You’ve Envisioned Your Dream Home, Now find the Most Affordable City

By Kelli Bennett, Editorial Intern

When small-talk about home owning and mortgage payments find its way into conversations, many seem to shy away from the subject, ignoring the approaching reality that one day several of us will have to make that crucial decision.  The home buying/owning decision will affect our future families for generations to come.  CNNMoney provides expert insight on the top 10 most affordable cities to buying a new home.  Some of the cities may surprise you, but it’s never too early to start your research.

1.   Indianapolis, IN

  •  Median home price: $102,000
  • Median income: $66,900
  • Affordability score: 95.8%

Before clicking on the article’s link, I never thought Indianapolis; my hometown would be on the list of most affordable U.S. cities for home buying —let alone the first.  After reading the small explanation blurb, I mentally pictured the major transformation that Indianapolis has made in my short lifetime.  Just this past February I was astonished by the unfathomable festivities and displays that decorated the streets of downtown Indianapolis for Super Bowl XLVI.  CNN Money also pointed out Indy’s affordability relying greatly on the increase in the city’s tourism industry and the vast amount of land available for housing development.

 

2.  Dayton, Ohio

  • Median home price: $81,000
  • Median income: $63,300
  • Affordability score: 93.7%

 

3.  Lakeland, Florida

  • Median home price: $85,000
  • Median income: $54,500
  • Affordability score: 93.2%

 

4.  Modesto, California

  • Median home price: $127,000
  • Median income: $62,000
  • Affordability score: 92.5%

 

5.  Grand Rapids, Michigan

  • Median home price: $100,000
  • Median income: $60,300
  • Affordability score: 91.2%

 

6.  Buffalo, NY

  • Median home price: $94,000
  • Median income: $66,100
  • Affordability score: 91.2%

 

7.  Ogden, Utah

  • Median home price: $166,000
  • Median income: $71,500
  • Affordability score: 91.1%

 

8.  Syracuse, NY

  • Median home price: $106,000
  • Median income: $66,600
  • Affordability score: 90.6%

9.  Akron, Ohio

  • Median home price: $96,000
  • Median income: $66,500
  • Affordability score: 90.6%

10.   Cincinnati

  • Median home price: $110,000
  • Median income: $71,300
  • Affordability score: 90.2%

Though the reasons for affordable housing varies, some include a vast area for growth, an improvement in employment rate, shrinking population and various cities being home to large universities or booming business headquarters.

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