Finding an affordable home in the current housing market can be a daunting task. However, there are still some places where reasonably priced homes can be found if you know where to look. According to Realtor.com data journalist Evan Wyloge, the Midwest is a common region for affordable homes due to its historical affordability. On the other hand, not a single city on the West Coast made the list because there are no affordable pockets in that region.
Traditionally, the $200,000 range has been considered a sweet spot for many first-time homebuyers. However, the median price of existing homes has risen significantly in recent years, with a drastic increase from $274,500 in December 2019 to $407,600 in April 2024. This rise in prices has made it challenging for many to find affordable housing.
Areas like Lauderdale Lakes and Lauderhill in Florida are experiencing a surge in affordable condos, making downsizing a viable option for those looking to save money. These suburbs of Fort Lauderdale are filled with affordable housing options, particularly condos, making them attractive to potential buyers looking to downsize.
It’s not just first-time homeowners who are seeking out cheap regions. Smaller and individual investors are also looking for more affordable areas, many of which have experienced a population boom between 2010 and 2020, leading to increased rental demand. Realtor.com compiled a list of the most affordable cities in the US based on the number of listings under $200,000, excluding land
