EMERYVILLE, Calif.,
March 14, 2013 /PRNewswire/ --
ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the
leading online technology-enabled residential real
estate brokerage company, has released a list of the 10 most
affordable housing markets of 2013 based on ZipRealty's analysis of
two years of authoritative MLS data and U.S. Census Bureau
information. The evaluation compared median home sale prices in 30
metropolitan areas to median household income levels in those same
cities. Those metropolitan areas with the lowest ratios of home
price to household income were deemed to be the most affordable
areas for the purposes of the study.
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Metropolitan areas in Texas and
non-coastal regions are the best places to find a real estate
bargain, according to the study. Dallas-Fort Worth, Houston and Minneapolis-St. Paul top the list as the most
affordable metropolitan areas, while Washington, D.C., Brooklyn, N.Y. and the San Francisco Bay Area are the most
expensive.
"ZipRealty's analysis shows that in the most affordable areas,
the average home sells for about five to six times annual average
household income levels," says Lanny
Baker, CEO and President of ZipRealty. "However, at
the other end of the spectrum, homes in the least affordable metro
areas are selling for as much as 11 to 13 times the local household
income standards, and in one city we researched, the average house
price to income level ratio was almost 17,"says Mr. Baker.
"Purchasing a home is a major ticket item for people in any city,
and yet our research clearly shows that housing affordability can
differ vastly from one city to the next. It is important for
consumers to understand how housing in their local market tends to
be priced relative not only to local income levels, but in
comparison to other areas of the nation," he continues.
Below is a list of the Top 10 Most Affordable Housing
Markets with the current ratio of median home sales prices to
median household income shown for each metropolitan area.
|
1) Dallas-Fort Worth
|
5.27x
|
|
2) Houston
|
5.43x
|
|
3)
Minneapolis
|
5.50x
|
|
4)
Orlando
|
5.89x
|
|
5) Las
Vegas
|
5.98x
|
|
6) Raleigh, N.C.
|
6.03x
|
|
7)
Austin
|
6.13x
|
|
8)
Denver
|
6.31x
|
|
9)
Nashville
|
6.47x
|
|
10)
Phoenix
|
6.59x
|
ZipRealty's list of the most affordable housing markets was
created using the most accurate and complete data in the real
estate industry, which is detailed in the company's Data Quality
Report, http://bit.ly/107LMMp, which was released on
March 6, 2013. ZipRealty discovered
that prominent real estate websites consistently fail to display a
significant number of MLS-listed homes for sale, while also
presenting a large number of sold homes as if they were currently
for sale. The study results show that up to 30% of MLS listed homes
for sale are missing from other real estate websites, and over 15%
of the listings on these websites are stale, expired or inactive.
In contrast, ZipRealty never includes sold homes in search results,
and has an accuracy rate of greater than 99% on MLS listed homes
for sale.
Based on ZipRealty data, the Top 10 Most Expensive Housing
Markets are:
|
1) Washington, D.C.
|
16.78x
|
|
2) Brooklyn, N.Y.
|
16.58x
|
|
3) San Francisco Bay
Area
|
13.81x
|
|
4) San
Diego
|
13.60x
|
|
5) Los Angeles
|
13.52x
|
|
6) Miami
|
12.11x
|
|
7) Orange County (California)
|
10.63x
|
|
8) Boston
|
9.47x
|
|
9) Westchester (New York
State)
|
9.29x
|
|
10) Baltimore
|
8.56x
|
www.ziprealty.com
About ZipRealty, Inc.
ZipRealty is a leading national real estate brokerage and provider
of proprietary technology and comprehensive online marketing tools
for the residential real estate brokerage industry. For home buyers
and sellers who increasingly want control, choice and a seamless,
customized service, ZipRealty offers Internet-enabled,
state-of-the-art technology and complete access to accurate, timely
information via their website and mobile applications, which real
estate professionals can combine with their own local knowledge and
personal expertise to offer an exceptional start-to-finish client
experience. For real estate professionals who seek more productive
ways to conduct business, ZipRealty provides technology and online
marketing tools to enhance their online sales channel, including
lead generation, conversion and service of their clients.
ZipRealty's technology and online marketing products serve its
full-service, owned-and-operated residential real estate brokerage
business in 19 markets nationwide, as well as its Powered by Zip
network of leading third-party local brokerages in 15 markets.
Media Contact: Stacey
Corso
510.735.2667
scorso@ziprealty.com
SOURCE ZipRealty, Inc.
