ALBANY — The city of Albany ranked among the nation’s Top 10 Most Affordable Cities for Homebuyers in a recent study.
The study, conducted by AdvisorSmith, examined data from 507 U.S. metropolitan areas to find the Top 10 small, midsize, and large cities that have the least and most affordable housing markets for American homebuyers. The organization’s research shows that Albany is the No. 10 most affordable midsize city in which to buy a home.
The study used data from Zillow and the U.S. Census Bureau’s American Community Survey to estimate the weighted average housing price in each city. AdvisorSmith compared the average housing price with each city’s median household income to calculate each city’s home affordability.
Some interesting facts about Albany are:
♦ Among mid-size cities, Albany ranked No. 10 overall in home affordability and is the only city in Georgia in the top 10 list.
♦ The weighted average home price in Albany is $105,049.
♦ The price-to-income multiple in Albany is 2.3, and the median household income is $44,896.
Here is a list of the 10 most affordable midsize cities in the country:
1. Peoria, Ill.
2. Wichita Falls, Texas
3. Saginaw, Mich.
4. Springfield, Ill.
5. Terre Haute, Ind.
6. Rockford, Ill.
7. Binghamton, N.Y.
8. Bloomington, Ill.
9. Sioux City, Iowa
10. Albany, Ga.
More details are provided in the report, which can be viewed at https://advisorsmith.com/data/most-and-least-affordable-cities-for-homebuyers.