10 most affordable cities for homebuyers
By Les Christie | CNNMoney – Thu, Sep 13, 2012 4:48 PM EDT
Like selecting a soul mate, finding a great place to live can't be done just by the numbers. This year, MONEY Magazine and CNNMoney set out to find America's best small city (pop. 50,000 to 300,000).
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Then reporters visited 29 top-scoring places to assess what the numbers can't tell you -- whether a town is a true community.
Amid these towns that comprise the best places to live, we’ve researched some of the areas where homes are most affordable. Given the tough housing market and an even tighter wallet, residents of these 10 towns see their incomes go the furthest when it comes to home ownership.
10. Sioux Falls, S.D.
(Photo: Sioux Falls Chamber of Commerce)Median home price: $129,950
Median family income: $68,050
Rural flight from surrounding farms has kept Sioux Falls' population growing at a steady clip.
Newcomers find plenty to like about South Dakota's biggest city, including low taxes, a reasonable cost of living and safe streets. "The quality of life here is second to none," says Darrin Smith, director of community development. "It's the cleanest environment on the planet and has one of the best school systems in the country."
Houses are affordable, too. Nice starter homes can be had for under $100,000 and five-bedroom mini-mansions go for less than $400,000.
9. Casas Adobes, Ariz.
(Photo: Misti Nowak)Median home price: $135,000
Median family income: $72,792
True to the city's name, many of Casas Adobes' local homes are made of fired-clay bricks. And while houses here can be quite affordable, they can also be hard to find. Few owners are selling, and when a home does go on the market, it gets snatched up quickly.
House hunters like this Tucson outpost for its great public schools and plentiful activities. The Tohono Chul Park botanical garden, for example, is considered one of the best in the world.
Tragically, many people first heard of the city last year after a gunman at a local supermarket shot Arizona Congresswoman Gabrielle Giffords and 18 others -- six fatally. As Giffords recovers, the city hopes to be known for happier things, too.
8. Enid, Okla.
(Photo: Enid CVB)Median home price: $92,950
Median family income: $50,667
Enid epitomizes small-town living. Not only does it have its very own Main Street, but each year it holds festivals celebrating everything from its frontier days (Cherokee Strip Days celebration) to music (The Tri-State Music Festival) to ghosts (Ghostlahoma 2012!).
Yet, despite its Mayberry-like charm, Enid is experiencing some big-city growth. Thanks to Vance Air Force Base, three miles south of downtown, and a booming oil business, the local economy is humming and jobs are plentiful.
Homes are cheap, too -- with the average home priced about 60% below the national median. Buyers can easily find a three-bedroom home for $150,000 or less.
7. Warner Robins, Ga.
(Photo: Courtesy Warner Robins CVB)Median home price: $115,000
Median family income: $63,665
The fortunes of this central Georgia city revolve around Robins Air Force Base, which generates many highly paid engineering and technical jobs. Several schools have opened facilities in Warner Robins to support the base, as have businesses like General Dynamics.
While salaries are high, the cost of living is low. Inexpensive land, labor and material costs, as well as an excess of available homes built during the housing boom, have all helped to keep prices down.
For residents, the location is another perk. The town offers easy access to Atlanta and the beach, both of which are less than a 2 ½-hour drive away.
6. Rochester, Minn.
(Photo: Rochester CVB)Median home price: $136,500
Median family income: $81,316
The famed Mayo Clinic is the lifeblood of this Midwestern town. Employing some 30,000 people -- including many doctors, nurses and researchers -- the clinic helps keep the city's unemployment low and incomes high. And since it draws one million patients a year from all over the globe, local businesses also reap the rewards.
That's made it easier for many residents to afford the reasonably priced homes in town. Other perks include a top-tier public school system and lots of community activities and involvement.
5. Bellevue, Neb.
(Photo: Courtesy city of Bellevue)Median home price: $124,000
Median family income: $73,998
People who live here enjoy wide-open spaces, including the vast Fontenelle Forest, a 2,000-acre preserve of wetlands and prairie.
They also benefit from a low unemployment rate -- just 4.4% -- thanks in part to the nearby Offutt Air Force Base, which boasts 10,000 military and civilian workers. The steady supply of jobs from the base helps keep the housing market stable. And ample land in the surrounding prairie means builders have plenty of lots to choose from, which helps keep home prices cheap.
4. Cedar Rapids, Iowa
(Photo: City of Cedar Rapids)Median home price: $113,000
Median family income: $67,778
Cedar Rapids is on the road to recovery after a massive 2008 flood destroyed hundreds of businesses and homes. Now the downtown area is getting a facelift, businesses are reopening and new homes are popping up.
Homebuyers will not only be able to take advantage of prices that are well below the national median, but the city will also offer down-payment assistance to those who buy in the redeveloped flood zone.
Buyers can take advantage of all of the new amenities the city has to offer, including a new cultural district with an art museum, public library, theaters, and a renovated sports arena.
3. Missouri City, Texas
(Photo: Courtesy Missouri City)Median home price: $145,690
Median family income: $89,242
With almost two dozen parks in just 30 square miles, it's no wonder Missouri City is considered one of Texas' most scenic towns.
It's also one of the state's most diverse, both ethnically -- with 56 languages spoken in the school system -- and socioeconomically. And there are affordable homes to suit every income bracket, from expansive mansions to beautiful three-bedrooms that cost less than $100,000.
Another draw for homebuyers: great schools and zoning laws that ensure residential areas remain just that, says Mayor Allen Owen. The town is also about to turn a local country club into a municipal golf course so that anyone can practice their swing.
2. North Port, Fla.
(Photo: Courtesy city of North Port)Median home price: $86,000
Median family income: $58,180
Residents -- including City Commissioner David Garofalo -- claim that North Port's Warm Mineral Springs are actually the Fountain of Youth. Plenty of tourists come here to find out if those claims are true -- and some even end up staying.
Part of what keeps them here are the area's affordable housing, reasonable property taxes (about 15% lower than the state average) and quality of life: North Port recently revitalized area parks and roads and built a new community center. And residents who don't feel like visiting the mineral springs can go biking, hiking, horseback riding or golfing.
1. Spring, Texas
(Photo: Greater Houston CVB)Median home price: $98,214
Median family income: $72,742
Big oil is about to bring big growth to this quaint Houston suburb. ExxonMobil will open its global headquarters in the area in 2014, bringing 8,000 employees with it. These newcomers will find inexpensive homes of every type, including five-bedrooms with a swimming pool for $300,000 and well-maintained starter homes for under $75,000.
During off-hours, there's a golf course and Old Spring Town, a historic railroad town filled with shops, restaurants, museums and galleries that hosts down-home events like the Texas Crawfish Festival and Longhorn Rod Run.
See more of the most affordable cities for homebuyers.
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