The current real estate market presents a challenge for those seeking affordable homes. However, with the right knowledge and research, it is still possible to find reasonably priced properties. According to data journalist Evan Wyloge, areas with built-in affordability hold the key to finding affordable housing.
The Midwest has traditionally been known as an affordable region, which is reflected in the list of affordable cities. In contrast, the West Coast did not have any cities in the top ten due to a lack of affordable options in that region. The median existing home price has been steadily increasing over the years, making it difficult for first-time homebuyers to find homes in the $200,000 range.
Areas such as Lauderdale Lakes and Lauderhill in Florida are seeing a surge in affordable condos, providing downsizing options for those looking for more affordable housing solutions. These suburbs of Fort Lauderdale have a high supply of condos, making them attractive for buyers looking to downsize without overspending.
Not only first-time homebuyers but also smaller investors are turning to more affordable regions to purchase properties. Many of these regions have experienced population growth, leading to increased demand for rental properties. Realtor.com has compiled a list of the most affordable cities in the US based on the number of listings under $200,000, excluding land and mobile homes.
