Affordable Prime Destinations
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According to a recent Deutsche Bank report, the following cities, among a few others, offer affordable homes to potential buyers:
Atlanta: With the monthly rent of around 50 per cent more than average after-tax mortgage, Atlanta tops the list of cities for the most affordable housing. Despite the fact that it is now the most affordable city in the US, prices continue to drop.
Orlando: Orland closely follows Atlanta as an affordable housing destination. The delay in a new rail project, which connects the city with Tampa, has compounded its languishing economy. But after the housing market slump, buyers can now take advantage of bottom-level interest rates and low prices for ownership.
Rochester, NY: It was unimaginable a few years ago that New York would be an affordable place to buy homes. Rochester, along with Buffalo and Syracuse, has some of the most affordable real estate in the US.
Cleveland: Ohio’s housing market has been in the doldrums for a couple of years. Home sales increased from January to February by 3.7 per cent. With low prices and interest rates, the region could see increased sales in the months to come. The average price for a single-family home was down 0.2 per cent year-on-year, while condo was down 15.3 per cent. Currently, they cost around 24 per cent less in Cleveland, compared with rental premises.
Tampa, St Petersburg: Florida was one of the most overbuilt states during the housing boom. Given the fact that home prices in and around Tampa-St Petersburg has declined substantially, it is now much more affordable to own than to rent. Government agencies and developers have been promoting downtown Tampa Bay to residential buyers. A number of large projects are underway to attract new buyers.
Las Vegas: Since the real estate bubble bust, Las Vegas, along with other Sun Belt cities such as Miami and Phoenix, has seen very little new construction. The current occupancy rate in Vegas is around 95 per cent. Potential buyers can now get a new house at an affordable price.
