When it comes to buying a home, most people are often hesitant to dive right in, which makes sense as this is likely the largest purchase that they will make. But no matter what mental state you are at in your home-buying process, it is important to weigh the cost against what you can reasonably afford.
The real estate data tracking firm RealtyTrac recently calculated and rated 2,270 counties across the nation in an attempt to determine the most affordable locations for home buyers. These rankings were based on an income-to-price affordability ratio, which was decided by comparing median monthly income with median monthly payments on an average-priced property in the area. According to USA Today, the higher the ratio, the lower the affordability, and vice versa.