Wednesday, April 23, 2014

The 10 Most Affordable Housing Markets of 2014

 ZipRealty has released a list of the 10 most affordable housing markets of 2014. ZipRealty analyzed median home sales price data gathered from 30 metro areas and estimated family income data from the Department of Housing & Urban Development (HUD) to create this year's list.

Among the areas surveyed by ZipRealty, locations east of the Rocky Mountains are the best places to find real estate bargains. Topping the list are Chicago, Philadelphia and Orlando.

Meanwhile, the Most Expensive Housing Markets are in California: Orange County, the S.F. Bay Area and Los Angeles. 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.

Below is a list of the Top 10 Most Affordable Housing Markets for 2014:

Metro Area
*Affordability Index
February 2014 Median Home Sales Price
2014 Estimated
Family Income (HUD)
1) Chicago
2) Philadelphia
3) Orlando
4) Richmond, Va.
5) Dallas
6) Raleigh, N.C.
7) Baltimore
8) Houston
9) Tucson
10) Nashville

*The Affordability Index was calculated by dividing February 2014 median home sales prices by HUD's estimated family income for each metro.

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