CNNMoney has published a list ranking 100 housing markets according to affordability. Though home prices are beginning to level out in parts of the country, they’re still way too high in other areas.
The median home, however, is still overpriced by an average of more than 14 percent, … and homes in many markets are still way too high. This matters because those markets have much more potential for the kind of steep decline that could be disastrous for homeowners — and the local economy.
The most affordable place to buy a house? El Paso, Texas, where homes are 26% undervalued. The least affordable? Santa Barbara, where homes are 86% overvalued. 86%!!!
See the article for the complete list of U.S. home markets and for more on the survey’s methodology.