Buy Alexandria Real Estate: Clowns to the Left of Me, Jokers to the Right

Alexandria Virginia Real Estate Blog

Clowns to the Left of Me, Jokers to the Right

Clowns to the Left of MeJokers to the RightHERE 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

the Least Affordable Metro Areas &

the Most Affordable Metro Areas.

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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START YOUR NORTHERN VIRGINIA HOME SEARCH TODAY!

Comment balloon 8 commentsBrian Block • March 27 2009 12:21PM

Comments

Brian, these lists do provide guidance nationally of the high dollar and low dollar places for sure. The Washington D.C. area while high is still relatively affordable.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) about 9 years ago

Hi Brain, I am so glad that San Diego didn't make the first list and surely by summer with all the new foreclosures that are said to be coming, it will surely make the second. All kidding aside, San Diego is on the verge of some needed recovery. Things are looking up at least until our new hefty taxes hit in April and then it's anybodies guess how people will respond. But so far, despite the increases that are coming, not much talk either way. The worst situation for use may be the major cutback in water use. There is going to be a lot of burned out lawns, no doubt. A mandatory 45 % cut back in outside watering, whooeee, that's ( let me do the math ) almost 50%. Grass wasn't meant for the desert climate ( which is what we have inland) and it is going to be ugly.

Posted by William Johnson, San Diego Real Estate Voice, GRI CRS e-Pro CDPE (RE/MAX Associates) about 9 years ago

tweetHI Brian.. Very interesting facts here....I like your illustrations...Good song to top it off..thank you

Helpfulhannah your friend in Philadelphia

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) about 9 years ago

Thanks Brian, now I have that song stuck too.  But good information.

Thanks

Posted by Kim Fendrick, Omaha NE Metro Realtor (Alliance Real Estate) about 9 years ago

Interesting and informative way to show the facts and stats. And now that I have that song in my head, it's time to go to bed! Nice post, thanks.

Posted by Linda Jandura, Realtor, North Carolina Buyer & Seller Specialist (Raleigh Cary Realty) about 9 years ago

Who'd want to live in East Lansing Michigan?  It's cold there!  (and almost went to college there!)

Posted by James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes, When Looking to Buy or Sell - Make the Right Move (Real Living | At Home) about 9 years ago

Brian, I was just looking at the most affordable list, and I guess there's a reason!  They all have really cold winters!

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 9 years ago

Brian I couldn't help but notice a few Michigan places. The one they mentioned in E. Lansing is where the Capital is and it has always been more affordable than other parts of the state. Yea I'm stuck in the middle with you. :)

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) about 9 years ago

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