Two of the most affordable housing markets in the country are in Alabama. There’s good news for home buyers and sellers – the market is looking up. Numbers show that home purchases are up, foreclosure activity is down and a stronger economy has people reentering the real estate market. Increased demand can drive housing prices up, but as 24/7 Wall Street recently discovered, there are some places where real estate is noticeably more affordable than others. The site recently used data on home prices and rental costs to determine the 25 most affordable housing markets in the U.S. The rankings weren’t determined by prices alone, but rather by comparing home payments and rents to average monthly wages. Two of the 25 places on the list are in Alabama. Montgomery landed at number 11 on the list of most affordable housing markets in the U.S. Average monthly wages are $3,614; average home ownership costs about 14 percent of total monthly wages. Rent equals 31 percent of average monthly wages.
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