Looking for housing bargains these days? Head east – east of the Rocky Mountains, that is. ZipRealty, a residential Real Estate brokerage firm serving 25 major markets nationwide, recently released its list of the most affordable housing markets of 2014, based on an analysis of median home sales price data in 30 metro areas as well as the latest family income data from the Department of Housing & Urban Development.
Chicago takes the top spot as the most affordable metro market, with a median home sales price of $160,000 in February 2014, compared to the median home sales price of $265,000 in the 30 markets surveyed. That puts the average home sales price at 2.2 times the local estimated family income.
Philadelphia comes in second with a median price of $190,000, or 2.4 times the average family income, followed by Orlando, Richmond, Va., Dallas, Raleigh, N.C., Baltimore, Houston, Tucson and Nashville.
“In the most affordable areas of the nation, homes are available for just over twice the annual average household income," ZipRealty CEO Lanny Baker said. "While the cost of a home is still a very significant expenditure for families everywhere, it's interesting to see these regional differences in affordability.”
Bargains are certainly harder to find in the metro markets of California, home to the most expensive housing in the country. Rounding out the bottom of the affordability survey are: Orange County, where the median home sales price of $540,000 is 6.4 times the local 2014 estimated family income; the Bay Area, where homes are selling for 5.7 times the local average family income, and in Los Angeles, the average home is 5.6 times higher than the estimated family income.