Record low mortgage interest rates combined with people spending most of their time at home has caused a boom in home buying many housing markets despite widespread unemployment.
Not only that, but people are moving and considering new locations. Office closures mean that many people are working from home and some employers have suggested this may be a permanent trend. All these trends are conspiring together to cause people to consider moving to new places across America.
Along with Priceonomics customer RefiGuide.org, we decided to perform an analysis for people looking to buy a home based on affordability. If you are tired of living in a place where homeownership is out of reach because of high prices compared to incomes, where else should you consider living?
We found that the most affordable housing markets in America were uniformly located in the South and Midwest. The most affordable place we looked at in America was Youngstown, Ohio where the median household income in one year is more than the typical purchase price of a home. On the other hand, almost all the least affordable places to buy a home were in California. Of all the markets we examined, Newport Beach was the least affordable market in the country.