The affordability of homes in the U.S. plummeted once more in the third quarter, and according to the National Association of Home Builders and Wells Fargo, only 64.5% of homes sold in the country were considered to be affordable.
This is a far cry from the 74.1% rating during the third quarter of last year, and also a significant drop from the 69.3% seen last quarter. An improved housing market absolutely helps bolster the U.S. economy, but we've already seen rapid growth once in the last decade that led to disastrous consequences, and we hope to not see that again.
But there is certainly room for hope in 10 areas in the U.S. that best the others when it comes to affordability. Although everyone wants to live in a an affordable area, because of a variety of different factors, the affordability of homes in different parts of the country can vary greatly, and these 10 markets all have an affordability rating of 84% or higher, almost 20 percentage points better than the national average.
Curious as to what those markets are? Check out the slideshow below, which outlines the affordability, the average home price, and the median family income.
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