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
5 Housing Markets That Would See a Drastic Increase in Homeownership if Mortgage Rates Dropped
Spokane, Wash., would experience an 11.4% increase in affordability if rates dropped to 6%
Housing Markets
Spring Housing Markets: Which Markets Saw the Most Appreciation, and Which Saw the Least?
Florida metros saw the weakest appreciation of all housing markets in the US
Business Management
How 2023's Housing Market Conditions Are Affecting the 2024 Market
Last year ended on an optimistic note, but persistent headwinds still exist to keep 2024 from getting the housing market back to pre-pandemic levels