It may be true that the lack of affordability and available hinders plenty of home searchers from becoming home owners, but it is not entirely impossible. Visitors of realtor.com® in June opened up about the number one factor that makes buying a home difficult-finding one that meets their needs.
Jonathan Smoke, the chief economist of realtor.com came up with an "EasyToBuy" index that helped him arrived at the 10 easiest places to own a home.
According to his "EasyToBuy" index, which is at 71%, all the listings in Indianapolis are affordable. To put that into perspective, Silicon Valley has on 8% affordable listings. Furthermore buying a midprice home in Indianapolis only takes 17% of the median household income. "Indianapolis is almost a secret to people sometimes, but we will see a lot more growth in the future," said John Snavley, senior vice president of a local real estate company.
2. Memphis, TN
With a median price of $168,000 you can be a homeowner in Memphis. Moreover, the place is known for its world-famous for its dry-rub pork barbecue and Elvis Presley. Memphis has also experienced material growth this year according to local broker Jules Wade. "We've seen investment companies buying dozens of properties and renting them out," Wade said. "It's not clear whether they are going to maintain the properties; but so far it seems they are."
Virginia Beach is certainly quite affordable compared with its seaside equivalents it median price list is at $262,000. Although it actually puts it above the national level the place features a high percentage of available inventory and home buyers can get a great deal on mortgage rates.
The largest city in Alabama manages to maintain good amount of housing with at prices that are just right, according to realtor.com. Moreover, buying a home in this city takes only one-fifths of the household income which is good enough for millenials.
According to the report, the housing is much cheaper than the national average, with a median price of $166,000. Moreover, a median-price home in Cincinnati takes up only 15 percent of the median household income, leaving some big room for family vacations after the down payment and mortgage payments.
The median list price in Pittsburgh was at $158,000 in June, homeownership is possible for the median-earning household, with buying costs taking only 19% of the household income. Furthermore, reports say that Pittsburgh now approaches the vitality of its Steel City days.
7. Atlanta, GA
Atlanta is recovering at full speed since it was hit hard during the housing bubble a few years ago. The area currently has 50,000 homes for sale, the second largest in the country after the New York metro area but it tops the list of realtor.com for markets where buying is better than renting.
It has the same situation with Cincinnati plus, low housing prices have contributed to strong markets with about 70% inexpensive listings.
9. Detroit, MI
Reports say that in In June, the city's median list price was $182,000. It may have been publicized by its financial plights but the Motor city is positively gearing to bounce back, fueled by low mortgage rates and relatively sufficient supply, home prices in the Detroit metro area are regaining some lost ground with a year-over-year appreciation rate of 8%, according to realtor.
10. Columbus, OH
The situation is same with Cincinnati, OH.