Inflation rates are at a 40-year high. Parents are struggling to meet basic needs for their families. The average family spends $250 extra a month on necessities, gas prices are hovering around $5 per gallon, and daycare costs are through the roof. Add in the fact that affordable housing is nearly non-existent at this point, and it’s no surprise that people are struggling. But, according to a recent analysis, there are some places in the U.S. where homes are affordable. Here’s what you need to know.
MoneyGeek compiled a recent analysis looking at homeownership costs and found 20 counties across the country where owning a home wasn’t too out from the area’s median income. The site looked at data from the National Associations of Realtors, including historical home prices, median mortgage payments, and fair market rent.
In addition, they looked at data from SmartAsset for local property tax rates and U.S. Census data to calculate population growth and median earnings to find the counties in the country that are growing, but still affordable.
To make the list of “desirable” counties that have affordable housing, several metrics had to be met. “To qualify for the list, the estimated monthly homeownership cost — including mortgage, property taxes, insurance, etc. — had to be under 50% of the monthly median income,” MoneyGeek explains.
“That means the average county resident buying the average-priced house would be spending anywhere from 34% to 49% of their income on housing costs.”
20 Most Affordable and Desirable Counties:
- Clayton County, Georgia
- Cumberland County, Pennsylvania
- Lexington County, South Carolina
- Madison County, Alabama
- Marion County, Florida
- Hidalgo County, Texas
- Oklahoma County, Oklahoma
- Benton County, Arkansas
- Escambia County, Florida
- Tulsa County, Oklahoma
- Spartanburg County, South Carolina
- St. Tammany Parish, Louisiana
- Pasco County, Florida
- Lubbock County, Texas
- Forsyth County, North Carolina
- Douglas County, Nebraska
- Greenville County, South Carolina
- Richland County, South Carolina
- Webb County, Texas
- Knox County, Tennessee
To see the full set of data, check out MoneyGeek.