After suffering from a setback in 2020 thanks to the pandemic, America’s housing market has recently seen a surge. The rise of remote work has allowed Americans to move to more affordable housing markets instead of finding homes in big cities.
This was due to the rise in the affordable housing markets in big cities. In 2021, the median price of a home in California reached $798,440 – twelve percent higher than in 2020. Moreover, America’s average housing unit price skyrocketed during this period and reached $443,000 in 2021 (it was $386,000 in 2020).
This urged many Americans to turn their attention to more affordable housing markets, which Maxwell Drever will discuss in this article.
5 Most Affordable Housing Markets in America
According to Maxwell Drever, the following are the five most affordable housing markets in America:
The housing market in Baltimore has gained significant popularity over the past few years, with some housing units being sold in less than a week. Moreover, home prices in Baltimore have reached up to 16.2% over the past year.
Baltimore is one of Maryland’s most populous cities, and its population has increased nearly thirteen percent since 1998. It is also one of the best places to live when it comes to job opportunities. The average salary in this city is $59,250 – which is significantly higher than the country’s average salary ($53,490, to be precise).
This is another top-notch housing market, offering both affordability and entertainment. Dallas is considered one of the best (if not the best) places for jobs and business.
Another thing noteworthy about this beautiful city is that its cost of living is meager, nearly fifty percent lower than cities like San Francisco. With home prices going up to twenty percent, Dallas continues to grow, and there are no signs of slowing down.
With an average housing cost of less than $100,000, the affordable housing market in Detroit is one of the best places to invest in. Over the last couple of years, home prices have risen by thirty-three percent.
While most Americans nearly spend thirty percent of their income on housing, people in Detroit only need to pay six percent – which is significantly lower.
Rochester is another affordable market in America waiting for you to invest. Home prices in this city increased 14.7% last year, and experts suggest that they tend to rise 14.5% this year if they keep growing at the same pace. On top of that, Rochester’s cost of living is eleven percent lower than the national average.
5. Spokane Valley
With e-commerce giants like Amazon establishing businesses and career opportunities in this part of the United States, home prices have reached around twenty-seven percent in recent times. If you’re looking for a great, affordable housing market in the US, look no further than Spokane Valley.
Along with expensive and big housing markets like Chicago and New York, America is home to numerous affordable housing markets, from Spokane Valley to Baltimore. According to Maxwell Drever, these affordable housing markets are among the top places to invest in. We hope this article proves to be helpful in your search for the most affordable housing markets in America. If it does, let us know in the comments section below.