Charleston Regional Business Journal
www.charlestonbusiness.com
Staff Report
With a median home price of $134,000, Columbia has been named the 10th most affordable place to buy a home in the United States, according to an analysis by CNBC.
Using a Housing Opportunity Index from the National Association of Homebuilders and Wells Fargo bank, CNBC correlated income levels and residential real estate selling prices to come up with the 10 most affordable cities in the country.
“The Housing Opportunity Index in South Carolina’s capital and largest city is 90.2, meaning most homes are affordable to households making the local median income of $64,500,” CNBC said in its commentary about Columbia.
The Housing Opportunity Index also provided scores for South Carolina’s largest metro areas. The Greenville area was the second-most affordable region in the state, at 83.3, and Charleston had the lowest score, 69.8.
The Charleston area also had the second-lowest median income levels but the highest median home price at $193,000, which is 44% higher than Columbia.
Ten Most Affordable Cities in the U.S.
|
Rank
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
|
City
Youngstown, Ohio
Dayton, Ohio
Buffalo, N.Y.
Indianapolis
Modesto, Calif.
Ogden, Utah
Harrisburg, Pa.
Lakeland, Fla.
Wilmington, Del.
Columbia
|
Median home price
$92,000
$92,200
$105,000
$114,000
$135,000
$71,500
$147,000
$94,000
$193,000
$134,000
|
Source: CNBC, Wells Fargo
Housing Opportunity Index for S.C. Metro Areas
|
HOI
90.2
83.3
72.2
69.8
|
Metro area
Columbia
Greenville
Rock Hill
Charleston
|
Median income
$64,500
$59,000
$68,500
$63,000
|
Median home price
$134,000
$150,000
$168,000
$193,000
|
Source: National Association of Homebuilders, Wells Fargo