Top Metropolitan* Areas for Affordable Housing (*Populations of 1 million or greater)
The top metropolitan* areas right now to buy affordable housing (according to National Association of Realtors and the U.S. Census Bureau), are listed below. CNNMoney.com compares the areas with the smallest ratio of median single-family, existing-home prices to median household incomes to come up with the list. One important thing CNN points out is – while painfully low housing prices can wreak havoc on a local economy, they also create incentive for buyers to clear the market of excess inventory, setting the scene for a stronger future market.
Cities with some of the highest foreclosure rates are also among the cities with the most affordable housing markets.
- Kansas City, Mo.-Kan.
Median Home Price: $137,000
Median Household Income: $57,363
Ratio: 2.39
- St. Louis, Mo.-Ill.
Median Home Price: $129,000
Median Household Income: $54,386
Ratio: 2.37
- Buffalo-Niagara Falls, N.Y.
Median Home Price: $113,000
Median Household Income: $48,199
Ratio: 2.34
- Cincinnati-Middletown, Ohio-Ky.-Ind.
Median Home Price: $127,300
Median Household Income: $54,354
Ratio: 2.33
- Phoenix-Mesa-Scottsdale, Ariz.
Median Home Price: $126,000
Median Household Income: $55,548
Ratio: 2.27
- Rochester, N.Y.
Median Home Price: $118,900
Median Household Income: $52,971
Ratio: 2.24 - Las Vegas-Paradise, Nev.
Median Home Price: $126,200
Median Household Income: $56,294
- Minneapolis-St. Paul-Bloomington, Minn.-Wis.
Median Home Price: $145,000
Median Household Income: $66,404
Ratio: 2.18
- Atlanta-Sandy Springs-Marietta, Ga.
Median Home Price: $102,100
Median Household Income: $58,355
Ratio: 1.75
