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Real Estate
Jordan Pandy and Erin Snodgrass
- Affordable housing is becoming increasingly difficult to find in the US.
- The median home price in the US increased nearly 50% from 2019 to 2024.
- In cities like Akron, Ohio, and Lansing, Michigan, there are still plenty of homes under $200,000.
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Finding an affordable home seems all but impossible in this current market, but if you know where to look, you can still find some more reasonably priced homes.
Prices have increased across the board in most markets, pricing a lot of residents out and forcing them to look elsewhere to settle down.
While, individual investors are still buying up properties left and right.
"I don't think there's any place where we are seeing significant price reductions," Realtor.com data journalist Evan Wyloge told Business Insider. "A lot of this list has to do with the baked-in affordability for some of these places."
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The Midwest is a recurrent region on this list as it's traditionally been an affordable part of the country. Not a single West Coast city cracked the top ten — simply because there are no affordable pockets out West, Wyloge said.
For a lot of people looking to move into their first home, that $200,000 range has historically been the sweet spot. However, homes haven't hovered around that price point in a while.
According to data from the National Association of Realtors, the median existing home price was $274,500 in December 2019. As of April 2024, that number is $407,600.
"Areas that were once popular for downsizing are now out of reach for many," Realtor.com senior economic analyst Hannah Jones told Realtor. "Florida markets like Lauderdale Lakes are seeing a surge in affordable condos, providing viable options for those looking to downsize without breaking the bank."
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Lauderdale Lakes and Lauderhill, both suburbs of Fort Lauderdale, made the list, and their housing supply is almost entirely condos, Wyloge said.
It's not just first-time homeowners seeking out cheap regions, either. Smaller and individual investors are also zeroing in on more affordable areas, many of which saw a population boom between 2010 and 2020, leading to increased rental demand.
Realtor.com scoured the US to find the most affordable cities and ranked them by how many listings they had under $200,000 — excluding land, mobile homes, and cities with less than 100 listings.
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10. Cleveland
Median list price: $135,475
Number of listings under $200,000: 512
Percentage of listings under $200,000: 61%
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9. Rockford, Ilinois
Median list price: $164,950
Number of listings under $200,000: 153
Percentage of listings under $200,000: 66%
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8. Lansing, Michigan
Median list price: $143,950
Number of listings under $200,000: 133
Percentage of listings under $200,000: 68%
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7. Albany, Georgia
Median list price: $104,000
Number of listings under $200,000: 245
Percentage of listings under $200,000: 64%
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6. Niagara Falls, New York
Median list price: $114,500
Number of listings under $200,000: 98
Percentage of listings under $200,000: 80%
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5. Rochester, New York
Median list price: $161,194
Number of listings under $200,000: 213
Percentage of listings under $200,000: 68%
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4. Detroit
Median list price: $90,000
Number of listings under $200,000: 1586
Percentage of listings under $200,000: 64%
Detroit has become a popular place for first-time investors looking to break into the market thanks to the city's lower home prices.
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3. Akron, Ohio
Median list price: $138,600
Number of listings under $200,000: 214
Percentage of listings under $200,000: 70%
Akron, Ohio, was named one of the 20 most attractive US cities for both homebuyers and investors looking for affordability, based on 2023 summer data.
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2. Lauderhill, Florida
Median list price: $175,000
Number of listings under $200,000: 404
Percentage of listings under $200,000: 70%
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1. Lauderdale Lakes, Florida
Median list price: $149,350
Number of listings under $200,000: 239
Percentage of listings under $200,000: 85%
Prices in many parts of Florida remain cheap even amid an ongoing wave of internal US migration to the Sunshine State. Billionaire investor Kyle Bass said earlier this year that Florida is one of three states where he's buying up property to match migration trends.
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