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10 Booming Cities In The United States Where Homes Are Still Affordable

These are the cities that have the fastest rising home prices.

By Team Agorafy August 29, 2017

In most of the United States, buying a house is getting more and more pricey.  The main factor behind this scenario can be explained or justified by  a universal principal. For Chandler Crouch, founder and principal broker at Chandler Crouch Realtors, “Housing is driven by supply and demand.”

The interesting part is that in cities where home prices are skyrocketing, houses are still affordable. According to the National Association of Realtors (NAR), the national median home price rose 6.5% year-over-year to an all-time high of $263,800 in June. “The demand for buying a home is as strong as it has been since before the Great Recession,” said NAR chief economist Lawrence Yun.

Related: New Rentals At Zaha Hadid’s West Chelsea Condo Hit The Market

GOBankingRates‘ new report examines home prices for the 100 most populous markets using Zillow data. The study compares prices in each market for June 2016 and June 2017.  In addition, Business Insider has used this data to calculate markets where houses are still affordable for homebuyers, despite the surge in prices.

The results show that 19 cities saw a median home price increase of more than 14% in the last year, a 30% increase over the last two years. The affordability index is calculated by applying a standard measure of housing affordability to the median home price—30% or less of pre-tax income. Also, Business Insider used the Sperling’s Best Places data for median household income for each city: 20% down payment and 4% fixed rate 30-year mortgage.

Related: Can We Go Higher? NYC’s Costliest Condos Are Getting Even More Expensive

Let’s see the top ten markets where houses are still affordable:

10. Cleveland, Ohio
Median list price (June 2017): $69,900
Year-over-year increase: 16.69%

9. North Las Vegas, Nevada
Median list price (June 2017): $227,845
Year-over-year increase: 16.84%

8. Indianapolis, Indiana
Median list price (June 2017): $145,950
Year-over-year increase: 16.85%

7. Fort Wayne, Indiana
Median list price (June 2017): $145,000
Year-over-year increase: 17.03%

6. Minneapolis, Minnesota
Median list price (June 2017): $269,900
Year-over-year increase: 17.35%

5. Knoxville, Tennessee
Median list price (June 2017): $198,900
Year-over-year increase: 19.10%

4. Cincinnati, Ohio
Median list price (June 2017): $180,000
Year-over-year increase: 20.60%

3. Pensacola, Florida
Median list price (June 2017): $188,650
Year-over-year increase: 21.01%

2. Atlanta, Georgia
Median list price (June 2017): $335,000
Year-over-year increase: 24.54%

1. Buffalo | New York
Median list price (June 2017): $84,900
Year-over-year increase: 34.76%

Team Agorafy

ABOUT THE AUTHOR Team Agorafy

ABOUT THE AUTHOR Team Agorafy

Our mission is to be the most accurate resource for commercial listings, residential listings, and property information, allowing users to make highly-informed decisions based on current market data.

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    Do you know how the so-called “affordable” real estate in New York is getting less affordable by the day whereas the city’s luxury market is softening? #luxury #condo https://goo.gl/Avx5AS
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