… But mostly in the Midwest which may be experiencing a revival according to CNN’s Most (and least) affordable cities to buy a home.
The good news is that the home prices of 72.1% of all residences sold during the three months ending Sept. 30 would allow people earning the median household income to afford purchasing a home.
The ‘watch-out’ news is that phenomenon may disappear in the blink of an eye as currently low interest rates have a major effect on home affordability.
The most affordable home in the US? Indianopolis where purchase of a median priced home at $109,000 with 20% down would yield monthly payments of only $430. As CNN says: How much more affordable can it get?
And the most expensive places to buy homes? Predominantly in California except New York, the most expensive, and third place, Bridgeport, Conn. In second place is San Francisco, fourth, Los Angeles, and in fifth, Santa Ana.