NationalBusinessCapital's Inaugural Home Affordability Report
Reveals Surprising Hotspots for Relatively Affordable Home
Ownership
NEW
YORK, April 24, 2024 /PRNewswire/
-- Despite the challenges of soaring home prices and a
competitive market, NationalBusinessCapital.com, the fintech
lending platform for businesses, discovered 10 elite
metropolitan areas where buying a home is surprisingly within
reach.
With remote work becoming the norm and retirement plans taking
shape, the dream of homeownership in desirable locations may be
more attainable than many realize. NationalBusinessCapital's
inaugural report on home affordability reveals a silver
lining in a market where affordability sometimes seems out of
reach. These findings turn the notion of home affordability on its
head. The study exposes locations offering a blend of reasonable
housing costs and desirable amenities.
The full study is available HERE:
Surprising Findings
● Vacation Hotspots Remain Surprisingly Affordable:
Despite their popularity, many vacation hotspots and pandemic
boomtowns in the Sun Belt, such as Miami, Las
Vegas, and Austin, are
still within reach for prospective homebuyers. Contrary to
expectations, housing prices in these areas, although higher than
before, remain surprisingly within reach for many.
● Florida Cities Buck the Trend: Despite experiencing
explosive growth, no Florida
cities made it into the top 10 most expensive places to buy a
home. While the cost of living is on the rise in the
Sunshine State, it remains less
expensive than many of the areas new residents are moving from.
Miami, the most expensive
Florida metro area, ranked 144th
out of 167, while Ocala was the
cheapest, ranked 62nd.
● Wealthy Suburbs and Elite Cities Offer Better
Deals: Contrary to common belief, wealthy suburbs
and small upscale cities, like Southwest CT's "Gold Coast" and Salinas, CA, offer better deals than
their big city counterparts such as New York City, Boston, Los
Angeles, or San Francisco.
Home values in these areas are more in line with local salaries,
making homeownership more feasible than expected.
10 Places That Are (Relatively) Less Expensive Than You Might
Think
#1. Miami-Fort
Lauderdale-Pompano Beach,
FL Score (out of 100): 22.8 (144th)
#2. Salinas, CA 11.2
(157th)
#3. Austin-Round Rock-Georgetown, TX 30.4 (135th)
#4. North
Port-Sarasota-Brandon, FL 37.4 (118th)
#5. Naples-Marco Island, FL 30.6 (134th)
#6. Washington-Arlington-Alexandria, DC-VA-MD-WV 22.5 (145th)
#7. Seattle-Tacoma-Bellevue,
WA 19.0 (150th)
#8. Urban Honolulu,
HI 15.4 (154th)
#9. Las
Vegas-Henderson-Paradise,
NV 36.4 (121st)
#10. Bridgeport-Stamford-Norwalk,
CT 13.7 (156th)
The 10 Cheapest Places To Buy A House
#1. Evansville,
IN-KY (Score: 84.6 out of 100)
#2. Huntington-Ashland, WV-KY-OH (84.1)
#3. Little Rock-North Little Rock-Conway, AR (83.5)
#4. Brownsville-Harlingen, TX (82.6)
#5. Montgomery, AL
(81.6)
#6. Mobile, AL (80.9)
#7. Youngstown-Warren-Boardman,
OH-PA (80.6)
#8. Fort Wayne, IN
(80.5)
#9. Canton-Massillon, OH (80.4)
#10. Davenport-Moline-Rock
Island, IA-IL (79.5)
The 10 Most Expensive Places To Buy A Home
#158. Vallejo, CA
(Score: 10.7 out of 100)
#159. Santa Rosa-Petaluma, CA (10.3)
#160. Boston-Cambridge-Newton (10.1)
#161. New York-Newark-Jersey
City, NY-NJ (8.9)
#162. San Diego-Chula Vista-Carlsbad, CA (8.7)
#163. Santa Maria-Santa Barbara, CA (8.3)
#164. Los Angeles-Long
Beach-Anaheim, CA
(7.6)
#165. San
Francisco-Oakland-Berkeley,
CA (5.7)
#166. Oxnard-Thousand Oaks-Ventura, CA (5.5)
#167. San Jose-Sunnyvale-Santa
Clara, CA (1.5)
"These findings are a game-changer for homebuyers," says
Joe Camberato, Chief Executive
Officer, NationalBusinessCapital.com. "Home prices are
still the largest piece of most household budgets. But if you know
where to look, it can be a smaller piece than expected."
About NationalBusinessCapital:
NationalBusinessCapital helps entrepreneurs
secure quick and fair financing to save time and cultivate
sustainable growth.
The stress-free online platform is designed for simplicity and
speed, helping business owners go from application to approval in a
matter of hours. From SBA loans to lines of credit, equipment
financing, and more, the company has helped clients secure
$2 billion in financing since
2007.
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SOURCE NationalBusinessCapital.com