Most (and least) affordable cities to buy a home

These are the five most affordable major metro areas in the nation for homebuyers and five markets where home prices are least affordable.

1 of 10
BACKNEXT
U.S.: 72% of all homes are affordable
U.S.: 72% of all homes are affordable
This Grand Rapids, Mich., home sells for $140,000.
The U.S. housing markets stayed very affordable this past summer: 72.1% of all homes sold during the three months ended Sept. 30 were priced so reasonably that people earning the median household income could afford to buy them, according to an industry report.

One big factor enhancing affordability is the continued rock-bottom interest rates, which were at 4.32% by the end of September.

"With interest rates remaining at historically low levels, and house prices starting to stabilize, homeownership is within reach of more households than it has been for almost 20 years," said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich.


NEXT: Most affordable: Indianapolis
Last updated November 19 2010: 1:44 PM ET
Million-dollar deals Million-dollar homes are the most affordable they've been in years. Here are 7 smoking deals from around the country. More
2011: Buy a homeLow home prices and super-low mortgage rates make this a great time to be buying. Act soon. More
Buy a wreck Banks don't always fix up repossessed homes before they sell them -- which means some great deals for you. More
  • Find Homes for sale
    Real estate and homes for sale on Trulia

  • Property Type
  • Find a home in:
  • New York | Atlanta | Chicago | Los Angeles
  • Washington D.C | Houston | Philadelphia | More options
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.19%4.26%
15 yr fixed3.23%3.27%
5/1 ARM3.34%3.45%
30 yr refi4.17%4.23%
15 yr refi3.21%3.25%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.