The age old real estate rule is "Location Location Location," which rings true not just within a town, but over the country as a whole. Let's say your requirement is that you must live in the United States- and get an average paying job. According to the CNNMoney Most (and Least) Affordable Cities you'll pick
1. Syracuse NY
2. Indianapolis IN
3. Detroit MI
4. Youngstown OH
5. Buffalo NY
Yes houses are cheap. Because so many banks own the houses because everyone lost their jobs and couldn't pay their mortgages. Not really a situation I would want to be moving into. Hopefully these towns will all see increases in their real estate values as jobs are created in industries that can adapt as times change.
Maybe I'm spoiled, but not all of their Least Affordable Cities seem that awesome!
1. New York NY
2. San Francisco CA
3. Santa Ana CA
4. Los Angeles CA
5. Honolulu HI
Okay, Honolulu would be nice. Houses in these locations are so expensive because there is little land to expand and build cheap houses on. Here in Portland with the firmly set Urban Growth Boundary we should expect to become more like San Francisco over the next 50 years- Yes you can move out of the city into a very nice suburb and commute, but do you really want to? Or will a large portion of the population pay more for less square footage and the convenience and pleasure of living in the city itself? I hope so! Portland does not make the ranking for Most or Least expensive, which is great!
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