With the median home sales price having skyrocketed from $313,000 in Q1 2019 to $436,800 in Q1 2023, the personal-finance website WalletHub today released its report on 2023’s Most Affordable Cities for Home Buyers, as well as expert commentary.
In order to determine the most affordable cities for home buyers, WalletHub compared 300 U.S. cities across ten key metrics. The data set ranges from the costs of homes and their maintenance to tax rates and vacancy rates.
| Most Affordable Cities | Least Affordable Cities |
| 1. Montgomery, AL | 291. San Francisco, CA |
| 2. Flint, MI | 292. New York, NY |
| 3. Toledo, OH | 293. Pasadena, CA |
| 4. Detroit, MI | 294. Boulder, CO |
| 5. Akron, OH | 295. Los Angeles, CA |
| 6. Warren, MI | 296. Burbank, CA |
| 7. Pittsburgh, PA | 297. Glendale, CA |
| 8. Yuma, AZ | 298. Santa Monica, CA |
| 9. Springfield, IL | 299. Berkeley, CA |
| 10. Palm Bay, FL | 300. Santa Barbara, CA |
Best vs. Worst
- Springfield, Illinois, has the most affordable housing (median house price divided by median annual household income), 1.67, which is 17.5 times cheaper than in Santa Barbara, California, the city with the least affordable housing, with a ratio of 29.24.
- Honolulu has the lowest median real-estate tax rate, 0.30 percent, which is 12 times lower than in Waterbury, Connecticut, the city with the highest at 3.59 percent.
- Flint, Michigan, has the highest rent-to-price ratio, 26.64 percent, which is 16 times higher than in Santa Monica, California, the city with the lowest at 1.66 percent.
- Miami Gardens, Florida, has the highest median home price appreciation, 94.61 percent, which is 59.1 times higher than in Hampton, Virginia, the city with the lowest at 1.60 percent.
- Miami Beach, Florida, has the highest vacancy rate, 35.24 percent, which is 17.4 times higher than in South Gate, California, the city with the lowest at 2.02 percent.
