Personal incomes aren’t growing quick enough nationally to keep up with rising home prices, but Atlanta is the nation’s most affordable housing market, a new report from Interest.com says.
On average, home prices rose nearly 16 percent over the past year in the top 25 U.S. cities, while incomes rose by only about 3 percent.
On top of that, the national average for a 30-year fixed-rate mortgage rose from 3.7 percent to 4.43 percent. That alone added $84.50 to the monthly payment on a $200,000 mortgage, Interest.com said.
Atlanta is the most affordable market, meaning a median-income household here exceeds the amount required to purchase a median-priced home by 25 percent. The city managed to stay on top despite a nearly 39 percent jump in the median home price, from $103,200 to 143,300.
In addition, the city has a household income of $54,628, about 6 percent higher than the median national income, as well as lower-than-average property taxes and modest insurance costs.
“Atlanta is so affordable because we have no natural boundaries, unlike most cities, which gives us an unlimited supply of land, and because this land is less expensive and houses are less expensive,” said Nancy See, president of the Atlanta Board of Realtors, in a statement.
Read the original article at http://www.bizjournals.com/atlanta/news/2013/10/23/report-atlanta-has-nations-most.html or more here.