Local areas see rise in housing affordability

Based on the current relationship between property values, median household incomes and mortgage rates, a recent report from CNNMoney outlines the most affordable places to buy property in the country.

Based on the current relationship between property values, median household incomes and mortgage rates, a recent report from CNNMoney outlines the most affordable places to buy property in the country.

With a median home price of $102,000 and a median income of $66,900, based on information from the National Association of Builders' housing affordability report, the most affordable housing market is currently Indianapolis. Real estate data shows that based on this relationship, 95.8 percent of the population could affordable to buy a home in current conditions.

Meanwhile, Dayton, Ohio, is the second-most-affordable housing market in the country. With a median home price of $81,000 and median income of $63,300, an estimated 93.7 percent of current residents could affordable to make the transition to homeownership. In addition, as the local job market continues to improve in the city, experts say this could cause an upswing in homebuying activity in the near future.

The third-most affordable housing market in the country is in Lakeland, Florida, CNNMoney says. Currently, the median household income is $54,400, and with a median home price of $85,000, 93.2 percent of current residents have affordable options when it comes to buying homes in the area.



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