Fayetteville-Springdale-Rogers, Arkansas-Missouri. The home value-to-income ratio here is 2.7, with Fayetteville metro seeing the largest cumulative job growth over the last three years. And wage gains have kept pace with the increase in home prices: from Q2 of 2018 to Q2 of 2021, house prices increased at a cumulative rate of 19.1%, with a 21% rise in average weekly wages for the same period. That strong job growth is expected to spur further wage increases this year, which may increase demand for homes—and boost prices.
Huntsville, Alabama. This area also boasts a solid home value-to-income ratio, coming in at 2.6. While home prices rose 24.6% compared to wage increases of 13.4% over three years, jobs have also increased (4.7%), as has population (5.6%). Both are higher than the national averages. Huntsville, Alabama, also earned the fifth spot for career opportunities out of a list of 200 metros.
Knoxville, Tennessee. This city offers some of the most affordable home prices of any place on this list, with a median property value of $288,878. With a home value-to-income ratio of 2.7, Knoxville has become an attractive place to move to, with 10,000 relocating there in 2020. However, home prices are increasing at a cumulative three-year pace of 22.4%, which is faster than cumulative wage growth (16.5%). This will likely matter less if you are a retiree. On a recent list Knoxville came in at number four for most affordable cities for retirees.
Palm Bay-Melbourne-Titusville, Florida. With a home value-to-income ratio of 2.9, Palm Bay-Melbourne-Titusville, Florida, is more attractive than other Florida metros like Miami (4.7), Orlando (3.9) and Sarasota (3.8). Over the past three years, this part of Florida has had the second-fastest wage growth (27.2%) of all the cities on this list. An added attraction for remote workers is that it has the highest share of households with broadband services, at 78.3%.
Pensacola-Ferry Pass-Brent, Florida. Pensacola-Ferry Pass-Brent, Florida, shares the same home value-to-income ratio as Palm Bay-Melbourne-Titusville. While this has been a hotspot for retirees, it has also become more appealing to remote workers due in part to its broadband service (74.2% of households) and its beautiful beaches.