The Top 10 Most Affordable Housing Markets: The Windy City Wins
Find out where you'll get the most bang for your housing buck on this surprising list.ZipRealty, a prominent online real estate brokerage, revealed. The researchers found that Chicago is the best market for buyers right now.
To create the Top 10 Most Affordable Markets list, they analyzed median home sales price data gathered from 30 metro areas, then divided it by estimated family income data from the Department of Housing & Urban Development (HUD). For example, the median home sales price in Chicago is $160,000, and the estimated family income there is $72,400, showing that a residence in the Windy City costs 2.2 times the average annual income. That’s lower than any other major metro area in the US.
It should come as no surprise that the most expensive housing markets by these standards are in California: Orange County, the San Francisco Bay Area and Los Angeles top the list. In Orange County, the average home sells for 11.8 times the local 2014 estimated family income. In the Bay Area, homes are currently selling for 8.7 times the local average family income, and in Los Angeles, the average home is 7.4 times higher than the estimated family income.
"In the most affordable areas of the nation, homes are available for just over twice the annual average household income," said ZipRealty CEO Lanny Baker. "While the cost of a home is still a very significant expenditure for families everywhere, it's interesting to see these regional differences in affordability."
See what an average house costs in these metro areas, and find out if you live in one of them most affordable markets, by browsing the gallery below.