The Cheapest US Cities To Buy A House In 2010
Filed in archive Buying a House , Cities on May 24, 2010
© chris.corwinHere are the metro areas where you can easily buy a median-priced home in the US:
1. (tie): Indianapolis, Indiana
The median home price in this central US city is about $96, 000, while the median income is pegged at $68,700. It is the 33rd largest metro area in the United States, with about 1.7 million people. A foreclosure spell has kept home prices down, with almost 18,400 homes ending up being foreclosed in 2009. The city has pharmaceutical companies, banks government agencies and insurers as important employers, and so the job supply is relatively stable.
2. (tie): Youngstown, Ohio
Homes cost about $69,000 for the middle-income group in Youngstown which has a median income of about $53,500. Youngstown used to be a vibrant, wealthy steel city for many decades. However, the closing of the mill industry in the late 1970s brought down the area's economy, and roughly 40,000 manufacturing jobs have been lost. In March, 14% of workers in the area were idle. The population as a result has dropped, which keeps home prices really low. Interest rates are also at an all-time low - it will only cost you about $296 a month to pay off a 30-year fixed rate mortgage at 5% in this area.
3. Syracuse, New York
Syracuse is a newcomer to this list with a median home price of about $95,000 and a median income of $64,300. It is one of the many Upstate New York cities that grew up along the route of the Erie Canal, which made them wealthy. Syracuse is an important transport hub, where two major interstates crossing here. The area's economy relies more heavily on manufacturing although many of those industries have gone down. Although Syracuse has an unemployment rate of about 8.5%, this is still below the national average of about 9.5%.
4.Dayton, Ohio
The median home price in the hometown of Wilbur and Orville Wright is about $88,000 while median income is about $61,700. Dayton is the site of an important aerospace industry centered on the Wright-Paterson Air Force base. Unfortunately for Dayton, unemployment is currently at 12.3% due to the fall of heavy industry. Most jobs are now found in the service industry. Population has dropped to about 150,000, which has caused a significantly reduced demand in housing. Mortgage rates are very low, making homes super affordable.
5: Grand Rapids, Michigan
Grand Rapids, Michigan has a median home price of about $102,000 and a median income of $62,500. It is a medium-sized city found in western Michigan. During the 19th century most of the nation's hardwood furniture came from this area. You can still find golden oak cabinets, dining tables and chairs crafted in Grand Rapids in a lot of antique stores country. Today, Grand Rapids, MI is still is a leading manufacturer of office furniture.
There used to be a large auto manufacturing industry here but that has declined over the past few decades. The city's economy is now more diversified including health services. However unemployment is still high at about 12.8%.
© chris.corwin
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