Tuesday
July 22, 2014

ZipRealty Ranks Most Affordable Housing Markets for 2014

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ZipRealty Ranks Most Affordable Housing Markets for 2014

The Chicago metro area tops the list of the most affordable major markets this year, according to ZipRealty’s newly released list of the 10 most affordable housing markets in 2014. To create the list, the real estate brokerage analyzed median home sales price data from 30 major metro areas as well as family income data from the Department of Housing & Urban Development.

“In the most affordable areas of the nation, homes are available for just over twice the annual average household income,” says ZipRealty CEO Lanny Baker. “While the cost of a home is still a very significant expenditure for families everywhere, it’s interesting to see these regional differences in affordability. The cities at the top of our list are far more affordable than other places, particularly the large California metros.”

The following metros emerged at the top of its list for most affordable this year:

1. Chicago
Median home sales price (as of February 2014): $160,000
2014 estimated family income: $72,400

2. Philadelphia
Median home sales price: $190,000
2014 estimated family income: $78,800

3. Orlando, Fla.
Median home sales price: $140,000
2014 estimated family income: $54,800

4. Richmond, Va.
Median home sales price: $187,750
2014 estimated family income: $72,900

5. Dallas
Median home sales price: $180,000
2014 estimated family income: $67,900

6. Raleigh, N.C.
Median home sales price: $203,000
2014 estimated family income: $75,800

7. Baltimore
Median home sales price: $229,000
2014 estimated family income: $83,500

8. Houston
Median home sales price: $185,000
2014 estimated family income: $66,000

9. Tucson, Ariz.
Median home sales price: $157,000
2014 estimated family income: $56,300

10. Nashville, Tenn.
Median home sales price: $187,000
2014 estimated family income: $64,000

Source: ZipRealty

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