Pretty much anywhere you go there are parts of town that are more affordable than others. There are areas known for starter homes that attract young families and other parts where the homes come with higher price tags and significantly more square footage. Which part of town you end up buying a house in will be determined, in part, by what works for your lifestyle. But your budget and bottom line will ultimately have final say. Currently, with home prices and mortgage rates both trending upward, it may seem like there are fewer and fewer areas with affordable homes to choose from. This, however, is not entirely true. In fact, according to new numbers from ATTOM Data Solutions’ Q1 2018 U.S. Home Affordability Report, 59 percent of the 446 counties they analyzed were more affordable than their historic average. Furthermore, 27 percent of those counties actually posted a year-over-year increase in affordability – meaning prices were more affordable this year than last. Counties where this was true included Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; Orange County, California; and Kings County (Brooklyn), New York. In short, though affordability conditions may have worsened generally, it’s always smart to look into what prices are doing in the neighborhoods that most appeal to you. More here.
