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Surging home prices have prompted buyers to max out their budgets and priced out others. Buyers willing to move, however, can find several markets across the country that still offer affordability, housing experts say. Realtor.com® researchers analyzed housing data and 250 of the largest markets nationwide to identify the most affordable in the nation.
They found several Midwest markets offer the best affordability. Also, some of the most inexpensive places have seen decades of population decline, which means they tend to have more homes for sale than other parts of the country, realtor.com® reports. Further, many of the economies in these locales also tend to be known for manufacturing and agriculture.
“These areas generally have lower median incomes and lower costs of living, helping keep home prices lower,” says 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.”
Here are some of the most affordable places to live in the U.S., according to realtor.com®’s analysis. Researchers limited the list to one metro per state to ensure geographic diversity.
1. Peoria, Ill.
- Median list price: $98,000
2. Terre Haute, Ind.
- Median list price: $104,900
3. Saginaw, Mich.
- Median list price: $112,200
4. Youngstown, Ohio
- Median list price: $118,000
5. Davenport, Iowa
- Median list price: $127,400
6. Erie, Pa.
- Median list price: $148,400
7. Charleston, W.Va.
- Median list price: $148,900