How To Use A Home Affordability Study
Studies show that most affordable cities for home buyers to buy houses are off the coasts, tucked in the Midwest.
And the least affordable cities are the one on the coasts — specifically in California, which, out of 250 metro areas nationwide, is home to the bottom 15 cities in terms of affordability.
San Francisco, Los Angeles, Orange County, San Jose, the list goes on.
Meanwhile, cities like Youngstown, Ohio; Kokomo, Indiana; Wheeling, West Virginia — these towns consistently rank near the top of affordability and the implication is that “well, if you can’t afford to buy a home in these cities over here, you should pack up and buy a home in these cities over there, because homes over there are more affordable.”
Except that’s not an option for most people.
You’re not going to pick up and move three-quarters of the way across the country to buy a house just because houses happen to cost less there.
That’s not real life.
You want to live somewhere affordable where you want to live. And affordability like that is measured house to house. It’s your mortgage rate, your loan size, your real estate taxes and homeowners insurance — these are the things that determine how much house you can afford, not the city in which you’re buying.
So, as you plan your budget, reach out and let us help you find your best way forward. We’re here to help.