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Cities with the Most Affordable Homes

Home prices are strengthening and affordability of houses is slightly lower, according to new data from the second quarter of 2012. The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) found that 92 percent of metropolitan areas had a rise in median home prices over the first quarter of 2012.

Some homebuyers might not welcome this news, but for the home seller, it’s “another signal that the housing recovery is starting to take root,” said NAHB Chairman Barry Rutenberg, “and it lends needed confidence to prospective buyers and sellers who have been reluctant to move forward in the current marketplace.”

According to the report, 73.8 percent of all homes sold during this period were affordable to households earning the mean national income of $65,000.

Looking at the bottom of that list, major metropolitan areas with the least affordable homes, the number one city is no surprise: New York-White Plains-Wayne, N.Y.-N.J. (a distinction it’s held for 17 consecutive quarters), followed by the metro areas of San Francisco, Bridgeport-Stamford-Norwalk, Conn., four other California areas as well as Honolulu and Miami.

Now let’s look at the major metropolitan housing markets with the most affordable homes for sale, counting down to number one.

By Colleen KanePosted 14 August 2012

Richard Stockton | Photolibrary | Getty Images