Although home ownership has become less attainable in many parts of the country, there are still some housing markets that are still affordable, even in some popular locations.
Ultimately, choosing where to live is about more than just housing prices. You also want a reasonable number of amenities to make enjoying life easier. Additionally, strong job growth and salaries are also factors.
A look at statistics from The Federal Housing Finance Agency (FHFA) suggests that significant portions of the east and west coasts don’t have many affordable housing markets.
Any Housing Markets That Are Still Affordable?
The Pacific Northwest and California are known for being expensive. The same applies to New York, New Jersey, Pennsylvania, Massachusetts and Connecticut.
While some cities may be manageable with a strong salary, most wouldn’t consider them as part of the most affordable areas in the U.S.
However, there are still some housing markets that are actually affordable — here are 10 worth exploring.
El Paso, Texas
El Paso is very affordable. With a median home value of $122,301, the potential cost of a monthly mortgage payment may be lower than paying rent.
The median home value in Cincinnati has grown steadily over recent years, and it seems likely to keep heading up. However, at a median home value of $129,872, Cincinnati is still very economical in comparison to other similarly sized cities.
As of May 2018, Columbus’ median home value is just $145,659, even after rising 11% over the past year. Additional growth is likely, but a median sale price of around $150,600 means the area is currently quite reasonable.
Grand Rapids, Michigan
With median sale prices near $156,400, Grand Rapids is a strong option for professionals and families. Plus, the area offers a reasonable overall cost of living, making it even more affordable.
San Antonio, Texas
With a median home value of $166,377, San Antonio is very inexpensive, even in comparison to other major cities in Texas. Like many cities in the state, housing values rose significantly last year. Additionally, they will keep climbing, albeit slower, over the next year.
Fort Worth, Texas
Fort Worth is part of the Dallas-Fort Worth metro area. Considering the size of the city and metro area, a median home value of $183,838 shows the affordability of the area.
Madison has a lot to offer, including job opportunities and a strong economy. While a median home value of $246,306 may seem high, it is far lower than many other metro areas of similar sizes.
Nashville has seen some significant growth in the housing market, though the area is closer to a buyers’ market than a sellers’. Median home values hit $254,619, making it a great choice for prospective home owners.
Raleigh, North Carolina
Raleigh has become a popular destination for upwardly mobile professionals. While the median home value of $257,074 is one of the higher ones on the list, it is still very reasonable in comparison to most of the West Coast and New England.
Austin has a median home value of $344,325. Considering Austin is a capital city full of opportunity, that’s a relatively cheaper housing market.
What You Can Expect From These Housing Markets
All of these areas have reasonable housing prices, particularly when compared to similarly sized cities in the Pacific, Middle Atlantic, and New England regions.
Additionally, many of them are experiencing job growth, a sign of strong economies. Many companies call these cities home too, so there could be a significant number of employment opportunities to be had.
Generally, by selecting a low-cost area with a robust economy, your housing investment may be more secure. Not only could you score a great deal on a home, but it may also appreciate in value over the next few years.
It’s important to note that, in comparison to higher cost cities, the average salaries in some of these locations may appear low on the surface. However, since the cost of living is more reasonable, your dollars may go further.
Ultimately, if you’re looking for affordable housing markets, all of the cities above are excellent options.
How affordable is your local housing market — and have you considered moving somewhere cheaper? Please tell us about it by posting in the comments section.
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