Buying a property in United States of America has never been so cheap and easy. It’s not just the price of the property; the interest rates have been reduced to historic low.
Fortunately, there was not much change in affordable markets on the extremes, most and least. The cities Ohio, Indiana and Michigan dominated the most affordable markets the previous year and they continued to be the same this year too. Most of homes in West Coast and pricey East are unaffordable for average income group.
The low interest rates as well as the reduction in housing rates led to create a rare opportunity for customers. The second quarter showed good signs as around 73 percent of the medium income group could afford to buy the existing as well as new homes. This is low compared to the previous quarter but it is very high when compared to that of the same quarter of the previous year.
In the metro New York City, which happens to be the least affordable place in the whole country, home prices have dropped slightly. But there were significant changes in California, Arizona, Florida and other markets that were hit hard. These changes were indeed improvements.
Considering these low rates in both property and loans, it is a fair idea to invest if you have a secure job and if you are planning to reside here for a few years.
