National Business Capital Ranks ‘Unexpectedly Affordable’ Places to Live

(Illustration courtesy of National Business Capital)

With remote work becoming the norm, the dream of homeownership in desirable locations may be more attainable than it seems, according to fintech lending platform National Business Capital, Hauppauge, N.Y.

“Home prices are still the largest piece of most household budgets,” National Business Capital CEO Joe Camberato said. “But if you know where to look, it can be a smaller piece than expected.”

National Business Capital’s report on home affordability reveals a silver lining in a market where affordability sometimes seems out of reach. Some surprising findings include:

Vacation Hotspots Remain Surprisingly Affordable: Despite their popularity, many vacation hotspots and pandemic boomtowns in the Sun Belt, such as Miami, Las Vegas and Austin are still within reach for prospective homebuyers. “Contrary to expectations, housing prices in these areas, although higher than before, remain surprisingly within reach for many,” the report said.

Florida Cities Buck the Trend: Despite experiencing explosive growth, no Florida cities made it into the top 10 most expensive places to buy a home. “While the cost of living is on the rise in the Sunshine State, it remains less expensive than many of the areas new residents are moving from,” National Business Capital said. Miami, the most expensive Florida metro area, ranked 144th out of 167, while Ocala was the cheapest, ranked 62nd.

Wealthy Suburbs and Elite Cities Offer Better Deals: Contrary to common belief, wealthy suburbs and small upscale cities, such as Southwest Connecticut’s “Gold Coast” and Salinas, Calif., offer better deals than their big-city counterparts such as New York City, Boston or Los Angeles. “Home values in these areas are more in line with local salaries, making homeownership more feasible than expected,” the report said.