Map Shows Most Affordable Cities to Buy a Home
Summary
A new study by WalletHub ranked the most affordable cities in the U.S. to buy a home. Flint and Detroit in Michigan, and Surprise in Arizona, were named the top three most affordable places based on costs like home prices, taxes, and maintenance compared to local incomes.Key Facts
- Flint, Michigan is ranked the most affordable city to buy a home, with very low cost of living and home prices relative to income.
- Flint’s median home price is $59 per square foot, while some expensive cities have prices over $1,000 per square foot.
- Detroit is second, with housing costs just over twice the median household income and a median price of $89 per square foot.
- Surprise, Arizona ranks third, with strong home price growth and low real estate tax rates.
- The study reviewed 300 U.S. cities using 10 different factors like cost per square foot, cost of homeowner insurance, taxes, and housing availability.
- Cities with high vacancy rates like Flint and Detroit offer more choices and lower prices for buyers.
- The top 10 affordable cities included places mostly in the Midwest and South, such as Akron, Pittsburgh, Memphis, and Indianapolis.
- Data was scored on a 100-point scale to compare affordability across cities.
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