Home prices have been rapidly rising, but not everywhere. The housing market is showing some signs of cooling somewhat, which could open the door to potential buyers who the market has shut out. Also, with the growth of remote work—largely expected to remain in some form post-pandemic—house hunters may be able to expand their options and seek out markets offering greater housing affordability.
“If you’re working for a company in LA or San Francisco, where prices are sky-high, you might feel like you’re locked out of homeownership,” Frank Nothaft, chief economist for CoreLogic. “But some workers are able to pick up and relocate anywhere. And it may be where the prices of homes are one-tenth of what you’d pay in the Bay Area.”
Realtor.com®’s research team identified the metro areas where homes are the most affordable, particularly for first-time home buyers. They evaluated 300 of the largest metros to find the lowest median home prices. Many of the most affordable housing markets are in the Midwest. (For geographic diversity, the team limited their list to one metro per state.)
Here are the most affordable metros right now, according to realtor.com®.
1. Pottsville, Pa.
- Median home price: $109,900
2. Peoria, Ill.
- Median home price: $119,900
3. Terre Haute, Ind.
- Median home price: $120,000
4. Youngstown, Ohio
- Median home price: $135,000
5. Huntington, W.Va.
- Median home price: $139,900
6. Saginaw, Mich.
- Median home price: $142,500
7. Davenport, Iowa
- Median home price: $144,000
View the complete list of affordable metro areas at realtor.com®.
Source: “Buying a Home on a Budget? Here Are America’s 10 Most Affordable Metros,” realtor.com®
