Booming but not breaking the bank
Atlanta, Dallas and Houston are some of the fastest-growing metros in the nation. And according to new data, they’re also some of the most affordable in terms of housing.Verify your new rate (Nov 17th, 2018)
Where housing’s still affordable
A new analysis by NerdWallet ranked the nation’s fastest-growing cities in terms of housing affordability, and Georgia’s Atlanta-Sandy Springs-Roswell took the top spot.
According to the data, the metro has the lowest median home price of all 10 markets. A median-priced home in the area is just under $229,000, with the average mortgage payment sitting at $950 per month. That’s just 18.2 percent of the median monthly income.
Next on the list was Houston-The Woodlands-Sugar Land, Texas, where the average mortgage payment is $1,015 — 19.7 percent of the median monthly income. The median home price in the area is $244,400.
Dallas-Fort Worth-Arlington — another major Lone Star State metro — ranked third. Homeowners pay an average of $1,114 per month for a median-priced home ($268,200).
According to Realtor.com’s Chief Economist Danielle Hale, the top three markets share a few commonalities: they’re spacious, they don’t have many physical barriers, and their local governments make development and permitting easier.
Where homebuyers have to stretch
On the other side of the spectrum, Riverside-San Bernardino-Ontario, California, and Seattle-Tacoma-Bellevue, Washington, came in as the least affordable housing markets on the list.
In Riverside, homeowners pay around $1,500 per month for a mortgage — more than 30 percent of their monthly income. Seattle homeowners pay even more ($2,203 per month and 33.6 percent of their income.)
Seattle homes came in as the most expensive on the list, with a median list price of $530,300.Verify your new rate (Nov 17th, 2018)
Get today’s mortgage rates
Are you looking to buy in one of these fast-growing affordable markets? Then shop around and see what mortgage rates you qualify for today.Verify your new rate (Nov 17th, 2018)