Former ‘Million Dollar Listing’ Star and Realtor Josh Altman Joins ‘Varney & Co.’ to break the boom in home sales, why buyers want turnkey properties and how skipping mortgage interest purchases is costing families thousands.
Lower budget homebuyers are increasingly drawn to markets where their dollars can stretch further.
Several attractive metro areas continue to offer median home prices under $300,000 – well below the national median of $425,000. These areas, they say, offer more affordable paths to homeownership without sacrificing the lifestyle or conveniences of the big city to Makelaar.com.
“In these markets, home prices are more closely aligned with local incomes, allowing the typical household to afford a typical for-sale home,” said Hannah Jones, senior economic research analyst at Realtor.com. “The existence of these affordable areas, even if limited, offers encouraging news for buyers willing to purchase in one of these regions.”
YOUNGER AMERICANS MOVED TOWARDS RISKER INVESTMENTS, SPENDING MORE ON NON-ESSENTIALS AS OWNERSHIP DREAMS FADE: STUDY
Here are the top 10 desirable metro areas where homebuyers can still find prices under $300,000:
Muncie, Indiana
The “Passing of the Buffalo” statue in Muncie, Indiana. (Getty Images)
Median list price: $184,900
Median household income: $56,828
Located about an hour’s drive from Indianapolis, Muncie is home to Ball State University and outdoor attractions, including the 750-acre Prairie Creek Reservoir.
Toledo, OH
Median list price: $199,900
Median household income: $63,133
Located about 60 miles from Detroit, Toledo boasts a prominent art scene, anchored by the Toledo Museum of Art.
Battle Creek, MI
Median list price: $224,950
Median household income: $59,424
Battle Creek, about a two-hour drive from Detroit and three hours from Chicago, was recently ranked as the fifth-best city in the U.S. for veterans to live, according to Realtor.com.
HIDDEN HOME PROPERTY COSTS ARE RISING, SQUEEZING ON BUYERS
Pittsburgh, Pa
A view of the skyline of Pittsburgh, Pennsylvania. (Getty Images)
Median list price: $245,000
Median household income: $72,935
Located in western Pennsylvania, Pittsburgh is home to major professional sports teams – the Steelers, Penguins and Pirates – and has a strong technological presence.
Cleveland, OH
Median list price: $250,000
Median household income: $68,695
Along the southern shore of Lake Erie, Cleveland offers lakefront parks as well as a growing culinary scene and arts community.
Scranton/Wilkes-Barre, PA
Median list price: $260,000
Median household income: $63,615
About 100 miles from both New York City and Philadelphia, Scranton features breweries and historic theaters and is home to the fictional company Dunder Mifflin from the television show “The Office.”
Buffalo/Cheektowaga, New York
Median list price: $259,900
Median household income: $71,055
Founded in 1832, Buffalo is a two-hour drive from Toronto and is home to more than half a dozen Frank Lloyd Wright designs, according to the Visit Buffalo website.
THE AMERICAN DREAM OF A HOME PROPERTY THAT IS PUT FURTHER OUT OF REACH FOR YOUNGER GENERATIONS
Wichita, Kansas
A shot of a neighborhood in Wichita, Kansas, during the spring. (Getty Images)
Median list price: $285,000
Median household income: $70,286
Wichita boasts a notable food scene, including craft breweries and Kansas BBQ, along with a prominent local theater and music community.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Frankfort, KY
Median list price: $285,000
Median household income: $71,983
Frankfort is located on the Kentucky River and within an hour of both Louisville and Lexington. It is surrounded by rolling hills and hiking trails.
St. Louis, Missouri
The Gateway Arch in St. Louis, Missouri. (Tom Gannam/Reuters)
Median list price: $291,990
Median household income: $79,869
St. Louis offers a growing startup community, hiking spots, a thriving craft beer scene, and is home to the iconic Gateway Arch.
