High Cost Living
If you’re looking for inexpensive housing, stay clear of the East and West coasts: They are home to some of the least affordable metro areas in the country. Take a look at the top 10, ranked by the percentage of affordable homes for families making a median salary in that area.
Source: National Association of Home Builders/Wells Fargo Housing Opportunity Index. Based on fourth quarter 2008 data.
Posted 20 Mar 2009
»Slideshow: Most Affordable Metro Areas
10. El Paso, Texas
Median home price: $131,000
Median family income: $37,200
Share of affordable homes: 33.9%
»Slideshow: Most Affordable Metro Areas
9. Santa Ana-Anaheim-Irvine, Calif.
Median home price: $388,000
Median family income: $84,100
Share of affordable homes: 33.5%
»Slideshow: Most Affordable Metro Areas
8. Miami-Miami Beach-Kendall, Fla.
Median home price: $225,000
Median family income: $49,200
Share of affordable homes: 32.5%
»Slideshow: Most Affordable Metro Areas
7. Santa Cruz-Watsonville, Calif.
Median home price: $400,000
Median family income: $79,900
Share of affordable homes: 29.1%
»Slideshow: Most Affordable Metro Areas
6. Ocean City, N.J.
Median home price: $379,000
Median family income: $65,500
Share of affordable homes: 27.9%
»Slideshow: Most Affordable Metro Areas
5. Los Angeles-Long Beach-Glendale, Calif.
Median home price: $319,000
Median family income: $59,800
Share of affordable homes: 26.9%
»Slideshow: Most Affordable Metro Areas
4. Nassau-Suffolk, N.Y.
Median home price: $391,000
Median family income: $97,100
Share of affordable homes: 25.5%
»Slideshow: Most Affordable Metro Areas
3. San Luis Obispo-Paso Robles, Calif.
Median home price: $376,000
Median family income: $67,000
Share of affordable homes: 20.7%
»Slideshow: Most Affordable Metro Areas
2. San Francisco-San Mateo-Redwood City, Calif.
Median Home Price: $575,000
Median Family Income: $94,300
Share of affordable homes: 20.6%
»Slideshow: Most Affordable Metro Areas
1. New York-White Plains-Wayne, N.J.-N.Y.
Median home price: $455,000
Median family income: $63,000
Share of affordable homes: 13.9%
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»Slideshow: Most Affordable Metro Areas