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Top 5 Most Affordable Cities For Real Estate

Written by Simon Campbell on Wednesday, 08 May 2013 7:00 pm

Dayton, Ohio is one of the most affordable cities for real estate. Even though the industrial economy has been depriving Dayton of some of its job creators who were once very powerful, the key employers have either relocated for faded away. The old National Cash Register which is now known as NCR moved to Georgia in 2009. However, companies in many modern industries such as ones that specialize in health care and aerospace have taken over and at 6.9 percent, the city's unemployment rate is below the national average. The median home price in Dayton, Ohio is $105,000 and the median income is $63,000. The percentage of homes sold that is marked as affordable lies at 88.7 percent.

Grand Rapids, Michigan is another city that has turned its economy around over the past few years. They have lowered the unemployment down to just 6 percent which is less than half of its recession high point of 16.1 percent around four years ago. According to the regional chamber of commerce service industries in Grand Rapids are some of the biggest job providers. One example is Spectrum Health, a non-profit care company and the largest employer in western Michigan. While the company employees over 19,000 workers, a rebounding manufacturing sector can also be found in this part of Michigan. As such, real estate market is still going at discounted prices, and remains one of the least expensive places in the country to begin to invest into the real estate market.

Syracuse, New York offers a clear contrast, and the upstate housing markets are some of the most affordable around. Syracuse lost most of its population after 1930 and many residents moved to the suburbs after the Second World War. As a result, the larger metro area has seen almost no growth over the past 20 years. However, the low demand has kept the costs of housing down and what is even better is that the jobs in the area pay well. This is because of large employers such as Syracuse University, Upstate Medical University and Lockheed Martin. This allows workers to afford homes easily. The median home price in Syracuse, New York is $124,000 and the median income is $66,000.

Modesto, California is a great example of the housing bubble and bust because the prices have tripled between the year 2000 and 2005, but then they fell again. The economy in Modesto has been making a comeback albeit slowly, and farms still dominate the surrounding area. However, unemployment has fallen over the past few years but even then it is still at a cringing 13.5 percent. Taking that into account with the excess building that was done during the time of the boom mixed in with endless bank repossessions that happened during the bust and you start to see the bigger picture. The prices of homes have been very low and although it is not an ideal situation for sellers it is a good deal for anyone interested in purchasing real estate on the west coast.

Harrisburg, Philadelphia has recently had a stable flow of jobs thanks to the states government which employs over 24,000 workers. The military along with the federal government accounts for another 17,000 jobs as well. In September of 2012 the full unemployment rate fell to 6.9% which is below the national average. The growth has been steady but nothing to marvel at as the economy only added around 10,000 jobs according to statistics from the Bureau of Labor. The median home price in Harrisburg is $153,000 and the median income is $73,500.

Simon Campbell has spent over 15 years in all the various facets having to do with real estate including sales, purchases, investment and research. His experience also includes commercial and residential property management and even real estate appraisal. He is recognized among his peers as an expert in the real estate field. Now after gaining such a wealth of personal experience, Simon has changed directions and is now sharing his knowledge and experience with others through writing on blog , mentoring and consulting.
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Individual news stories are based upon the opinions of the writer and does not reflect the opinion of Realty Times.