Best Places Where Homes are Affordable
AUGUST 18, 2013Les Christie, Money MagazineYahoo! Homes has published this list of growing towns where homebuyers' incomes go the furthest.
1. Altamonte Springs, FL
Median home price: $67,000
Median family income: $63,642
Altamonte Springs's big night comes every Fourth of July with its Red, Hot and Boom celebration, which features the largest fireworks display in central Florida and major music acts, like the Jonas Brothers. The event attracted 150,000 attendees this year.
The housing market in this Orlando suburb is unusual for the area: Two-thirds of the units are rentals, many of them condos that were snapped up by investors who now lease them out. Rents are reasonable -- a two-bedroom apartment goes for $800 or so. That, as well as low taxes, helps keep the cost of homeownership down in the area.
2. Plano, IL
Median home price: $75,000
Median family income: $65,658
Plano is so picturesque that Warner Brothers used it as the setting for Superman's home town, Smallville, in this summer's "Man of Steel" flick. The town has a number of old historic homes and buildings, and there's also a modern masterpiece, the Farnsworth House, designed by Mies van der Rohe.
But it's not just pretty to look at. Plano is also home to a thriving manufacturing industry, which got its start in the 1800s with Cyrus McCormack's invention of the Plano Harvester, which revolutionized American farming. Factories are still buzzing today, with many residents working at sporting goods equipment maker Plano Molding.Read more: Yahoo Homes