Tags: Midwest | affordable | city | New York

Forbes: The American Heartland Has the Most Affordable Cities

By    |   Wednesday, 12 March 2014 12:55 PM

Forbes released its list of America's most affordable cities, and it's surprising what money will buy in some areas of the country.

New York City is the priciest place to reside in the United States, but Buffalo is the most affordable city in the nation.

With a median family income of $63,500 and a median home sales price of $100,000, home ownership in Buffalo is possible for 88.5 percent of its residents.

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By contrast, in Los Angeles, the median family income is similar, at $61,900, but only 20.6 percent of the homes are affordable.

Forbes made its selections based on three primary factors: housing affordability, as measured by the National Association of Home Builders; a cost of living index from Sperling's Best Places; and Consumer Price Index (CPI) government data.

Based on those factors, Ohio ended up as the state with the most affordable large cities: Cincinnati (No. 3); Dayton (No. 4); Akron (No. 6); Toledo (No. 11); and Columbus (No. 20).

In fact, the Midwest was the region with the most affordable cities, followed by the South, while the West did not have a single city on Forbes' most affordable list.

Only three picks were on the ocean: Virginia Beach, Va. (No. 14); Jacksonville, Fla. (No. 15); and Tampa, Fla. (No. 18).

The top 10 most affordable cities in the United States, according to Forbes, are, in order: Buffalo; Memphis, Tenn.; Cincinnati; Dayton; Knoxville, Tenn.; Akron; Grand Rapids, Mich.; Louisville, Ky.; Oklahoma City; and Warren, Mich.

In an opposite list, Daily Finance reported the 10 areas with the most expensive cost of living are: 1. New York (Manhattan); 2. New York (Brooklyn) 3. Honolulu; 4. San Francisco; 5. San Jose, Calif.; 6. New York (Queens); 7. Stamford, Conn.; 8. Washington, D.C.; 9. Orange County, Calif.; 10. Boston

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Forbes released its list of America's most affordable cities, and it's surprising what money will buy in some areas of the country.
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2014-55-12
Wednesday, 12 March 2014 12:55 PM
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