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National Mortgage News - - Contents -

To­day’s hous­ing mar­ket cli­mate is a stormy one for home­buy­ers; grow­ing home prices and mort­gage rates are cre­at­ing af­ford­abil­ity ob­sta­cles for po­ten­tial pur­chasers, and lim­ited in­ven­tory is pushing prop­erty val­ues up­ward. But, some lo­cal hous­ing mar­kets, sup­ported by lower me­dian home prices and more fa­vor­able mort­gage rates, of­fer pur­chas­ing power ad­van­tages to con­sumers.

From Wash­ing­ton to Bal­ti­more, here’s a look at 12 best hous­ing mar­kets for home­buyer pur­chas­ing power. The data, from the May First Amer­i­can Real House Price In­dex, mea­sures home price changes, tak­ing lo­cal wages and mort­gage rates into ac­count “to bet­ter re­flect con­sumers’ pur­chas­ing power and capture the true cost of hous­ing.”

No. 6 Hartford, Conn. Me­dian sale price: $220,000 RHPI: 75.22 Year-over-year RHPI: 9.5%

No. 5 Mem­phis, Tenn. Me­dian sale price: $157,250 RHPI: 57.23 Year-over-year RHPI: 7.9%

No. 3Bal­ti­more, Md.Me­dian sale price: $258,000 RHPI: 83.07 Year-over-year RHPI: 6.1%

No. 7Vir­ginia Beach, Va. Me­dian sale price: $220,500 RHPI: 95.52 Year-over-year RHPI: 9.9%

No. 9Raleigh, N.C.Me­dian sale price: $248,500 RHPI: 82.25 Year-over-year RHPI: 10.5%

No. 4Ok­la­homa City, Okla. Me­dian sale price: $158,000 RHPI: 73.31 Year-over-year RHPI: 6.8%

No. 1Pitts­burgh, Pa.Me­dian sale price: $125,000 RHPI: 65.42 Year-over-year RHPI: 3.4%

No. 11Philadel­phia, Pa. Me­dian sale price: $202,897 RHPI: 87.72 Year-over-year RHPI: 11.5%

No. 12Mil­wau­kee, Wis. Me­dian sale price: $175,000 RHPI: 96.54 Year-over-year RHPI: 12%

No. 10Chicago, Ill.Me­dian sale price: $238,561 RHPI: 70.49 Year-over-year RHPI: 10.8%

No. 8St. Louis, Mo.Me­dian sale price: $166,250 RHPI: 71.7 Year-over-year RHPI: 10.1%

No. 2Wash­ing­ton, D.C. Me­dian sale price: $374,921 RHPI: 85.16 Year-over-year RHPI: 3.7%

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