(NEXSTAR) – With the way the real estate has been going over the past few years, it can feel like everywhere in the U.S. is unaffordable. But according to a recent analysis by MoneyGeek, that’s not exactly the case.
Yes, it’s true that more and more cities are becoming unaffordable for would-be homebuyers. But there are still some areas of the country where home prices are within reach of the average family.
MoneyGeek assembled a list of 20 growing counties where the cost of owning a home wasn’t outrageous for the area’s median income. To qualify for the list, the estimated monthly home ownership cost – including mortgage, property taxes, insurance, etc. – had to be under 50% of the monthly median income. That means the average county resident buying the average-priced house would be spending anywhere from 34% to 49% of their income on housing costs.
Where can you get away with that in this economy? One region dominates the list in particular: 13 of the 20 counties identified were in the Southeast, the study found.
MoneyGeek’s list of 20 most affordable and desirable counties is below:
| County | Nearby metro area | Median income | Median home price | |
| 1 | Clayton County, Georgia | Greater Atlanta | $30,502 | $185,811 |
| 2 | Cumberland County, Pennsylvania | Greater Harrisburg | $40,909 | $257,744 |
| 3 | Lexington County, South Carolina | Columbia | $36,899 | $206,726 |
| 4 | Madison County, Alabama | Huntsville | $38,327 | $263,726 |
| 5 | Marion County, Florida | Ocala | $30,606 | $218,548 |
| 6 | Hidalgo County, Texas | McAllen | $22,506 | $112,030 |
| 7 | Oklahoma County, Oklahoma | Oklahoma City | $35,151 | $200,321 |
| 8 | Benton County, Arkansas | Greater Fayetteville | $37,496 | $270,864 |
| 9 | Escambia County, Florida | Greater Pensacola | $30,751 | $228,537 |
| 10 | Tulsa County, Oklahoma | Tulsa | $34,896 | $205,364 |
| 11 | Spartanburg County, South Carolina | Spartanburg | $32,398 | $205,940 |
| 12 | St. Tammany Parish, Louisiana | Greater New Orleans | $37,211 | $271,488 |
| 13 | Pasco County, Florida | Greater Tampa | $34,974 | $261,644 |
| 14 | Lubbock County, Texas | Lubbock | $29,179 | $186,302 |
| 15 | Forsyth County, North Carolina | Winston-Salem | $31,769 | $215,172 |
| 16 | Douglas County, Nebraska | Greater Omaha | $39,918 | $231,908 |
| 17 | Greenville County, South Carolina | Greater Greenville | $35,725 | $268,888 |
| 18 | Richland County, South Carolina | Columbia | $30,753 | $215,917 |
| 19 | Webb County, Texas | Laredo | $27,185 | $163,199 |
| 20 | Knox County, Tennessee | Knoxville | $34,383 | $270,117 |
MoneyGeek deemed these counties still “desirable” because their populations are growing faster than the national average and their home values are still appreciating. The analysis also left out especially small or sparsely populated counties – all of those included have populations larger than 250,000, making them reasonably sized metro areas.
These 20 counties are the exception, however. Many major metro areas have grown unaffordable to the average buyer.
What’s been driving sky-high housing prices? It’s complex, MoneyGeek’s analysts said. “The COVID-19 pandemic exacerbated labor shortages and supply chain delays, which led to slower residential home construction. As a result, home prices skyrocketed, leading to higher mortgage payments and home insurance costs on newly purchased properties.”
The increase in remote work also led more people to seek big homes in smaller cities, driving up home prices in places that weren’t as popular before the pandemic.
There are signs things are slowing down when compared to the last few years. Higher borrowing rates have pumped the brakes on the housing market, forcing potential homebuyers to the sidelines. Mortgage applications have declined 20% from last year and refinancings are down 80%, according to the Mortgage Bankers Association. Those trends are expected to continue with more Fed rate increases a near certainty.
The Associated Press contributed to this report.