your income on housing costs.
To see the full report and methodology, go here.
Keep reading:
· Real estate market myths that affect buyers and sellers in the US today.
· 30-year mortgage rate remains anchored above 7%
· Places homebuyers are moving to in the US.
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