Weak local economies take toll on home prices in these cities
By Amy Hoak, MarketWatch
CHICAGO (MarketWatch) — Niagara Falls, N.Y. is well known for its beautiful views and its popularity among tourists. But here’s something you might not have known: It also has the most affordable housing market in the country.
That's according to a report released by Coldwell Banker on Wednesday.
The Home Listing Report considers average listing prices of four-bedroom, two-bathroom homes on ColdwellBanker.com. The report looked at 2,300 markets in North America, analyzing properties listed between September 2010 and March 2011.
Some of the most affordable markets in the country are suffering with weak economies, and include Midwestern cities that never experienced very high housing prices during the boom but saw prices fall as their local economies deteriorated, said Jim Gillespie, CEO of Coldwell Banker Real Estate. Other affordable markets include areas of the country dealing with an overabundance of new housing supply.
There were 775 U.S. markets where listing prices for these homes averaged $200,000 or less, Gillespie said.
“What this points out is that real estate is extremely affordable for those who have a secure income, a good down payment and credit score and can documents their assets,” he said.
Below are the most affordable housing markets, according to the report. To see the complete list, see ColdWellBanker.com .
