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AdvisorSmith Discovers the Least and Most Affordable Cities for Homebuyers in the U.S

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NEW YORK - eTradeWire -- In a new study, AdvisorSmith examined data from 507 U.S. cities to find the top 10 small, midsize, and large cities that have the least and most affordable housing markets for American homebuyers.

The study used data from Zillow and the US Census Bureau's American Community Survey to estimate the weighted average housing price in each city. We compared the average housing price with each city's median household income to calculate each city's home affordability.

"To conduct this study, we considered the purchasing power available to households, which provides insights into homebuyers' ability to earn income that will allow them to afford their homes," said Adrian Mak, CEO, AdvisorSmith. "Our study also calculated the price-to-income ratio, which is the average cost of a home as a multiple of the median household income in a city."

Some interesting data from the study are:

• The most affordable city was Danville, IL. The city's price-to-income ratio is 1.5, and the median household income is $43,655, while the average home price is $67,527. Illinois had six cities among our top 10 affordable list for various city sizes.

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• The Midwest had the most affordable cities. Almost half of the cities for our top 10 small, midsize, and large cities were from the Midwest. The top states that had the most cities were Illinois and Ohio.
• The most expensive cities were all located in California, with the top three all located in Northern California. San Francisco came in at number 1, with Santa Cruz and San Jose taking second and third. Homes in San Francisco cost 9.7 times the median household income, and weighted average homes were over $1 million.

To view the full list of cities and the complete study, visit https://advisorsmith.com/data/most-and-least-affordable-cities-for-homebuyers

About AdvisorSmith

AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, visit https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.

Brenda Franco

Source: AdvisorSmith
Filed Under: Real Estate

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