Americas Most Affordable Cities

Dated: March 11 2014

Views: 452

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 30 years in the industry, Mark has gained experience in ....

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