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Toledo, Ohio, comes in 12th on our list of the most affordable places in the U.S. to buy a house. Toledo was once a manufacturing hub and was known as the Glass City in recognition of its innovative role in the glass industry. Manufacturing still accounts for as much as one-fifth of the city’s economic base. The city is home to the world-class Toledo Museum of Art, the Toledo Zoo, and the Valentine Theatre, which presents touring companies as well as performances by the Toledo Symphony and Toledo Opera.
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These programs include Housing Choice Vouchers, Section 8 Project-Based Rental Assistance and public housing. West Virginia had the lowest median listing price of $279,997 as of June 2023, compared to the national median of $445,000. Ratiu says that while many people focus on the bright stars, like New York or Washington, D.C., mid-sized cities are naively overlooked when it comes to getting both affordability and a strong economy. According to data from Realtor.com, Buffalo’s median listing price for a single-family home in 2020 was just $184,000—considerably lower than the national median of around $340,000. Buffalo has gone through a major transformation over the last decade, with new restaurants, entertainment, activities and events popping up year after year. This confluence of businesses and community activities has infused the city (known for its harsh winters) with lots of fun and energy, says Amber Wesser, real estate broker at Hunt Real Estate in Buffalo.
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10 Best Affordable Cities for Homebuyers on a Budget - Kiplinger's Personal Finance
10 Best Affordable Cities for Homebuyers on a Budget.
Posted: Fri, 01 Mar 2024 08:00:00 GMT [source]
She has been featured in articles by outlets such as Forbes, The New York Times, The Street, and Realtor Magazine. In regards to real estate, home sales have cooled off compared to last year, posting a 10.2% year-over-year decline in November 2023. The median home sale price in Indianapolis is $209,983, while Fort Wayne is slightly higher at $220,000. Ohio ranks #16 among all states for affordability, with a cost of living index of 92.5 – however, job growth in the state is declining at a rate of -0.7% compared to the U.S. average of 0.2%. Overall, if you’re looking for affordable housing, look at small-to-midsize Midwestern cities, where individuals can get the most for their money. Many of these cities have undergone revitalization projects and have plans for future development.
Best affordable cities for homebuyers on a budget
Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers. Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Homebuyers on a budget are more likely to make their home owning dreams a reality in several cities across the U.S., according to a new study from insurance broker Insurify.
When it comes to choosing a place to unpack and stay awhile, affordability is often top of mind for many home buyers. Whether it’s drawing from a need to find cheaper real estate or the goal to get the biggest bang for their buck, today’s buyers are on the hunt for real estate that is within stricter budgets. And one of the first steps they should take in finding affordable housing is finding the cheapest state to buy a house.
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Despite the median salary being among the lowest of the affordable cities on this list, so are home prices. In fact, median earners in Detroit will spend just about 6% of their monthly income on mortgage payments, which is extremely low. Georgia is the 8th-most populated state in the U.S. and home to more than 10.7 million people. The diverse economy is driven by the agriculture and mining, industry and logistics, and defense sectors. Atlanta is the state capital and also the largest metropolitan region in Georgia.
The right choice will depend on your needs, lifestyle and individual goals. If price is one of the factors that will determine the home you buy and the area you purchase it in, don’t just make your decision based on home price. Consider homeowners insurance, property taxes and the area’s cost of living, too. Along with researching the cheapest state to buy a house, dive deeper into more precise locations by searching real estate markets, home values and costs of living at a county – or even city – level. You may be surprised to find a low-cost location in an otherwise expensive state to buy a home. Ohio’s leading industries range from steel production and motor vehicle assembly to agriculture, finance and research and development.
15 Cheapest Places to Buy a House in California - Yahoo Finance
15 Cheapest Places to Buy a House in California.
Posted: Sun, 24 Sep 2023 07:00:00 GMT [source]
Located near the center of New York state, Syracuse is just south of Lake Ontario and adjacent to the Finger Lakes region, famous for its natural beauty and its many wineries. As the home of Syracuse University, with more than 20,000 students, it’s also very much a college town. SU athletics are popular, and the city boasts a thriving art scene too, with several museums, galleries and live music festivals as well. Thinking about buying real estate, either as a primary residence or investment property? Lauren is a Content Editor specializing in personal finance and the mortgage industry. Her writing focuses on reporting the best places to live in the U.S. based on certain interests and lifestyles.
Housing Market 2024: Why Americans Pay Higher Real Estate Commissions Than the Rest of the World
Now let’s explore the 10 cheapest states to buy a house in 2024 and how much you can expect to pay as a home shopper. Kiplinger is part of Future plc, an international media group and leading digital publisher. We do our best to ensure that our content is accurate and free of mistakes. If you wish to submit a comment, complaint, or correction, please make sure to reach out to us directly. Our typical sources include, but are not limited to, federal, state, and local laws, federal and state case law, respected newspapers and media sources, and government websites. We try our best to transparently cite these sources wherever possible in the publication of an article.
This list represents the 10 cheapest cities in the U.S. to buy a house in, per a Realtor.com study from the fourth quarter of 2022. Beyond just low listing prices, each city has its own individual personality and culture. The offers that appear on this site are from companies that compensate us. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
All that she knows of garden care and interior design she learned from her artistic mother, Jacqueline. She now applies these skills to her life in Chattanooga, TN, where home is an urban art studio with books piled everywhere. And not everyone has the luxury to uproot their lives and plant themselves in a new place. But, as work-from-home flexibilities become more common, moving has become a more viable option.
Besides horses, the state is also known for producing outstanding bourbon. News’ list of the best states, earning middle-of-the-pack scores for its economy (#33), infrastructure (#36), and opportunity (#32). Its biggest industries are agriculture and forestry, owing to its abundance of farm and forestlands. News’ rankings of the best states, failing in categories like crime and corrections (#50), economy (#50), infrastructure (#49), and natural environment (#49). Iowa, sometimes referred to as the Hawkeye State, is known for being the first state in the nation to cast its votes for presidential candidates.
If you’re interested in buying a house in the Hoosier State, check out homes for sale in Indiana. Over the last year, homes became increasingly more difficult to afford, especially for first-time buyers, due to high mortgage rates and real estate prices, along with low housing stock. In the first half of 2020, thanks to the pandemic, the difference in mortgage refinancing savings between high and low-income borrowers increased by 10. And as of January 2024, the median U.S. home selling price was $402,523, up 5.2% compared to the previous year, reports Redfin.
Surrounded by rolling hills, this small town in Upstate New York has a population of only 47,000 and sits on just 11 square miles of land. The cost of living in Binghamton is 19.3 percent lower than the national average and 50.6 percent lower than the average for New York. Thanks largely to the presence of highly rated Binghamton University, there are plenty of dining, cultural, and entertainment options.
And most recently, Apple announced it would partner with Michigan State University and open its first North American developer academy in Detroit.
The Davenport-Moline-Rock Island metropolitan area straddles the Iowa-Illinois border and is known for its affordability. Also referred to as the Quad Cities, the region stretches across 2,270 square miles and has a population of just over 378,000. Each of the cities is situated along the Mississippi River and has a distinct personality, lively waterfront areas, and a thriving music and arts scene. Home to over 13 million residents, Pennsylvania is the 5th-largest state in the U.S. Harrisburg is the capital city and Philadelphia/Delaware Valley is the largest metro area. Kansas is the 35th-most populated state in the U.S. and home to almost 3 million people.
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