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24/7 Wall St.: Cities Where Homes Cost Less Than a Car

Cities Where Homes Cost Less Than a Car

For many Americans, homeownership is the epitome of living the American dream. Yet, in towns with high tumbling home prices and double-digit vacancy rates, median-priced homes now cost the equivalent of new American cars — except, as investments go, they’re slightly more risky.

24/7 Wall St. asked Trulia, a leading provider of real estate listings and market data, to identify and rank cities by the median prices of homes sold last year. Trulia limited the list to markets with an adequate supply of non-foreclosure, single-family homes, which ruled out markets that may have unusual spikes in median sales prices. To provide further context of how economic data can impact local housing market conditions 24/7 Wall St. also gathered median-income data as well as Q1 2012 vacancy rates from the U.S. Census Bureau, unemployment numbers from the U.S. Bureau of Labor Statistics, and June 2012 foreclosure figures from RealtyTrac.

With home prices at 30-year lows and mortgages available at record low rates, some residents in troubled cities will be tempted to take the plunge and buy a home. Yet, amid this fledgling recovery there’s still the allure of plunking down a small deposit and buying a car that can take you to a city that offers a healthier housing market and stronger long-term job prospects.

(iStock)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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