Buying a home? 8 popular cities that are still surprisingly affordable - FORECLOSURE FRAUD

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Buying a home? 8 popular cities that are still surprisingly affordable

Buying a home? 8 popular cities that are still surprisingly affordable

Homebuyers have had a tough time, with home prices and mortgage rates rising relentlessly.

As buyers continue to reassess where they want to live and relocate at record rates amid the ongoing pandemic, affordable destinations can still be found, according to a report released Monday by Redfin.

Thirty-two percent of U.S. homebuyers searched for a home in a different metro area in April, falling just short of the all-time high of 32.3 percent set during the first quarter of 2022. Many of those homebuyers sought to relocate to Sun Belt markets, largely across Florida and Texas.

Redfin identified eight popular migration destinations in the U.S. that may still be affordable for buyers coming from other pricier markets, but the reality is that many local buyers are now getting priced out of those markets. In Tampa, for instance, which was ranked as the third most popular migration destination and sixth most affordable, homebuyers need to earn 47.8 percent more than they did at this time last year in order to afford a median-priced home, Redfin said.

To continue reading the rest of the article, please click on the source link below:

https://www.inman.com/2022/05/23/buying-a-home-8-popular-cities-that-are-still-surprisingly-affordable/

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