Despite the housing scenario created by the mortgage meltdown, more than 51 percent of the nation's residents fantasize about pursuing the American Dream of homeownership. Prior to the shift in the national real estate market, fair market values were becoming too high for the average American consumer. After the bubble burst, the market leveled and the landscape is now covered with plenty of affordable housing in the form of properties selling for well beneath the $100K mark.
Mortgage behemoth, Fannie Mae, recently conducted a survey on the topic, and while homeownership is still a popular goal, the motivations have changed. Historically, owning a home has been considered a smart way to build wealth in the form of equity. Data provided by the Federal Reserve Board has shown that once equity is built, a home owner’s net worth is 46 times that of a renters. However, according to Fannie Mae, attitudes surrounding home ownership have been adjusted. More consumers favor the flexibility to remodel a home for personal tastes and the ability to relocate into a better school district than potential financial gains. For those who do, there are plenty of single-family detached homes that may provide them with the desired springboard.
Real estate listings and realty information provider, Coldwell Banker, just conducted an annual Home Listing Report. The research analyzed the prices of four-bedroom, two-bathroom homes across the nation and according the their findings, those who long to buy a home now and switch from being a renter to a homeowner, can find amazing deals.
Detroit, MI - The Nation's Most Affordable Real Estate Market
The bad news is that the current recession only added to the financial woes of Michigan. The state's 2010 unemployment rate was an unhealthy 12.4 percent, and the state's largest city of Detroit, has been struggling with a 14.4 rate of unemployment of recent date. Those numbers are preventing the local real estate market from fully rebounding, and have made it possible for those with great credit histories and sufficient down payment amounts, to scoop up spacious homes for around $68,007.There was a day where Detroit was a booming city fueled by the car manufacturing industry and a flourishing music industry. Unfortunately, the most recent turn in the local economy has dealt another blow to the struggling city. Within the 143 square miles of town, one in five houses now stands empty. It is that sad fact that makes Detroit one of the most affordable cities to live and those committed to contributing to a renaissance from the ground floor up can find plenty of great housing options at substantial discounts.
Grayling, MI - Nation's Second Most Affordable Real Estate Market
Compared to bustling Detroit, Grayling Michigan is a sleepy little enclave. The city has a scant population of fewer than 2,000, only approximately 2 square miles of land within its’ borders, and the nation's second lowest real estate prices with the average home price tag of $84,625. The quiet region is located right near Lake Margrethe and is surrounded by state and federal land. The ranking in regards to the affordability has officially put the area on the radar and local real estate brokers are hoping the news will further stimulate the local home market.
Sioux City, IA - Nation's Third Most Affordable Real Estate Market
Located in the western part of Iowa, are plenty of houses at an affordable average price tag of $85,967. Aside from great housing opportunities, the area has a lower unemployment rate of 7.1 percent in comparison to the national average of around 9.8 percent. In 2008, CNNmoney.com recognized the bustling city of over 82,000 as one of the best places to find a job and recently the city has posted job gains.
Consumers thinking of buying a home now, can score amazing values for their money. However, in order to ensure that their actions do not further compound an already weakened real estate market, all the most financially stable dare enter the game. High credit scores and the ability to qualify for 30 year fixed rate mortgages can be used to gauge the potential for future success. Mortgage seekers meeting that criteria can count on Mortgage Marvel to connect them to the best mortgage rates available.
