HERE I AM STUCK IN THE MIDDLE WITH YOU.
To be honest, it's not a bad place to be. At all.
What we're talking about here is home affordabilty. CNBC.com reports with some nifty online slideshows detailing
These lists are based on median home prices in each locale and median family income in those areas. Based on 4th quarter 2008 data from the National Association of Home Builders/Wells Fargo Housing Opportunity Index, this survey examined the percentage of affordable homes in each metropolitan area.
While homes in the D.C. metropolitan area certainly are not inexpensive -- the average sales price for all homes in 2008 was $394,700 -- area homebuyers can take solace in the news that the Washington area did not make the Least Affordable Metro Areas list. This is certainly due, in large part, to the very high median household income numbers present in the D.C. areas. Six counties in the Metro-D.C. area are among the top ten from highest household income. Topping that list are Loudoun County with a median income of $107,000 and Fairfax County with a median family income of $105,000. Arlington County is not far behind at $95,000.
So what are the Least & Most Affordable Metro Areas?
Least Affordable Most Affordable
New York, NY (no surprise here) Lansing/East Lansing, MI
San Francisco, CA Sandusky, OH
San Luis Obispo, CA Lima, OH
Nassau, NY Springfield, OH
Los Angeles, NY Indianapolis, IN
Ocean City, NJ Bay City, MI
Santa Cruz, CA Battle Creek, MI
Miami, FL Canton, OH
Anaheim, CA Saginaw, MI
El Paso, TX Utica, NY
If you are transferring to the D.C. area from any of the areas in the left-hand column, you should be excited that homes will be more affordable here than the place you left. Should you come here from any of the cities on the right, at least know that your income is likely to be higher.
Either way, I AM STUCK IN THE MIDDLE WITH YOU. (Got the song stuck in your head yet? If not, click here to watch and listen)
With low interest rates, and home prices down to more affordable levels,
now IS the time to buy in the D.C. area.
Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C.
Cell: 703-626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, McLean, Springfield, Washington D.C., contact Brian today.
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