My Comment:
Affordability is a huge factor in local real estate markets.
The conclusion of the article below is: "Regardless of where your town ranks, home affordability remains high as compared to historical values but it likely won’t last long. Home values are recovering in many markets and mortgage rates won’t stay this low forever.All things equal, buying a home may never come this cheap again. If you were planning to buy later this year, consider moving up your time frame.
As I posted recently, affordability is way up in Sonoma county from a few years ago. The local article put it at over 60% of locals could buy a lowered priced home.
In this national ranking, using a different criteria of who can buy a median priced home, they say 47% could buy. This is a bit misleading as it does not factor in that most sales are in the lower price ranges. Using this criteria, there are still many more affordable places, but would you want to live there? That is the question. I think that for the premier weather, amenities and other advantages, Sonoma county represents great value.
Home Opportunity Index Ranks 225 Metro Areas For Affordability
Read more: http://realestate.bryanellis.com/2113/home-opportunity-index-ranks-225-metro-areas-for-affordability/#wSr4vDhOIVGO#ixzz0oafvvzoX
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