The most affordable housing markets in the U.S. tend to be located in the South and Midwest, according to a new analysis from RefiGuide.org, a home refinance resource. For example, Youngstown, Ohio, topped the list as the most affordable place in the country, where the median household income in one year is more than the typical purchase price of a home.
On the other end of the spectrum, however, California tends to have the least affordable housing markets nationwide. Newport Beach, Calif., was the least affordable market in the country, RefiGuide found.
RefiGuide.org tracked two metrics in June—incomes and home prices—while analyzing the 609 largest housing markets in the country, then ranked the markets on affordability.
The following are the 25 most affordable housing markets in the country:
- Youngstown, Ohio: 110.3% (the median household income as a percentage of home prices)
- Jackson, Miss.: 102.4%
- Flint, Mich.: 93.2%
- Detroit, Mich.: 83.4%
- Gary, Ind.: 82.7%
- Peoria, Ill.: 63.9%
- Lawton, Okla.: 57.5%
- Decatur, Ill.: 55.4%
- Akron, Ohio: 53.4%
- Birmingham, Ala.: 52.4%
- Dayton, Ohio: 51.9%
- Montgomery, Ala.: 51.7%
- Joliet, Ill.: 49.6%
- Sioux City, Iowa: 49.4%
- Saint Joseph, Mo.: 48.5%
- Atascocita, Texas: 46.6%
- Wichita Falls, Texas: 46.4%
- Reading, Pa.: 44.4%
- Toledo, Ohio: 44.3%
- Parma, Ohio: 43.7%
- Rockford, Ill.: 43.5%
- Lorain, Ohio: 43.3%
- North Little Rock, Ark.: 43.2%
- Columbus, Ga.: 43.1%
- Waterloo, Iowa: 43%
Source: “Most and Least Affordable Places to Buy a Home,” RefiGuide.org (Aug. 20, 2020)
