Affordable housing means different things and depends mainly where you live in the country since housing prices vary considerably from one place to another. The markets chosen to be on the Housing Predictor Most Affordable Markets list for 2008 are urban areas that have a greater likelihood of appreciation over the next two years with lower median home prices than the rest of the nation.
Driven by falling real estate prices, affordable housing has generally been tarnished because of its link to government programs, but there’s much more to affordability than just a government description by the U.S. Department of Housing and Urban Development (HUD): “Housing that costs no more than 30 percent of a household’s monthly income.”
The realities behind affordable housing in the current marketplace include falling home prices in the majority of the country, which will eventually enable more Americans to become homeowners.
All of the markets chosen for the list are where homes are affordable, the job base is strong and the local economies are promising. They are the ideal selection for people looking to move to a new area in hopes of a promising future with little downside risk. Five of the six are located in the southern half of the country.
Listed by price
Corpus Christi, TX
Median home price: $129,000
Forecast 2-year appreciation: 7.1%
Mobile, AL
Median home price: $140,000
Forecast 2-year appreciation: 6.5%
Indianapolis, IN
Median home price: $144,000
Forecast 2-year appreciation 6.4%
Biloxi, MS
Median home price: $154,000
Forecast 2-year appreciation: 10.1%
Houston, TX
Median home price: $155,000
Forecast 2-year appreciation: 5.2%
Oklahoma City, OK
Median home price: $164,000
Forecast 2-year appreciation: 7.2%