Americas Most Affordable Cities

Dated: March 11 2014

Views: 445

Try to purchase a home in New York City with a budget of $140,000 and the options are pretty limited–a 375-square-feet apartment in Queens may be the most luxurious possibility. In Los Angeles, buyers may have to look exclusively at inland foreclosures. But in Knoxville, Tennessee, $140,000 buys a 1,750-square-foot, four-bedroom rambler on a pretty, tree-lined street.

“The Knoxville area provides a number of amenities, but No. 1 is a great low-cost of living,” says Rhonda Rice, executive vice president of the Knoxville Chamber. “Tennessee has a very affordable tax structure. You combine that with the natural amenities—the mountains and the lakes—and those things make it a great place to live.”

At the $140,000 median home sales price during the fourth quarter of 2013, about 77.4% of homes are affordable to families earning the Knoxville metro area’s median income ($60,700), according to data from the National Association of Home Builders. Across the country in Los Angeles, the median family income is pretty similar–$61,900–but home prices are affordable to only 20.6% of families living there. Read More Here... 
cb
Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

The Housing Market Is Hot But Not In A Bubble

Existing home sales came in at a whopping 6,850,000, beating estimates with the highest print since 2006. Days on market fell from 36 days to 21 days on a year-over-year basis. Cash buyers remain at

Read More

10 Ways To Enjoy Your Outdoor Living Space All Year

Some believe that the end of summer also marks the final days of enjoying outdoor barbecues, parties, and casual get-togethers. Yet, just by adding a few design elements to your outdoor space, you

Read More

3 Ways To Tap Your Home Equity And Which One Is Right For You

You need to come up with some cash, fast. Maybe you have a leaky roof that desperately needs fixing or you need help paying for your kid's first semester of college. But where do you turn?If you're

Read More

These Pandemic Related Housing And Design Trends Are Not Going Away

Home trends come and go, but social distancing and staying at home have ushered in a new way of life—and some of those changes have spurred home trends that are likely to stick around well past

Read More