Soaring home prices across the U.S. are pushing homeownership out of reach for a growing number of buyers, but according to Realtor.com, a few relatively affordable markets could provide a much-awaited opportunity for budget-conscious house hunters. While metros like New York City and Nampa, Idaho are seeing record high price gains, small northeastern markets in Peoria, Illinois and Terre Haute, Indiana still offer buyers affordability with median list prices around $100,000.
The top 10 metros with the cheapest homes for sale have seen downsized resident populations over the past decade, leaving untouched inventory available for newcomers.
Our top-line findings: If it’s cheap real estate you’re seeking, go Midwest, young man (or woman)! Unsurprisingly, there were no states west of Kansas that made our most affordable list.
The inexpensive locales that did make it onto our rankings have mostly experienced decades of population decline, resulting in more homes for sale—or even abandoned. That’s led to a larger housing inventory than throughout most of the country. So buyers can take a bit more time to decide on the right property, and there’s not as much pressure to offer more than asking price.
Advertisement
Related Stories
Housing Markets
These Housing Markets Are Seeing Higher Than Average Price Increases
The majority of metros where housing costs increased fastest are in the Northeast
Housing Markets
10 Housing Markets With the Highest Rate of Investor Homeownership
Cities with the highest share of investor homeownership are also the places seeing a slowdown in the market due to high costs
Housing Markets
10 Best Housing Markets for Sellers
Cities topping the list are in high demand due to affordability