These are the nation’s most affordable housing markets
Homebuyers looking for relief from last year’s bidding wars and soaring prices haven’t had a lot to celebrate in 2022. The median home price in the U.S. is expected to jump from $355,000 to $384,000 this year, according to Fannie Mae. But if you’re willing to look hard enough, there are still a few markets where you can find bargains.
Realtor.com has analyzed data from 250 of the country’s largest markets to rank the most affordable places to buy a house today. And seven of the 10 cities have a median home price of less than $150,000. (The study listed only one city from each state to ensure a wider geographic view.)
The cities aren’t luxury destinations. Expect manufacturing and agriculture rather than beaches and stunning vistas. But for people who are able to work remotely and are hoping to own their own home, these locations could represent a good opportunity.
“These areas generally have lower median incomes and lower costs of living, helping keep home prices lower,” said Hannah Jones, economic research analyst for Realtor.com, in a statement. “These metros have also largely been spared rising housing costs from an influx of remote workers.”
Here’s a look at the least expensive metro areas:
Peoria, Ill.: Median list price: $98,000
Terre Haute, Ind.: Median list price: $104,900
Saginaw, Mich.: Median list price: $112,200
Youngstown, Ohio: Median list price: $118,000
Davenport, Iowa: Median list price: $127,400
Erie, Pa.: Median list price: $148,400
Charleston, W.Va.: Median list price: $148,900
Utica, N.Y.: Median list price: $169,450
Macon, Ga.: Median list price: $174,950
Topeka, Kans.: Median list price: $184,950
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