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Affordable U.S. Housing: Top 10 Cities

Contrary to what many people may believe, there are several areas across the U.S. that offer exceptional affordable housing. No longer an oxymoron, “affordable housing” is offering homebuyers and real estate investors great deals. Allowing homeowners to further stretch their incomes, these cities are booming:

  1. Altamonte Springs, Florida – Located just outside of Orlando, real estate investors mostly own the city’s housing. In fact, 66-percent of homes here are rented by investors. With low taxes and reasonable rent rates, the median family income is $63,642 and the median home price is just $67,000.
  2. Plano, Illinois – Recently serving as the backdrop for the blockbuster hit “Man of Steel,” this charming town features a thriving manufacturing industry and historic homes. The median family income is $65,658 and the median home value is $75,000.
  3. Homewood, Illinois – This city is home to a number of musicians, designers, art curators and educators. This city boasts easy walking and is only 22 miles from Chicago. The median family income is $86,683 and the median home price is $100,000.
  4. Power Springs, Georgia – Known for their exceptional McEachern High School, families flock to this area. The median family income is $68,168 and the median home price is only $85,000.
  5. Lilburn, Georgia – Close to Atlanta, this city’s population has tripled in the last 30 years. While the population is only 12,000, the local Hindu temple attracts up to 250,000 visitors per year. The median family income is $64,762 and the median home price is $84,478.
  6. Temple Terrace, Florida – Located just outside Tampa, this suburb is an excellent area for real estate investors to purchase foreclosures. With a mix of modern ranch-style homes and 1920s Mediterranean-style villas, the median family income is $56,963 and the median home value is $75,000.
  7. Clawson, Michigan – A suburb of Detroit, this town features numerous engineering and technical jobs. The median family income is $73,598 and the median home price is $99,540.
  8. Irmo, South Carolina – With an annual Okra Strut, festival and parade, this town offers newer homes. The median family income is $67,999 and the median home price is $99,000.
  9. Gladstone, Missouri – Dubbed “Happy Rock,” this city features a massive community center and Ford Motors is anticipated to increase job opportunities. The median family income is $64,745 and the median home price is $96,690.
  10. The Colony, Texas – A delight for outdoor enthusiasts, this city offers fishing, boating, biking, swimming, golfing and hiking. The median family income is $89,308 and the median home price $135,863.

For investors looking for non-traditional bank financing, My Hard Money Lenders offers a comprehensive compilation of direct lenders across the U.S. These lenders focus on apartment building loans and commercial building loans, as well as creative financing for unique properties.

 

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