25 American Towns with the Most Affordable Homes
The economy has been top of mind for most Americans for many years now. Affordability is a big deal. As part of Money Magazine’s annual Best Places to Live edition, they compiled a list of the 25 American towns with the most affordable homes.
“Residents in these 25 towns see their incomes go the furthest.”
The winner for 2013 is Altamonte Springs, Florida, with a median home price of $67,000 and a median family income of $63,642. “The housing market in this Orlando suburb is unusual for the area: Two-thirds of the units are rentals, many of them condos that were snapped up by investors who now lease them out. Rents are reasonable – a two-bedroom apartment goes for $800 or so. That, as well as low taxes, helps keep the cost of homeownership down in the area.”
2. Plano, IL (median home price: $75,000 / median family income: $65,658)
3. Homewood, IL (median home price: $100,000 / median family income: $86,683)
4. Powder Springs, GA (median home price: $85,000 / median family income: $68,168)
5. Lilburn, GA (median home price: $84,478 / median family income: $64,762)
6. Temple Terrace, FL (median home price: $75,000 / median family income: $59,963)
7. Clawson, MI (median home price: $99,540/ median family income: $73,598)
8. Irmo, SC (median home price: $99,000 / median family income: $67,999)
9. Gladstone, MO (median home price: $96,690 / median family income: $64,745)
10. The Colony, TX (median home price: $135,863 / median family income: $89,308)
11. Cedar Hill, TX (median home price: $111,734 / median family income: $73,330)
12. Millbrook, AL (median home price: $109,000 / median family income: $70,325)
13. Haslett, MI (median home price: $124,000 / median family income: $78,959)
14. Largo, MD (median home price: $150,000 / median family income: $95,499)
15. Oakdale, MN (median home price: $130,000 / median family income: $82,548)
16. Willoughby, OH (median home price: $105,000 / median family income: $66,150)
17. Papillion, NE (median home price: $141,000 / median family income: $87,858)
18. Helena, AL (median home price: $138,842 / median family income: $86,230)
19. Brown Deer, WI (median home price: $117,800 / median family income: $73,103)
20. Fairmount, NY (median home price: $112,750 / median family income: $69,109)
21. Findlay, OH (median home price: $92,250 / median family income: $55,711)
22. Monroeville, PA (median home price: $120,000 / median family income: $72,122)
23. Cromwell, CT (median home price: $171,000 / median family income: $102,186)
24. Neenah, WI (median home price: $112,307 / median family income: $66,345)
25. Columbus, NE (median home price: $104,165 / median family income: $61,476)
For towns such as Millbrook, Alabama, and Largo, Maryland, an increase in foreclosures over the past few years has contributed to reduced home prices. With market conditions improving, real estate is still particularly affordable. In Largo, “three-bedroom townhouses are on the market for less than $150,000, and 4,000-square-foot McMansions can be had for under a half million dollars.”
In The Colony, Texas, well-priced options are available to suit every budget, from one-bedroom apartments to lakeside mansions. “Cute two-bedroom starter homes are available for less than $100,000 and nice four-bedrooms can cost as little as $135,000.”
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