You may have heard of the “one-quarter to one-half” rule for housing affordability, but you might be surprised to learn there are many other factors that go into determining where you should move if you are trying to buy a home within your means.
Typically, when it comes to where to live, most people think about where to buy a home, but there is a lot more to it than that. A neighborhood has a lot to do with how much you can afford, how safe you feel, and how easy it is to get to the grocery store. So, where are the most affordable neighborhoods in the US? For the past two decades, in several metrics, the United States has lagged behind the rest of the world. According to a recent United Nations report, we come in at 18th in terms of income per capita. We rank 36th when it comes to life expectancy and 35th in terms of education.
Finding a home in a different area of the country is a very exciting time, but it isn’t always easy to choose the right area to live in. Of course, the lower your budget, the better. But it doesn’t necessarily mean that you’ll be able to find a cheap home in any neighborhood. This can depend on many factors that differ from one area to the next, including the cost of housing, the median income, the unemployment rate, and the average cost of utilities.
The most affordable neighborhoods are often where you least expect. A high-tech area in San Francisco may be the most expensive, but it’s also the place where the children of the affluent frequently go to school. In the more affordable cities of Southern California, trendy neighborhoods like the Arts District may be among the most expensive in the country. In some cities, such as Tampa and Phoenix, more affordable areas often house the most low-income residents, causing many of their residents to commute across town.
The latest US census data show that the US has become a much less affordable place to live over the last decade. The most affordable areas in the US, dubbed “Pentagon counties,” are all located in the Washington, DC region and provide a good example of rising home prices’ effect on affordability. The five most affordable areas in the US are all located near the nation’s capital. They are all clustered in Virginia, the District of Columbia, and Maryland suburbs of the nation’s capital.
Pittsburgh is one of America’s best-kept secrets. This city lies within a unique region that includes the Ohio River and the Allegheny Plateau, which provide access to much of the country and the world. Thanks to its affordable housing and high quality of life, the city is also a great place to live. (Plus, it’s close to the beach.)
St. Louis is a great place if you want to invest in real estate, and there are plenty of neighborhoods that are great for investing, but picking the best neighborhood for you can be a challenge. So, we asked ourselves, what are the best neighborhoods in the St. Louis area for investing in real estate?
Indianapolis, Indiana, is known for its incredibly low crime rates and has been ranked as the best place to live in the United States for several years. The city is also home to two of the country’s largest employers—the Indianapolis Motor Speedway and the Indiana State Fair. So how come so many people still want to move to the city? The answer lies in its affordable housing market, which is among the best in the country.
If you are looking to buy a house in the Kansas City area, the 64117 zip code is one of the best to live in. The area is very low in crime, with a low percentage of college graduates making it their home. The median household income is $55,000, which is considered a middle class for the area. The median home value is $174,300, which is in the middle of the range for the area. The area is considered to have a moderate amount of employment and is a good place to raise a family.