CALIFORNIA – WalletHub released a new report, May 20, and found that Victorville is the most affordable city in California to purchase a home.
Zillow lists $442,862 as the median price of a home in Victorville.
The report comes amid news that California’s median home price hit an all time high of $910,160, in April.
“Fortunately, owning real estate in some cities is much less expensive than others,” said WalletHub.
Victorville ranked #69 nationwide for most affordable cities to buy a home, but it was the top-ranked city in California.
The site said it compared 300 U.S. cities across 10 key metrics. The data set ranges from the costs of homes and their maintenance to tax rates and vacancy rates.
WalletHub analyst Chris Lupo said when deciding where to buy a home, home prices alone aren’t a good enough indicator of how affordable things will be.
“You also have to consider how the average price compares to a typical income in the area, plus things like the overall cost of living and the costs of maintenance and taxes,” said Lupo.
Top affordable cities to buy a home in California
Following Victorville, WalletHub found that Lancaster, Visalia, Palmdale and Stockton were the most affordable to buy a home in California.
Over 50 California cities ranked among the bottom 100, with Santa Barbara, Santa Monica, and Berkeley occupying the last three spots.
Nationwide, Flint MI, Detroit MI and Pittsburgh, PA were the most affordable cities to purchase a home.
‘Your first home is not likely the last home’
University of Northern Colorado professor of finance Cris de la Torre said housing authorities need to be creative and provide for Accessory Dwelling Units (ADUs) which would improve housing density with little to no increase in infrastructure.
“The last thing I would say to young homebuyers is to realize that your first home is not likely the last home, but it is the first step to finding and affording that dream home,” said del Torre.
