ZipRealty Ranks the 10 Most Affordable Housing Markets of 2014
Chicago tops the list, but East Coast metros dominate this year's rankings.
EMERYVILLE, Calif., April 8, 2014 /PRNewswire/ -- ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions, has released a list of the 10 most affordable housing markets of 2014. ZipRealty analyzed median home sales price data gathered from 30 metro areas and estimated family income data from the Department of Housing & Urban Development (HUD) to create this year's list.
Among the areas surveyed by ZipRealty, locations east of the Rocky Mountains are the best places to find real estate bargains. Topping the list are Chicago, Philadelphia and Orlando.
Meanwhile, the Most Expensive Housing Markets are in California: Orange County, the S.F. Bay Area and Los Angeles. In Orange County, the average home sells for 6.4 times the local 2014 estimated family income. In the Bay Area, homes are currently selling for 5.7 times the local average family income, and in Los Angeles, the average home is 5.6 times higher than the estimated family income.
Below is a list of the Top 10 Most Affordable Housing Markets for 2014:
| Metro Area |
*Affordability Index |
February 2014 Median Home Sales Price |
2014 Estimated Family Income (HUD) |
| 1) Chicago |
2.2x |
$160,000 |
$72,400 |
| 2) Philadelphia |
2.4x |
$190,000 |
$78,800 |
| 3) Orlando |
2.6x |
$140,000 |
$54,800 |
| 4) Richmond, Va. |
2.6x |
$187,750 |
$72,900 |
| 5) Dallas |
2.7x |
$180,000 |
$67,900 |
| 6) Raleigh, N.C. |
2.7x |
$203,000 |
$75,800 |
| 7) Baltimore |
2.7x |
$229,000 |
$83,500 |
| 8) Houston |
2.8x |
$185,000 |
$66,000 |
| 9) Tucson |
2.8x |
$157,000 |
$56,300 |
| 10) Nashville |
2.9x |
$187,000 |
$64,000 |
*The Affordability Index was calculated by dividing February 2014 median home sales prices by HUD's estimated family income for each metro.
"In the most affordable areas of the nation, homes are available for just over twice the annual average household income," said ZipRealty CEO Lanny Baker. "While the cost of a home is still a very significant expenditure for families everywhere, it's interesting to see these regional differences in affordability. The cities at the top of our list are far more affordable than other places, particularly the larger California metros. Our list offers families a handful of metros where the cost of housing is relatively more affordable," Mr. Baker noted.
For a complete list of the Most Affordable or Most Expensive Housing Markets, contact Stacey Corso at [email protected].
About ZipRealty, Inc.
ZipRealty is a leading national real estate brokerage and provider of proprietary technology and comprehensive online marketing tools for the residential real estate brokerage industry. For home buyers and sellers who increasingly want control, choice and a seamless, customized service, ZipRealty offers Internet-enabled, state-of-the-art technology and complete access to accurate, timely information via their website and mobile applications, which real estate professionals can combine with their own local knowledge and personal expertise to offer an exceptional start-to-finish client experience. For real estate professionals who seek more productive ways to conduct business, ZipRealty provides technology and online marketing tools to enhance their online sales channel, including lead generation, conversion and service of their clients. ZipRealty's technology and online marketing products serve its full-service, owned-and-operated residential real estate brokerage business in 19 markets nationwide, as well as its Powered by Zip network of leading third-party local brokerages in 20 markets.
Media Contact: Stacey Corso
510.735.2667
[email protected]
SOURCE ZipRealty, Inc.
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