Miami-Dade has overtaken Los Angeles as the second most expensive housing market in the United States, with people spending roughly 81.55 percent of median income in housing-relating expenses.
So, where are the most affordable markets in the US?
Well, according to a recent ranking by RealtyHop, which creates an affordability index by comparing income to housing prices to determine how much of their income residents spend on housing, Wichita, Kansas comes in as the most affordable market, with residents spending only 17.34 percent of their median $52,620 income on housing related expenses.
The other four most affordable housing markets as follows:
2. Detroit, MI
With a median home price of $80,000, residents can expect to spend just 17.6 percent of median income on housing expenses, which average $453.22 per month.
3. Fort Wayne, IN
Buyers looking to purchase a home in Fort Wayne should plan to spend $796.32 per month for mortgage payments and property taxes.
4. Virginia Beach, VA
With a median home costing $315,000, Virginia Beach ranked the fourth most affordable housing market, where those looking to own needing to set aside 23.41 percent of their annual income toward homeownership costs.
5. Anchorage, AK
With a median household income of $84,928, a family in Anchorage should be prepared to spend 23.74 percent of their annual income - $1,680 a month – to cover home ownership expenses.
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