SYRACUSE -- While it's true we have harsh winters in Central New York and may not have as much action as Manhattan, there's something big you can brag about to your friends. According to a new report on CNNMoney.com, Syracuse takes the cake when it comes to affordable housing.
A new survey by the National Association of Home Builders (NAHB) and Wells Fargo finds housing is near a record high when it comes to affordability. And we get bragging rights in the city of Syracuse, ranking number one on the list of most affordable housing markets in the country.
The report finds Syracuse has an average home price of $88,000 and a median income of $64,300, which is close to the national median. It seems people are able to get the most out of their money and can pay their mortgage.
More than 97% of all homes sold in Syracuse during a three month period ending June 30 were within the families' reach. The goal of owning a home is so attainable because prices are so low here.
Despite the good news, unemployment sat at 7.8 percent in June. However, that is well under the national average. And the population is stagnant. The Syracuse metropolitan area has lost a few thousand people over the past decade.
Are you curious about which other cities have affordable homes? The other most affordable housing markets in the country include:
Indianapolis, Indiana
Median home price: $113,000 Median income: $68,700
Detroit, Michigan
Median home price: $85,000 Median income: $55,900
Youngstown, Ohio
Median home price: $74,000 Median income: $53,500
Buffalo, NY
Median home price: $112,000 Median income: $63,700
The least affordable housing markets in the country are:
New York City
Median home price: $426,000 Median income: $65,600
San Francisco, California
Median home price: $610,000 Median income: $99,400
Santa Ana, California
Median home price: $425,000 Median income: $86,100
Los Angeles, California
Median home price: $321,000 Median income: $63,000
Honolulu, Hawaii
Median home price: $412,000 Median income: $81,700
The NAHB finds a home affordable if a family making the area's median income could spend no more than 28 percent of their salary on their home.
The bottom line is that these are good days if you're in the market for a new home, especially given mortgage rates which hit a record low this week.
So what does it mean for you if you're looking to buy or already own? Click here to read more about how you can benefit from record low mortgage rates.
If you want to buy, but aren't sure if you can afford to, read this article: 6 Ways To Come Up With A Down Payment On A Home.
