Least Expensive U.S. Housing Markets
Attom reveals the top 10 most affordable housing markets in the country: Cambria County, Pennsylvania, Schuylkill County, Pennsylvania, Fayette County, Pennsylvania, Robeson County, North Carolina, Saint Lawrence County, New York, Calhoun County, Alabama, Oswego County, New York and Columbiana County, Ohio
According to the Mortgage Reports, while this list stands out as the biggest silver lining from the report, Attom’s research revealed some alarming trends, including an abrupt jump in home prices across the nation.
“Prices have shot up after three quarters of declines in most of the country, which has helped raise the portion of the average wage needed to afford a typical home nationwide to the highest point since 2007,” said Attom CEO Rob Barber. “The latest patterns have produced a double-edged sword of renewed strength in the market, but also a fallout for households trying to stretch their budgets into a home purchase.”
Barber is commonly asked how long these trends will continue. While it’s hard to predict due to the multiple factors that weigh on it, he pointed out the plausibility for overall home prices to go up in the third quarter of 2023. Barber also noted some positives, like historically low unemployment – under 4% every month over the past year – and consumer price inflation dropping from as high as 9% last year to 3% in June 2023.
“Plus, mortgage rates have been stable this year, despite ticking up a bit in the last month,” he continued. “Meanwhile, the stock market has rebounded after falling in 2022, but the supply of homes for sale around the country remains unusually small. All those forces generate a potential scenario of healthy home buying demand amid tight supply.”
All the greater reason to find an affordable market if you are searching for a house.
