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10 Already-Affordable Markets That Have Only Gotten More Affordable the Past 2 Years

By on 29 Jan 2021

The housing market was a rare source of economic strength in 2020, with home values rising at a record pace and homes selling just days after hitting the market. But just because the market was fast-moving, doesn’t mean there aren’t a number of areas that remained affordable for buyers’ with more-modest budgets — and many where affordability actually improved.

Thanks in large part to exceptionally low mortgage interest rates and solid gains in homeowners’ incomes, affordability for homeowners and qualified buyers has largely improved overall, even as home value growth soared. We identified the 10 markets (among the nation’s 100 largest) that were already affordable to begin with — with a typical home value no higher than $300,000, in line with the current national median of about $266,000 — and where the share of income needed to afford the typical monthly mortgage payment fell the most between December 2018 and December 2020 (Note: Some data may not add up exactly because of rounding).

Clearly, if you’re looking for an affordable place to set down roots, it might be best to start your search in the South…

1.) Orlando, Florida

2.) Melbourne, Florida

3.) Lakeland, Florida

4.) Greenville, South Carolina

5.) Little Rock, Arkansas

6.) Gainesville, Georgia

7.) Baton Rouge, Louisiana

8.) Charleston, South Carolina

9.) Daytona Beach, Florida

10.) Louisville, Kentucky

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