Where are the most affordable places to live in the U.S.? Demographia’s 13th Annual Affordability Survey brought to light a list of affordable markets in the U.S. based on their median multiple, a number obtained by dividing the median house price by the median household income. The Median Multiple is widely used for evaluating urban markets and has been recommended by the World Bank and the United Nations. According to the survey, there are 82 affordable housing markets in the country. Racine, Wisc., is the most affordable of them this year, followed by Bay City, Mich. Decatur, Ill., Elmira, N.Y., and East Stroudsburg, Pa. America’s Kringle Capital is No. 1 With a population of less than 80,000, Racine is officially the most affordable city to live in based on median house price and median household income. If you decide to settle here, you’ll be 22 miles south of Milwaukee and 77 miles north of Chicago. Located at the mouth of the Root River, on the shore of Lake Michigan, the city is most famous for its Danish pastries. In fact, its nickname is derived from the kringle, an oval-shaped, buttery, flaky delicacy. But Racine is more than finger-licking desserts. The city boasts a zoo, a beautiful lakefront, a picturesque lighthouse, museums and historic architecture. Affordability Perks Bay City, Mich., ranks second in the top 5 most affordable cities. According to recent data published by mlive.com, the city is oversupplied, which keeps home prices and rent levels very low. City officials are struggling to eliminate blight, increase home values and attract new homebuyers. So if you’re thinking about moving to a riverfront property in a quiet town, now’s the time to do it. The third most affordable city in the U.S. this year is Decatur,...

Finder.com recently gathered data on 78 cities throughout the US. The figures were used to determine the salaries needed to buy a home and live comfortably within these cities. The average wage in the US–$52,250 according to the US Census Bureau—sustains homeownership in only 46 percent of the listed cities. Realistically, the numbers are even more conservative than the data would suggest. Of the cities examined, the top ten cities on the list that required the highest salaries would not surprise anyone. California cities occupy nearly half of the top ten. San Francisco led the pack, suggesting a salary of at least $180,600 for the average home priced at a cool $1,119,500. San Jose and Los Angeles came in second and third, respectively. A resident earning $129, 864 could afford the average home in San Jose while $90,244 is needed in Los Angeles. My beloved Atlanta comes in at 45 on the list. The average home, priced at $180,000, requires a salary of about $51,551. Jackson, MS, wraps up the list. Residents earning $43,265 can ideally afford to buy a home and live comfortably. In defining what it means to live comfortably and buy a home, the site made several assumptions that simply don’t resonate with many Americans. We will take the Atlanta market, for example. For buyers seeking a home in the $180,000s, the assumption that the homebuyer has the ability to pay off annual non-mortgage related household debt and has saved up $36,000 as a down payment is unrealistic. Manuel Cabrera, Branch Manager with CalAtlantic mortgage, shakes his head upon hearing the assumptions. “Primarily, the median home price within the Atlanta metropolitan may be $180,000 but that doesn’t mean it’s a realistic price for buying a home. There are still foreclosures and...

In positive news for the public housing realm, the U.S. Department of Housing and Urban Development has received $49.3 billion in gross discretionary funding. It’s a $4 billion increase over FY 2014. The resources will be allocated to rental assistance vouchers, assistance for homeless and at-risk families, community improvement, and additional training for the Public Housing Authority staff. A notable portion of the funds will be used to compensate for 67,000 Housing Choice Vouchers lost during the sequestration in 2013 and a $25.6 billion deficit between FY 2014 and FY 2015. There are few new initiatives. $35 million will be divided between new affordable housing for seniors and 700 new households with supportive services for persons with disabilities. The bulk of funding is focused on the continuation and enhancement of existing programs for vulnerable populations. $332 million will support the Housing Opportunities for Persons with AIDS program. First nation tribes will receive $748 million towards housing and community development. $2.5 billion will be channeled to the Homeless Assistance Grants, which reduce homelessness among families and veterans. Additional housing assistance comes in the form of adjustments for FHA mortgage insurance premiums. The new parameters will permit access to credit for 250,000 new homebuyers. $4.7 million low-income families will receive rental housing assistance. A grant of $50 million will transform 25,000 public housing units into project-based rental assistance contracts that can further spark capital investment. Communities will receive an additional boost of community improvement through Choice Neighborhoods. The organization receives $250 million to reconstruct impoverished neighborhoods as mixed-income communities with employment and enrichment opportunities for residents. Overall, the budget is a $4 billion increase over the budget for last year, but is it enough? HUD Secretary Julián Castro believes that it is a great start. “By...