These Are the Cheapest American Cities Where You Can Buy a House Right Now
Keeping up with the ever-changing housing market can be tricky. With multiple factors such as the pandemic, rising interest rates and housing shortages, the process of buying and selling homes has become more difficult. And, in many cases, it has become more expensive.
But this is not the case everywhere. According to a new report from Realtor.com , “Some cities are still brimming with low-price housing that is to some extent insulating against the effects of higher mortgage rates.”
So where are these affordable housing havens? Here’s what you need to know about the 10 cheapest US cities to buy a home right now.
10 Cheapest US Cities to Buy a Home Right Now
First, a few things to know about these cities. Most affordable housing markets in the US are now in cities that flourished at some point in their history—as industrial or manufacturing centers, centers of transportation and commerce, or state capitals—and then plummeted.
During the urban boom, a lot of housing was built to accommodate people moving there in search of work. But as industry left the city, factories closed or rail lines stopped running, the city fell on hard economic times and its population dwindled.
Fast forward to today and these cities will have more housing at more affordable prices than other urban areas in the country. Here are the 10 cheapest markets, according to Realtor.com :
1. Youngstown, Ohio
Average list price of a house per square foot: $95 Average list price of a house: $149,900.
2. Scranton, Pennsylvania
Average house list price per square foot: $124 Average house list price: $225,000.
3. Syracuse, New York
Average house list price per square foot: $130 Average house list price: $217,250.
4. Wichita, Kansas
Average list price of a house per square foot: $134 Average list price of a house: $304,475.
5. Jackson, Massachusetts
Average house list price per square foot: $138 Average house list price: $299,000.
6. Little Rock, Arkansas
Average list price of a house per square foot: $141 Average list price of a house: $298,873
7. Indianapolis, Indiana
Average list price of a house per square foot: $144 Average list price of a house: $300,000.
8. McAllen, Texas
Average house list price per square foot: $144 Average house list price: $270,000.
9. Columbia, South Carolina
Average list price of a house per square foot: $146 Average list price of a house: $308,900.
10. Augusta, Georgia
Average list price of a house per square foot: $150 Average list price of a house: $311,575.