Most Affordable Cities to Buy a Home
- Feb. 19, 2015
- Shantell Russell
- Home Life
When considering the purchase of a home, affordable cities make that goal far more attainable. A strong employment trend and high percentage of home affordability are crucial. Trulia, a real estate market analysis company, recently released a Middle Class Affordability report. Below is a detailed list of the top three most affordable cities to invest in a new home:
The Bureau of Labor Statistics indicated that employment is on the rise in this southwestern Ohio city. The 2014 Second Quarter Southwest Ohio Market Outlook reported that manufacturing, specifically Aerospace, will be responsible for much of the growth in this area.
Additional improvement in industries such as education and healthcare have brought Dayton back on its feet.
A whopping 85 percent of the homes for sale in Dayton are affordable for the middle class according to Trulia. The standard for determining affordability is whether the total monthly payment is less than 31 percent of the area's median household. Each monthly payment is comprised of the mortgage, insurance and property taxes.
It should be noted that housing prices are projected to increase due to a higher demand for real estate as a result of higher income and job recovery.
Dayton is also home to the National Museum of the U.S. Air Force, the largest and oldest operating aviation museum in the entire world. Among the wide variety of exhibits that this museum offers is the Presidential Gallery, which affords civilians the opportunity to tour various Air Force One crafts that belonged to U.S. leaders.
This city is also home to a plethora of other museums, performing centers and parks.
Rochester, New York
Best Places to live put Rochester's cost of living 20.1 percent lower than the national average. That affordability puts this northeastern city at the top of the list for economically reasonable places to live.
Additionally, the public schools put a priority on educational spending. Rochester spends a total of $18,976 per student while the average U.S. school spends $12,435.
Of the homes that are listed in Rochester, 83 percent of them are affordable for the middle class. The price of real estate in this vicinity is dropping rapidly. The listing price of homes in Rochester decreased by 3 percent the week ending on Dec. 3. Additionally the price per square foot decreased by nearly 5 percent.
Rochester has many different recreational activities to participate in. The rich history of this U.S. city offers plenty of educational sites, such as the parlor where Susan B. Anthony was arrested for voting. Additionally, there are museums, festivals, theaters, and concert venues.
The culinary variety of Rochester is far and wide and this city is home to a number of breweries.
This city located in the Great Lakes region boasts a positive economic outlook. The Akron Economic Forecast reports that this U.S. city has many beneficial factors which include a quality manufacturing infrastructure and skilled labor force, a low cost to do business, development of niche and high-tech industries, and a boost in jobs as well as income.
The housing market of this region is also steadily improving. The foreclosure rate has dropped significantly in the past few years and this has bolstered the housing market. A total of 83 percent of the homes listed in Akron are affordable for the middle class.
This city also offers a variety of different attractions. The Akron Art Museum offers rotating exhibitions and an impressive collection of work. Additionally, Akron has an affordable zoo and array of restaurants. Luigi's is a local favorite that has been family-owned and operated since 1949, offering a diverse Italian menu.
Use our Home Affordability Calculator to find out how much house you can afford in these cities!