TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/57493
MDWELL International Affairs: Housing Affordability Around the Globe Demographia's 2012 home affordability survey evaluated markets in six countries worldwide, revealing which cities are the most buyer-friendly. According to the study's rankings of major metropolitan areas with populations of 1.5 million or more, some larger markets provide strong investment opportunities while other regions remain too expensive for average homebuyers. Top Five Most Affordable Major Metro Areas DETROIT, MICHIGAN Median Multiple: 1.4 Ranking: 1 Median Pricing: $66,500 Median Household Income: $48,700 FAST FACTS: Three smaller metropolitan areas in Michigan rank among Demographia's most affordable cities, including Saginaw, Flint, and Lansing. Internationally, Saginaw, Michigan, is considered the most affordable market in the world. HOT PROPERTY: Recently restored, gated mansion in the city's West Village area; 1771 Seminole St. Historic home was built in 1904 and features a carriage house, nanny quarters, and multiple solariums and gardens in 11,027 square feet. On the market for $429,000. ATLANTA, GEORGIA Median Multiple: 1.9 Ranking: 2 Median Pricing: $101,900 Median Household Income: $53,800 FAST FACTS: Atlanta is tied with Toledo, Ohio, with a median multiple of 1.9. In markets of all sizes throughout the U.S., Atlanta is the seventh most affordable city. HOT PROPERTY: The Rossdhu estate in the city's prestigious Buckhead area; 2900 Andrews Drive Northwest. Tudor-style property, built in 1918, was named for the famous Scottish ancestral home of the Colquhoun clan; house features eight bedrooms in 12,705 square feet and sits on 4.73 acres. On the market for $10.9 million. PHOENIX, ARIZONA Median Multiple: 2.2 Ranking: 3 Median Pricing: $113,700 Median Household Income: $50,900 FAST FACTS: Phoenix carries the same median multiple as six other U.S. cities, including Cape Coral-Fort Myers, Florida; Fayetteville, Arkansas-Missouri; Lafayette, Louisiana; Ocala, Florida; South Bend, Indiana; and Utica, New York. HOT PROPERTY: Golf course estate on the famed Biltmore Hotel property; 41 Biltmore East. Home features nine bedrooms, including two master suites, a wine cellar, and views of Camelback Mountain; the 17,799-square-foot property sits on a full acre. On the market for $5.95 million. CINCINNATI, OHIO Median Multiple: 2.4 Ranking: 4 Median Pricing: $126,800 Median Household Income: $52,100 FAST FACTS: Cincinnati is tied with Cleveland, Ohio, and Las Vegas, Nevada, for the fourth-place affordability ranking among major metropolitan areas. Among cities of all sizes in Ohio, five areas have better affordability ratings than Cincinnati: Youngstown, Toledo, Akron, Canton, and Dayton. HOT PROPERTY: Luxury estate in Indian Hills; 10210 Carriage Trail. Property features include a pool, koi pond, library, wine cellar, and media room; the 24-room home sits on 4.01 acres and boasts 12,755 square feet. On the market for $4.4 million. CLEVELAND, OHIO Median Multiple: 2.4 Ranking: 4 Median Pricing: $113,600 Median Household Income: $46,700 FAST FACTS: The U.S. boasts 24 "affordable" markets among cities of all sizes, according to Demographia's statistics. With a national multiple median of 3.0, the U.S. is considered the globe's "most affordable" country. HOT PROPERTY: Waterfront property on Lake Erie; 13405 Lake Shore Blvd. Newly refurbished custom-built home features a private beach and 1.34 acres of land; 5,374-square-foot house includes seven bedrooms, a pool, and multiple entertaining spaces. On the market for $1.75 million. 12 | THE M REPORT