Michigan is Home to Some of America's Most Affordable Housing Markets
Some of America's most affordable housing markets are right here in Michigan - the backyard of AmeriFirst Home Mortgage. In fact, many of the areas are either in Michigan or have ties to the Mitten State - with proximity in Indiana. In all, 9 of the top 10 markets are in the Midwest. We're excited about what this means for home buyers in our states.
The article from 24/7 Wall Street explains the factors that went into this report in greater details, but some of the factors include home values (and how they fell over the last few years), monthly incomes and population numbers. The report also takes into consideration an area's unemployment rates as a point of context.
The Lansing area comes in at number 10 with a median home price of $99,000. Those home prices are expected to rise about 6% annually over the next 5 years. Lansing home buyers know they live in a great housing market to buy a home.
If you're looking to buy a home in Wisconsin, Appleton is one of the most affordable housing markets in the country. With a median home price of $108,000 it comes in at #9 in this report.
Cereal City USA - better known as Battle Creek, Michigan - comes in at #8 with a median home price of $79,000. A Battle Creek mortgage lender would understand that it's more than just affordable housing. Unemployment in Battle Creek is also pretty low, and incomes are decent. It's a good market to buy a house.
The Ohio AmeriFirst branch in Canton is close to the 7th most affordable housing market in the U.S. The Youngstown-Warren area in northeast Ohio boasts a median home price of $80,000 right now. That is the 5th lowest in the country.
Leading Tennessee mortgage lender AmeriFirst Home Mortgage is near affordable housing market #5 - Memphis, Tennessee. This is another market with home prices below $100,000. It's also a great market for buying a fixer-upper and using the FHA 203k to pay for the remodeling. Our 203k Specialists in Franklin and Knoxville have the state covered.
Two more affordable housing markets are also in the AmeriFirst Home Mortgage area: Rockford, Illinois and South Bend, Indiana. Our branches in these markets tell us they're red hot and ready for home buyers to shed the shackles of renting and get into the long term investment of home ownership.
Regardless of where you're looking to buy, these 10 markets are all great places to consider. And each market has one of our branches nearby with mortgage consultants who understand the local market.
By the way, the most affordable housing market in America is the Detroit-Livonia-Dearborn area. With the median home price of $41,000 and the median family income of $51,900 home buyers have the chance to find inexpensive housing at a fraction of what it would cost in pricier neighborhoods.
Learn all about your home buying options in today's housing market with "The Only Mortgage Loan Options Guide You Need" at the button below. The free guide offers up tons of information on the choices you have to finance your home.
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