#3. Lakeland, Fla.
Median home price: $85,000
Median income: $54,500
Affordability score: 93.2%
Located on an interstate highway between Tampa and Orlando, Lakeland’s residents are used to people just passing through. But those who decide to stay don’t find it very difficult to afford a place.
While both home prices and incomes have been hit hard here over the past several years, the decline in home values has far surpassed falling wages, said Ken H. Johnson, professor of real estate at Florida International University.
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Read: “Most affordable U.S. cities to buy a home,“ an article by CNN Money.
ADDITIONAL MEDIA COVERAGE
- “Most Affordable U.S. Cities to Buy a Home,” Yahoo Finance, May 29, 2012
- “Case-Shiller index: South Florida home prices on the rise,” Sun Sentinel, May 29, 2012