Least Affordable CitiesWith the housing bubble burst, homebuying has been more affordable for many. In this new economy, there are various ways to score property for less than several years ago when the real estate market was booming. These days, people are buying home foreclosures, short sales and investing with all-cash purchases. Gone are the days of buying to flip the next day, or over paying for a 400 square foot studio in a prime location. Now that the real estate market is recovering at a slow but steady pace, the local Raleigh movers have noticed people are more confident about buying a home and have more faith in the American dream of owning their home. However some markets are stil not affordable, because of the high demand in those locations.
Take New York City for example. The local Raleigh moving specialists learned that the average home price is at $455,000 when the median income of the population is $68,300. So the percentage of homes that are actually affordable stands at only 28.5%. The city that never sleeps is definitely not 'the' place for homebuyers, especially since the income is barely $3,000 more than the national average. In fact, two-thirds of the Big Apple metro-area's inventory of homes is not affordable for the average person looking to become a homeowner. In Manhattan, the average price per square foot is at about $1,100. This means a 1,200 square foot two-bedroom place on the Upper West Side is over one million to purchase. Home isn't that sweet in New York City. However, these prices don't deter people from moving to the Big Apple. Last year, 100,000 people were newcomers.The local Raleigh moving specialists learned San Francisco isn't that affordable either. At $659,000. the average home price is actually higher than the New York's. The average income of residents is also higher, at $103,000. Many of the neighboring cities are just as expensive for homebuyers including Sausalito and Daly City. The All My Sons of Raleigh movers found out another part of California takes the spot on the least affordable cities for homebuyers list. Three on the list is Santa Ana where only 43.5% of the homes are affordable. Santa Ana is home to Disneyland and multiple beach communities and some of the most expensive housing in America. Los Angeles joins in as well with an average home price of $335,000 and only 44.1% of homes affordable. Bridgeport, CT, San Jose, Honolulu, San Diego and Newark N.J. are also all part of the least affordable cities for homebuyers list. In the city of Newark, prices are very affordable but the nearby Manhattan-satellite cities including Hoboken and Jersey City, prices are higher close to $350,000.
What about Raleigh? The local Raleigh movers wonder if you think Raleigh is an affordable city to live in.