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Cities With the Most Affordable Homes

Cities with the Most Affordable Homes
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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 Rute
Richard Stockton | Photolibrary | Getty Images

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

10. Columbia, S.C.
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Median housing price: $134,000The Housing Opportunity Index in South Carolina’s capital and largest city is 90.2, meaning most homes are affordable to households making the local median income of $64,500.
Scott Oves | Flickr

Median housing price: $134,000

The Housing Opportunity Index in South Carolina’s capital and largest city is 90.2, meaning most homes are affordable to households making the local median income of $64,500.

9. Wilmington, Del.-Md.-N.J.
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Median housing price: $193,000The Wilmington metro area has an index of 90.3, finding most homes affordable to earners of the median income of $81,900. That’s the highest median housing price on this list, which works out because the local median incomeis also the highest on this list.
Panoramic Images | Getty Images

Median housing price: $193,000

The Wilmington metro area has an index of 90.3, finding most homes affordable to earners of the median income of $81,900. That’s the highest median housing price on this list, which works out because the local median income is also the highest on this list.

8. Lakeland-Winter Haven, Fla.
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Median housing price: $94,000The metro area of Lakeland-Winter Haven in central Florida has a HOI of 90.3, with most homes affordable to those earning the median yearly income of $54,500. That’s the lowest median income of this top 10 list.
Tetra Images | Getty Images

Median housing price: $94,000

The metro area of Lakeland-Winter Haven in central Florida has an HOI of 90.3, with most homes affordable to those earning the median yearly income of $54,500. That’s the lowest median income of this top 10 list.

7. Harrisburg-Carlisle, Pa.
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Median housing price: $147,000The HOI in Pennsylvania’s capital city metro area is 90.6, meaning about nine in 10 homes on the market are affordable to households bringing in the median income of $73,500.
Tetra Images | Getty Images

Median housing price: $147,000

The HOI in Pennsylvania’s capital city metro area is 90.6, meaning about nine in 10 homes on the market are affordable to households bringing in the median income of $73,500.

6. Ogden-Clearfield, Utah
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Median housing price: $170,000Northern Utah’s major metropolitan area Ogden-Clearfield has an HOI of 91.5 percent, with most homes for sale being affordable to those earning the local median income of $71,500.
mandicoleman.com | Flickr | Getty Images

Median housing price: $170,000

Northern Utah’s major metropolitan area Ogden-Clearfield has an HOI of 91.5 percent, with most homes for sale being affordable to those earning the local median income of $71,500.

5. Modesto, Calif.
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Median housing price: $135,000Located in Northern California’s central valley and earning a Housing Opportunity Index rating of 91.5, Modesto offers affordable housing within reach to households earning the city’s median income of $62,000.
Modesto, CA: Getty Images

Median housing price: $135,000

Located in Northern California’s Central Valley and earning a Housing Opportunity Index rating of 91.5, Modesto offers affordable housing within reach to households earning the city’s median income of $62,000.

4. Indianapolis-Carmel, Ind.
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Median housing price: $114,000The metropolitan area of Indiana’s state capital has an HOI of 91.7, finding most homes on the market affordable for families earning the median income of $66,900.
© Doug Waggoner | Flickr | Getty Images

Median housing price: $114,000

The metropolitan area of Indiana’s state capital has an HOI of 91.7, finding most homes on the market affordable for families earning the median income of $66,900.

3. Buffalo-Niagara Falls, N.Y.
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Median housing price: $105,000With an HOI of 91.8, most households earning the median income of $66,100 in this major metropolitan area near Lake Erie would be able to buy a house currently on the market.
Jumper | Photodisc | Getty Images

Median housing price: $105,000

With an HOI of 91.8, most households earning the median income of $66,100 in this major metropolitan area near Lake Erie would be able to buy a house currently on the market.

2. Dayton, Ohio
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Median housing price: $92,000Dayton has a Housing Opportunity Index rating of 92, meaning that most  “Gem City” residents making the local median of $63,300 can feasibly buy homes in the city.
Nyttend | Wikimedia Commons

Median housing price: $92,000

Dayton has a Housing Opportunity Index rating of 92, meaning that most “Gem City” residents making the local median of $63,300 can feasibly buy homes in the city.

1. Youngstown-Warren-Boardman, Ohio-Pa.
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Median housing price: $92,000The city with the most affordable homes had an HOI of 93.4, so the vast majority of people earning the local median income of $55,700 (the second lowest median income of this top 10 list) can afford homes in the Youngstown metro area.
Bloomberg via Getty Images

Median housing price: $92,000

The city with the most affordable homes had an HOI of 93.4, so the vast majority of people earning the local median income of $55,700 (the second lowest median income of this top 10 list) can afford homes in the Youngstown metro area.

Smaller-market cities with the most affordable homes
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For areas with 2011 populations of under half a million, Fairbanks, Alaska, tops the list for the most affordable homes (median home price is $222,000). The small market with the least amount of affordable homes was Ocean City, N.J. (median home price is $350,000). Here’s the full list of smaller market cities:
Jonathan K. Li | CNBC.com

For areas with 2011 populations of under half a million, Fairbanks, Alaska, (pictured at left) tops the HOI list for the most affordable homes (median home price is $222,000). The small market with the least amount of affordable homes was Ocean City, N.J. (median home price is $350,000).

Here’s the full list of smaller market cities:

1.            Fairbanks, Alaska

2.            Mansfield, Ohio

3.            Springfield, Ohio

4.            Carson City, Nev.

4.            Kokomo, Ind.

6.            Lansing-East Lansing, Mich.

7.            Bay City, Mich.

8.            Davenport-Moline-Rock Island, Iowa-Ill.

9.            Flint, Mich.

10.          Cumberland, Md.-W.V.