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
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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If you plan to purchase or sell a home in the Northern Virginia or D.C. area,
you can visit my main Northern Virginia & D.C. real estate website at www.VirginiaRealEstateNews.net.
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.
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.
Helpfulhannah your friend in Philadelphia
Thanks Brian, now I have that song stuck too. But good information.
Thanks
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.
Who'd want to live in East Lansing Michigan? It's cold there! (and almost went to college there!)
Brian, I was just looking at the most affordable list, and I guess there's a reason! They all have really cold winters!
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. :)