Buyers are winning in this real estate game, even with the down economy and high unemployment rates. According to recent reports, housing prices have fallen 30% from their peaks, making at least 70% of homes in most markets affordable this last quarter.
However, where there’s a winner, there’s also a loser. Sellers trying to sell their homes right now are suffering significant losses.
The area with the most affordable housing in the US is the industrial Midwest. Housing prices have been kept low due to population loss but wages still remain high. The second and third most affordable areas are Youngstown, Ohio and Detroit, Michigan respectively.
The least affordable market is New York City where the median income is $64,800 but the median home price is $425,000. Following New York City on the list of least affordable markets is San Francisco and Honolulu.
Even though pricing is low, investors and first time home buyers still need to make smart business decisions. Fill in this cash analysis template prior to making a significant housing purchase to avoid overspending or falling into a foreclosure situation.
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[…] show that this demographic is likely to keep renting for the next few years while searching for affordable housing. These buyers also place much less emphasis on suburban properties, and instead are more interested […]