The prices of homes have skyrocketed over the last few years, and just as prices have started to come down in some parts of the country, interest rates keep climbing. These factors may have many people wondering if they can even afford to buy a home today. Fortunately, owning real estate in some cities is a lot less expensive than others, and a new report reveals just where those places are.
- WalletHub has just come out with its list of the most affordable cities for home buyers in 2023.
- To come up with their ranking, they compared 300 U.S. cities across 10 key metrics, including the cost of homes and their maintenance to tax rates and the cost of living.
- Topping the list is Montgomery, Alabama, which comes in third for housing affordability.
- Flint, Michigan is second, and it has the best rent-to-price ratio.
- On the flip side, the city that ranks dead last at number 300 is Santa Barbara, California, making it the least affordable city for home buyers.
- California cities actually make up 16 of the 20 most expensive cities on the list.
The Top 10 Most Affordable Cities for Home Buyers In 2023
(Check out the full list here)
- Montgomery, Alabama
- Flint, Michigan
- Toledo, Ohio
- Detroit, Michigan
- Akron, Ohio
- Warren, Michigan
- Pittsburgh, Pennsylvania
- Yuma, Arizona
- Springfield, Illinois
- Palm Bay, Florida