Housing prices have been on the rise for the past few years. This has made it increasingly difficult for people to afford a home. However, there are some markets where housing is still affordable. Here are five of the most affordable housing markets in the country.
Five Most Affordable Housing Markets
Wichita, Kansas
The Wichita metro area is the least expensive place in the US. Median home prices fell from $147,000 in the beginning of 2018 to $145,000 at the end of the year. The proportion of a homeowner’s earnings required to be spent on home payments dropped by 3 percent. A typical family in Wichita had to save 15.05% of their annual income for these procedures.
Fort Wayne, Indiana
Fort Wayne has become the second-most affordable housing market in the U.S. For you, 0.68% of your income goes to real estate and mortgage expenses, which makes Fort Wayne the most affordable housing geographical area for what you pay each month.
Detroit, Michigan
The median sales price for a home in the Detroit region rose from $80,000 to $82,500 this month. Families in the Detroit region will need to allocate 16.26% of their monthly income to housing expenses, which is an increase of 3.12% from the previous month.
Lubbock, Texas
Lubbock’s housing costs rank fourth cheapest in the U.S., having fallen 2% last month to $170,000
This makes it more affordable for citizens to own a home.
Cleveland, Ohio
Cleveland shifted three spots up to finish 5th in affordability in the country. With a $109,000 price tag on the median home, typical families fork out an average of $591.92 in monthly housing costs, which is 20.56% of their yearly income.
Conclusion
In conclusion, the five most affordable housing markets are in order: Wichita, Fort Wayne, Detroit, Lubbock, and Cleveland. If you are looking for a more affordable place to live, these five cities are worth considering.
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