Wednesday, March 30, 2011

The 10 Best Cities for Home Buyers

CNN Money put together a list on the best cities to buy a home in, and you may be surprised to see which areas made the top 10. You can find a section of their article below, or click here for the full text.

    10. Atlanta

    Rent as % of after tax mortgage payment: 151.2%

    Median home price change, 2006-2010: -33.2%

    Many of the cities on this list now have the most affordable housing simply because their real estate crashes were so much more pronounced than elsewhere in the nation. The farther the prices fall, the sooner it inevitably becomes more affordable to buy than rent.

    Atlanta is no exception. It tops the list with average monthly rent of about 50% more than the average after-tax mortgage payment. The metropolitan area had the dubious distinction of leading the nation in home construction during most of the decade before the bubble burst. Despite the fact that it now has the most affordable homes in the nation, however, prices continue to slide in Atlanta -- down nearly 14% year-over-year in February. When will those Atlanta renters recognize the clearance sale going on all around them?

    9. Orlando

    Rent as % of after tax mortgage payment: 137.2%

    Median home price change, 2006-2010: -51.3%

    Orlando's mayor, Buddy Dyer, has said that the delay of a new rail project that was to connect Orlando and Tampa has been a bigger blow to the already-suffering economy than many realize.

    But there are some bright spots in central Florida. Following the housing market slump in Orlando during the past few years, buyers can now take advantage of bottom-level interest rates and low prices for ownership. According to a Florida Realtors report cited by the Orlando Sentinel, the home of the Magic saw a larger price decline during the past 12 months than any of Florida's other metro areas.

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