The Most & Least Affordable Cities In The World
It’s become a lot harder to buy a home in the U.S. over the last few decades, but it’s not just a problem in this country. According to CBS News,…
Spring in Pittsburgh city, Pennsylvania. Pittsburgh skyline with cherry blossoms.
tupungato/Getty Images PlusIt’s become a lot harder to buy a home in the U.S. over the last few decades, but it’s not just a problem in this country. According to CBS News, there is a new report that reveals the cities around the world that are most affordable, as well as those that are “impossibly unaffordable,” and five of that top 10 are in the U.S.
- A study from Chapman University and Frontier Centre for Public Policy, a Canadian think tank, looks at housing affordability in 94 English-speaking major metropolitan cities worldwide.
- Researchers used the price-to-income ratio, dividing the median home price of a community by the median household income to come up with an affordability score for each city.
- Higher scores mean the area is less affordable and scores over 9 are considered “impossibly unaffordable.”
- Topping the list as the most affordable city in the world is Pittsburgh, Pennsylvania, which has a 3.1 score.
- The median home sale price in Pittsburgh was $235-thousand as of May, which is down almost 8% from a year ago.
- To Compare, the median U.S. home price reached an all-time high last week of $394-thousand.
- Still, the U.S. is home to nine of the top 10 most affordable cities, but five of the top 10 least affordable cities are also in the U.S.
Most Affordable Major Cities in the World
- Pittsburgh, Pennsylvania
- Rochester, New York
- St. Louis, Missouri
- Cleveland, Ohio
- Edmonton, Alberta (Canada)
- Buffalo, New York
- Detroit, Michigan
- Oklahoma City, Oklahoma
- Cincinnati, Ohio
- Louisville, Kentucky
Least Affordable Major Cities in the World
- Hong Kong, China
- Sydney, New South Wales, Australia
- Vancouver, British Columbia, Canada
- San Jose, California
- Los Angeles, California
- Honolulu, Hawaii
- Melbourne, Victoria, Australia
- San Francisco, California
- Adelaide, South Australia, Australia
- San Diego, California
These North Carolina Cities Are The Best For Buying Starter Homes
It's the American Dream to buy a home. For many people, a starter home is the way they first accomplish this goal. And we've got all the info you need if you're looking at starter homes in North Carolina. The Oxford Dictionary defines a starter home as "a relatively small, economical house or condominium that meets the requirements of young people buying their first home".
Starter Homes In North Carolina
Owning a home has a number of benefits including a permanent living space, roots, the opportunity to build equity, and financial security. But that dream is getting harder and harder to achieve for a number of people. Prices have skyrocketed and finding affordable starter homes in North Carolina and beyond can be a struggle.
Especially when there is low inventory which is common in markets across the country. Researchers at ConstructionCoverage.com determined the best US Cities to Buy A Starter Home. To do this they looked at 330 metro areas across the United States. They calculated and assigned each city a composite score.
This score was based on the percentage of homes with three or fewer bedrooms, the monthly starter-size home mortgage payment as a percentage of median renter income, the median sale price of homes with three or fewer bedrooms, the supply of homes, and the homeownership rate for under-35 householders.
Overall North Carolina ranked in the bottom half of states qualifying as one of the worst though just by a hair. It ranked 26th out of the 50 states. In contrast, South Carolina ranked 17th.
When it comes to cities they were ranked overall as well as separated by size- large, midsize, and small metro areas. Keep reading to see how each of the NC/SC cities scored in each of these categories. Or you can view the full study here.
Large Cities
Kruck20/Getty Images Royalty Free30. Charlotte, NC
45. Raleigh, NC
Neither major city in North Carolina faired particularly well. Charlotte did rank a little higher than Raleigh which I would guess would have been reversed. Only 55 large metros were ranked however so both cities are among the worst. Great news, not!
Midsize Cities
Jeff Yount/Getty Images Royalty Free9. Hickory, NC
18. Myrtle Beach, SC
23. Winston-Salem, NC
28. Greensboro, NC
31. Asheville, NC
32. Fayetteville, NC
42. Greenville, SC
69. Durham/Chapel Hill, NC
72. Charleston, SC
If you're looking to purchase a starter home in North Carolina then the midsize cities are your best bet. Cities like Hickory, Myrtle Beach, and Winston-Salem are where you'll fair the best. The worst midsize cities are Durham/Chapel Hill and Charleston.
Small Cities
Darwin Brandis/Getty Images Royalty Free20. Rocky Mount, NC
23. New Bern, NC
37. Sumter, SC
47. Goldsboro, NC
48. Spartanburg, SC
80. Florence, SC
81. Burlington, NC
118. Jacksonville, FL
121. Greenville, SC
154. Hilton, Head, SC
159. Wilmington, SC
There is a lot of variation in the small cities, the more desirable waterfront locations are going to cost you more than smaller towns. But if you are willing to forgo city life these places can be a great place to put down roots.
