This from BankRate.com. Housing is still affordable in the right spots
The article says that Coastal metropolises like Los Angeles, New York, Boston and San Francisco all might be ranked among the most desirable places to live, but they are expensive! Thus home prices make it tuff to find affordable housing.
The article refeences Lawrence Yun an Econmist from NAR. He says high home prices in popular coastal cities appear to be driving a wave of migration to less costly locales, according to , economist at the National Association of Realtors, or NAR. "Californians are buying up properties in cheaper neighboring states. On the East Coast, prospective homeowners are seeking out property in Virginia and the Carolinas."
It appears United Van Lines reported that California had a higher number of outbound moves relative to inbound ones for the first time since 1995. For every 44 moves into the state last year, the company handled 56 outbound moves.States with a much higher number of people moving in rather than out included Oregon, Idaho, Arizona and North Carolina.
Overall, housing affordability nationwide is at its lowest point in 15 years, according to the NAR. In December, the percentage of households in California able to afford a median-priced home stood at 14 percent, according to the California Association of Realtors. New York City, Boston, Washington, D.C., and increasingly, South Florida homes, , according to Yun, are also progressively unaffordable. The most affordable markets, by contrast, tend to be in the Midwest.
