In Pictures: Cheapest Homes For Sale
September 27th 2009 03:27
The National Association of Home Builders says housing is more "affordable" now than it has been since 1991. But all cities are not cheap and all cheap housing markets are not cities. In New York City and San Francisco housing is still outrageously expensive compared to the average local wage. Kokomo, Ind. is the most affordable of all, but … Kokomo? Really?
What follows are the list of 10 larger cities--if you include the surrounding suburbs, their populations exceed 500,000--where most of the homes prices are cheap compared with what the locals bring home for wages. The NAHB and its banking partner, Wells Fargo, measure affordability for each town or city by looking at how many of the homes sold there recently would have had management monthly payments for a person making the local median income. They assume all buyers would borrow 90% of the cash needed for the purchase and that they would get 30-year fixed-rate mortgages, and they define a home as "affordable" if the resulting payments would be less than 28% of the local average monthly wages.
Indianapolis-Carmel, Ind.
Median family income: $68,100
Median sale price on homes: $107,000
| 82 |
| Vote |
subscribe to this blog
Comment by Wilson Pon
Health 2 Know
Adventure Toes
boxing sound
Business Rope
Fun Places 2 Travel
Comment by katyzzz
Photography Tips
MS Paint Art