The list of the most affordable county in the U.S. has been revealed as the latest ATTOM study showed that the single-family homes and condos median price in the second quarter of 2020 was more affordable than the historical averages in 49 percent of counties included in the study.
According to the Q2 2020 U.S. Home Affordability Report by ATTOM Data Solutions, 49 percent, or 200 of the 406 counties considered in the report, are more affordable than their historic affordability levels in Q2 of 2019.
Macon County (Decatur), Illinois topped the list of most affordable counties with a 10.4 percent weekly annualized wages required to purchase a home. Following Macon County is Rock Island County (Davenport), Illinois (13.4 %); Montgomery County, Alabama (15.1 %); Oswego County (outside Syracuse), New York (17.9 %), and Richmond County (Augusta), Georgia (18.1 %).
Trumbull County, Ohio (18.5 T); Cuyahoga County, Ohio (18.6%); Winnebago County, Wisconsin (18.6 %); Hamilton County, Ohio (19.3 %); and Jackson County, Michigan (19.4 %) round out the list of most affordable counties.
The least affordable counties in the second quarter of 2020 include Marin County, California (outside San Francisco) (109.4 %); Santa Cruz County, California, (outside San Jose) (98.4 %); Kings County (Brooklyn), New York (98.3 %); Maui County, HI (84.1 %) and Monterey County, CA, (outside San Francisco) (82.7 %).
Westchester County, New York (77.7 %); Orange County, California (77.7 %); Napa County, California (77.2 %); San Luis Obispo County, California (76.0 %); and New York County, New York (74.9 %) round out the list of most affordable counties.
Home appreciation outpaces average weekly growth
The home appreciation in the second quarter of 2020 is rising faster than the average weekly wage growth of 66 percent (269 out of the 406 counties) of U.S. counties included in the study.
The largest counties in the 269 counties where home price appreciation outpaces the average weekly wage growth include Cook County (Chicago) in Illinois; Maricopa County (Phoenix) in Arizona; Miami-Dade County in Florida; Dallas County in Texas; and Riverside County (outside Los Angeles) in California.
Meanwhile, the average annualized wage growth is faster than the home appreciation in 137 of the 406 counties or 34 percent which includes Los Angeles County, California; Harris County (Houston), Texas; San Diego County, California; Orange County (outside Los Angeles), California and Kings County (Brooklyn), New York.
It is a win-win situation for both buyers and sellers, ATTOM Data Solutions chief product officer, Todd Teta said. Prices are rising again, he said, but the wage gains along with the declining mortgage rates keep the home prices in check and make homes affordable in many parts of the country.
Median home prices in Q2 of 2020 rose by at least five percent from the same period last year in 52 percent of the 406 counties studied. The counties need to have a population of at least 100,000 with at least 50 single-family home and condo sales in Q2 of 202 to be considered in the study.
The counties with the most significant year-over-year price gains and with at least one million in population include Philadelphia County, PA (+22 %); Bronx County, NY (+13 %); Mecklenburg County (Charlotte), NC (+12 %); Dallas County, TX (+11 %) and Orange County (Orlando), FL (+10 %).
Read next: San Francisco Tenant Protections Ordinance Under Fire
