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Massachusetts home to several cities deemed 'too expensive' [VIDEO]

Posted on Monday, February 9, 2015 at 10:11:24 AM

In the market for residential financing and an affordable home? Well, you're in luck. There are a number of cities across the country that are ideal for homeownership, including many in the New England area.

However, there are also a few markets that you may want to avoid. According to a recent report from RealtyTrac, Massachusetts is home to two of the least affordable cities in the country: Amherst and Nantucket. Dominating the list was California, with seven of the top 10 cities, led by La Jolla and Greenbrae. 

La Jolla had an affordability index score of 375 percent, RealtyTrac reported. That is more than twice the score for Greenbrae, in second place. A lesser-known city on the list was Wilson, Wyoming, coming in at No. 5 with a score of 163.5 percent.

On the other hand, many states still have great deals for homebuyers. A study completed by financial technology firm SmartAsset found several of the best areas in the country, according to CBS News. In the lead was Texas, followed by Pennsylvania, Oklahoma and Illinois. To compile its list, SmartAsset looked at price, cost to own for five years, taxes, residential financing and other elements. 

Naturally, the more expensive homes were on the West Coast, in Florida and in the Northeast.