Houses are becoming more expensive not to mention the ever rising mortgage rates. However, the prices do vary according to where the single family homes are located and the buyer’s house choice according to Gay Real Estate Experts.
Buying a home is always a wise investment, but be aware of the factors that make homes affordable or expensive those include; location, location, location.
Influence of Location on House Price
You can visit lendingtree.com to carry out an analysis on the average single family home for sale price as a factor of the average earning in some of the top 10 biggest metropolitan zones in the US.
After the analysis of the Top 10 metropolitan areas in the US shows the most expensive areas to buy a home, to where it’s cheapest.
1. Los Angeles (Most expensive among the ten largest metro areas)
2. New York
3. Boston
4. Washington, DC
5. Miami
6. Philadelphia
7. Chicago
8. Dallas
9. Houston
10. Atlanta (Cheapest housing among the ten largest metro areas)
From the list above you can tell why it is crucial to consider the home prices and your total income. Washington, DC best illustrates it ~ average home prices in the nation’s capital are way higher than the ones in Miami, Philadelphia and Chicago. But since the average wages are relatively higher in Washington, people can afford to pay more for their home.
What Other Factors Influence Affordability
Apart from the location being a factor in terms of house affordability, there are other variables from family to family such as the stability of income, total household income, existing financial responsibilities and long-term career prospects.
The point to digest here is that, whenever you are buying a new home, you should look at it beyond mortgage rates and prices. The bigger picture will help you in estimating affordability in a potential relocation, and help you find a house that blends perfectly with your career and budget.
Author Jeff Hammerberg is a gay realtor and Founding CEO of GayRealEstate.com ~ Offering Free Instant Access to the Nation’s Top Gay, Lesbian and Gay Friendly Realtors Coast to Coast. Free Buyers Representation ~ Free Relocation Kit to any City, USA ~ Free Sellers Market Analysis for home sellers.