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.
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