Miami-Dade has overtaken Los Angeles as the second most expensive real estate market in the United States, with people spending around 81.55% of median income on housing-related expenses.
So where are the most affordable markets in the United States?
Well, according to a recent ranking from RealtyHop, which creates an Affordability Index by comparing income to house prices to determine how much of their income residents are spending on housing, Wichita, Kansas is the most affordable market, with residents spending only 17.34 percent. of their median income of $ 52,620 on housing-related expenses.
The other four most affordable housing markets are:
2. Detroit, Michigan
With a median home price of $ 80,000, residents can expect to spend just 17.6% of median income on shelter expenses, which average $ 453.22 per month.
3. Fort Wayne, IN
Buyers looking to buy a home in Fort Wayne should plan to spend $ 796.32 per month on mortgage payments and property taxes.
4. Virginia Beach, Virginia
With a home costing a median of $ 315,000, Virginia Beach has ranked fourth in the most affordable housing markets, where those looking to become homeowners must spend 23.41% of their annual income on living expenses. home ownership.
5. Anchor, AK
With a median household income of $ 84,928, an Anchorage family should be prepared to spend 23.74% of their annual income – $ 1,680 per month – to cover homeownership expenses.
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