Cities With the Lowest Home Prices in the US
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Housing prices are soaring and interest rates are rising, but median home prices in these places are less than $185,000.
Across the U.S., soaring house prices and rising interest rates are making homeownership unattainable for many people. However, there are still some affordable homes across the country, including 10 that have an average median price of less than $185,000, according to a report by Relator.com.
Here are the cheapest places in the U.S. to buy a home:
- Peoria, Illinois
- Terre Haute, Indiana
- Saginaw, Michigan
- Youngstown, Ohio
- Davenport, Iowa
- Erie, Pennsylvania
- Charleston, West Virginia
- Utica, New York
- Macon, Georgia
- Topeka, Kansas
“These areas generally have lower median incomes and lower costs of living, helping keep home prices lower,” said Hannah Jones, economic research analyst for Realtor.com. “These metros have also largely been spared rising housing costs from an influx of remote workers who have typically sought out mountain and beach destinations.”
Most of these states have economies historically tied to manufacturing and agriculture, and have not been overtaken by the tech industry, the report says. Because of this, they have not seen the house price inflation of popular tech hubs like Denver or Austin, Texas.
Wll 10 cities in the Realtor.com report have a median listing price under $185,000. Topeka, Kansas has the highest price ($184,950) and Peoria, Illinois has the lowest ($98,000), the report shows. Peoria even has some homes for sale listed at $30,000.
These prices are very reasonable, seeing as nearly 150 U.S. cities became “million-dollar cities'' in 2021, where the typical home value is at least $1 million, according to a report by the real estate site Zillow.
Realtor.com explored the 250 largest metros in February to find the places with the lowest median home prices. To keep it diverse, the team limited the picks to just one metro per state.
For more information from the report click here
Andre Claudio is an assistant editor at Route Fifty.
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