dallas texas catamore If you’re looking for a deal on housing, you should mosey over to Texas.

The Dallas-Fort Worth area topped a list of the 10 most affordable housing markets of 2013, according to a report by ZipRealty.

The evaluation, drawn from MLS data and US Census Bureau statistics, compared median home sale prices in 30 metropolitan areas to median household income levels in the same cities. The places with the lowest ratios of home price to household income were deemed the most affordable areas.

In the most wallet-friendly areas such as Dallas-Fort Worth, Houston and Minneapolis, the average home sells for about five to six times the annual average household income. In contrast, homes in the least affordable markets cost 11 to 13 times the local household income standards. If you want to save money, stay away from the coastal regions: Washington DC, Brooklyn and the San Francisco Bay Area were the three most expensive housing markets.

Here are the top 10 affordable markets, along with the ratio of average home sale price to average household income:

1) Dallas-Fort Worth 5.27x
2) Houston 5.43x
3) Minneapolis 5.50x
4) Orlando 5.89x
5) Las Vegas 5.98x
6) Raleigh, North Carolina 6.03x
7) Austin 6.13x
8) Denver 6.31x
9) Nashville 6.47x
10) Phoenix 6.59x

On the other end of the spectrum, the most expensive housing markets relative to average income:

1) Washington, DC 16.78x
2) Brooklyn, New York 16.58x
3) San Francisco Bay Area 13.81x
4) San Diego 13.60x
5) Los Angeles 13.52x
6) Miami 12.11x
7) Orange County, California 10.63x
8) Boston 9.47x
9) Westchester, New York 9.29x
10) Baltimore 8.56x

Developments featured in this article

More Like This

Facebook Chatter