2 MI Cities Are Most Afforable To Buy a Home: Report

MICHIGAN — A new report shows home buyers should consider two Michigan cities.

The WalletHub report found Flint and Detroit are the two most affordable places to buy a home in the nation.

The report determined Flint has the lowest cost of living index (COLI) in the nation and has the most affordable home prices relative to residents’ income. The city also produces the lowest median home price per square foot, at only $61, while some of the most expensive cities is over $1,000 per square foot, the report noted.

In Detroit, the report noted that the difference between the average house price and the median household income is the second-lowest rate in the country. The city also offers a low median price per square foot, which is roughly $87.

The report noted that home buyers have lots of options in both Flint and Detroit due to a high number of vacant houses, which was spurred in large part due to the Flint drinking water crisis and Detroit's financial woes. But Detroit has largely revitalized itself and Flint has now complied with EPA standards for six years.

To determine its rankings, WalletHub compared 300 U.S. cities across 10 key metrics. The data set ranged from the costs of homes and their maintenance to tax rates and vacancy rates.

"When deciding where to buy a home, home prices alone aren't a good enough indicator of how affordable things will be," WalletHub analyst Chip Lupo said. "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."

Overall, nine Michigan cities made the ranking. They are listed from most to least affordable.

No. 1 Flint

No. 2 Detroit

No. 13 Warren

No. 37 Grand Rapids

No. 46 Livonia

No. 68 Sterling Heights

No. 78 Dearborn

No. 91 Lansing

No. 177 Ann Arbor

View the full report on WalletHub.