Location obviously matters when choosing a house to buy. Not only will it determine how far you are from friends, family, and the things you need, it’ll also determine how much you pay. Home prices and affordability can vary from one neighborhood, city, and state to the next. And how much they vary can be surprising.
Home Affordability By Region
For example, according to ATTOM Data Solutions’ most recent quarterly U.S. Home Affordability Report, the annual income you need to make in order to comfortably afford buying a home ranges from nearly $250,000 in Manhattan to $16,000 in Schuylkill County, Pennsylvania. That’s a big difference. Nationally, the east and west coasts are the most expensive areas to buy, as you might expect. The most affordable areas are mostly found in the Midwest and South. However, there are still major metro areas where buying remains affordable, even in this challenging market. Among them, the largest include parts of Chicago, Houston, Dallas, San Antonio, and Detroit. Click on the link for more information.
Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your mortgage needs. So come get pre-approved and start shopping for your dream home by clicking here!