As home values climb and a widely anticipated buyer’s market fails to arrive, finding affordable housing can be a challenge — but not impossible, according to an analysis of the most affordable neighborhoods in the United States.
Beechwood, a suburban enclave fifteen minutes outside of Columbus, Ohio, topped the list of most affordable neighborhoods, compiled by Trulia and released on Tuesday. The median income for the neighborhood is $64,480 while the median home value clocks at $79,779. Known for its mid-century homes, the neighborhood is a popular choice among retirees.
Homeacre-Lyndora, a neighborhood outside of Pittsburgh, nabbed second place and Florissant, a suburb of St. Louis, took third, according to the study.
Meanwhile, Speedway, Indianapolis, snagged fourth place and the northeast side of Kansas City, Missouri, clocked in at fifth place thanks to a median income of $62,600 and a median home value of $103,476. The only true urban neighborhood on the list, the area is close to the center of Kansas City and the Buckeye Greenway, one of the state’s most popular nature parks.
“We found zip codes where 100% of homes were affordable on a local salary,” wrote an author of the analysis, which evaluated neighborhoods that allowed homebuyers to put 30 percent or less of their incomes toward mortgage payments. “We identified some great neighborhoods within those zip codes with cute homes and happy neighbors. From a rural oasis in the suburbs to a quiet section of mid-century homes in the middle of an urban neighborhood, these are some of the most affordable neighborhoods in the nation.”
In Homeacree-Lyndora, the median income clocks in at $59,000 while the median home sells for $88,450. The residential neighborhood is quickly growing in popularity but, at least on the south side, the area continues to offer a range of picket-fence houses at reasonable prices.
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“While the 16045 zip code where 100 percent of the homes are affordable for the local median income only includes Lyndora, at the southern end of Homeacre-Lyndora, the community functions as one neighborhood,” reads the report. “And with a few pricey exceptions, the whole area is pretty affordable.”
The Southeast side of Florissant, meanwhile, boasts a median income of $60,900 and a median home value of $112,142.
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