Affordable Town Ranking for Homeowners

A new study analyzes Census data to find the most affordable housing markets in all 50 states. Each state has median home prices below the national median of $295,000.

Business Insider's ranking included markets with a minimum 500 owner-occupied homes with a mortgages; towns that may be cheaper and smaller, or with many longtime residents who own their homes outright were therefore excluded. Realtor.com chief economist Danielle Hale explains, "When people are thinking about whether or not they can afford a home, they think about what their monthly payment is going to be. It's easier for folks to wrap their heads around," as opposed to the list price.

Homeowners on a budget in Pocahontas, Ark., have it the easiest, forking over just a median $613 a month. That's likely due to the low median home list price in Pocahontas of only $107,900, according to realtor.com data. That's a little more than a third of the national median. The town, about 100 miles north of Memphis, Tenn., on the Black River, is home to a 140-acre industrial park as well as some farm supply businesses. It also boasts a 17-block National Historic Commercial District, featuring Victorian architecture, art galleries, and restaurants, as well as the scenic Civil War River Walk.

Read more