Americas Most Affordable Cities

Dated: 03/11/2014

Views: 409

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... 
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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....

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