Home affordability varies greatly depending on where a buyer lives, as well as other factors. Using RealtyTrac's income-to-price affordability ratios from more than 2,000 counties, 24/7 Wall St. pinpointed where home affordability is highest. In fact, in some markets, home owners may need to use only about 3 percent of their income to afford a median-priced home.
The Affordability Crisis
Unsurprisingly, San Francisco County in California had the least number of affordable homes in the nation. In San Francisco, the median selling price for houses and condos recently reached the million-dollar mark.
But on the opposite end of the spectrum, the following seven markets are considered some of the most affordable in the nation. (The affordability rate is the percentage of the county's estimated median household income needed to make monthly payments — including mortgage, property taxes, and homeowners insurance — on a median-priced residential property.)
- Chattooga County, Ga.
Affordability rate: 3.75%
Household median income: $41,864 - Lake County, Tenn.
Affordability rate: 5.75%
Household median income: $33,512 - Edgecombe County, N.C.
Affordability rate: 6.17%
Household median income: $40,726 - Upson County, Ga.
Affordability rate: 6.31%
Household median income: $37,601 - Barnwell County, S.C.
Affordability rate: 6.81%
Household median income: $35,219 - Obion County, Tenn.
Affordability rate: 6.88%
Household median income: $45,919 - Lamar County, Ga.
Affordability rate: 6.92%
Household median income: $33,661
Source: “The 10 Most Affordable Markets in America,” 24/7 Wall St. (Sept. 4, 2014)
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