By Arlenys Tabare
Currently, purchasing a home in the United States can be quite an odyssey, since Real estate prices have skyrocketed in recent years, reaching historic levels and leaving middle and low-income buyers out of the market.
However, a study developed by WalletHub and recently published rates some cities where the cost of housing is much more affordable than in the rest of the country.
The personal finance portal analyzed home prices by city and family income, determining that Flint, Michigan, is positioned as one of the most affordable entities to buy a home.
In this regard, Chip Lupo, analyst at WalletHub, commented: “When deciding where to buy, Home prices alone are not a good enough indicator of how affordable things will be. You also have to consider how prices compare to income in the area, as well as taking into account things like cost of living, maintenance expenses and taxes,” he said.
To develop the report, WalletHub rated the cities to be evaluated on a 100-point scale, with the highest rating being the greatest affordability, and Flint achieved the highest score (seventy nine.5), followed by Detroit (74.71). In these cities, according to Zillow data, home prices range between $66,000 and $76,500.
The next most affordable cities to buy a home are: Surprise, Arizona, with a score of 73.27; Yuma, Arizona (72.25) and Akron, Ohio, with (70.82) classification.
For their part, the cities with the lowest scores that indicate low affordability and are located at the bottom of the list are: Mountainous Rapids, Michigan (66.85), Colón, Ohio (66.71), Des Moines, Iowa (66.58), Buffalo, New York (66.56) and Henderson, Nevada (66.51).
However, data from Zillow indicates that in cities like Santa Barbara, California, the median home price can reach $1.85 million.
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