Shamsul Islam Naz: These 10 U.S. Cities Will Be Even LESS Affordable In 2014, Study Finds (PHOTOS)

Saturday, January 25, 2014

These 10 U.S. Cities Will Be Even LESS Affordable In 2014, Study Finds (PHOTOS)

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While this certainly isn't the first time we've made the argument for suburban living, this time we're taking a new approach by looking at the cities that haven't drained your pockets in years past, but are making up for lost time.

According to CNNMoney, a team at CoreLogic Case-Shiller, which calculated the increases in housing prices (see below for more) for major metro areas across the country, found the housing markets in these areas are hotter than ever. And we're not talking "hot" in the hip way -- we're talking more in the sense that they'll burn the cash right out of your pocket with their expected housing price gains that near 10 percent by September in some areas.

If that turns you off of urban living, consider this: New studies reveal that moving to a city can make you calmer, happier and more connected. (But we're guessing that's if you can afford your bills.)

10
Memphis, Tennessee

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Median Home Price: $122,000
Expected Gain By September: 7.3 percent

When a flood of real estate investors take to giving foreclosures and cheap housing new life, the home value inevitably lifts. That's exactly the case here and the trend isn't stopping anytime soon.
9
New York City, New York

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Median Home Price: $440,000
Expected Gain By September: 7.4 percent

Did anyone really expect New York City prices to go down? The only surprising twist on this one is that the real action is happening off the island in Brooklyn and Queens, where prices are climbing by double digit percentages.
8
Birmingham, Alabama

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Median Home Price: $174,000
Expected Gain By September: 7.8 percent

Between new businesses moving in the inner city and the opening of parks, a minor league baseball stadium and warehouses-turned-offices, Birmingham is finally enjoying the fruits of its labor.
7
Baltimore, Maryland

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Median Home Price: $299,000
Expected Gain By September: 8.0 percent

Being in such close proximity to the nation's capital isn't the only push here -- a rise in hirings at colleges and hospitals like John Hopkins have helped as well.
6
Tampa, Florida

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Median Home Price: $177,000
Expected Gain By September: 8.0 percent

While Tampa has witnessed a similar situation as the one seen in Memphis, this city has the added value of employers such as Bristol Myers that have opted to open their new office doors in the area.
5
Hartford, Connecticut

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Median Home Price: $234,000
Expected Gain By September: 8.3 percent

Long-time residents like Aetna and UnitedHealth Group, which also happen to be the nation's biggest insurers, are expanding and bringing jobs and development to the city.
These 10 U.S. Cities Will Be Even LESS Affordable In 2014, Study Finds (PHOTOS)
4
Richmond, Virginia

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Median Home Price: $220,600
Expected Gain By September: 8.5 percent

Rising home prices aren't anything new in here, where they have been steadily growing at 3 percent each year since 2000. But when you couple that with an unemployment rate well below the national figure, Richmond was bound to end up on this roundup.
3
New Orleans, Louisiana

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Median Home Price: $163,000
Expected Gain By September: 8.7 percent

As more and more people return to the continually rebuilding city of New Orleans, housing demand will increase as well. Simple as that.
2
Fort Worth, Texas

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Median Home Price: $181,300
Expected Gain By September: 8.3 percent

When major corporations like Amazon, Wal-Mart and Motorola build facilities in and around your neighborhood, a surge in home prices is inevitable as more employers means higher housing demands.
1
Oakland, California

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Median Home Price: $545,000
Expected Gain By September: 9.3 percent

A spillover of benefits from San Francisco combined with a a high-paying tech industry that's going strong? No wonder West Coasters are flooding to the most affordable city in the Bay Area.

According to their website, CoreLogic Case-Shiller is "the company financial services and real estate professionals turn to for comprehensive data, analytics and services." And as they note with regard to this data in particular, "Forecasts are for the 12 months ending September, 2014. Rankings are for metro areas with populations of one million or more. In addition to its own data, CoreLogic Case-Shiller compiled its results using data from the National Association of Realtors, the Federal Housing Finance Agency, Moody's Analytics and the Bureau of Labor Statistics."

To discover more details of the report, head over to CNNMoney.