Owning a home is a quick way to build wealth, according to The Philadelphia Inquirer. This is because property prices in the U.S. have risen at the fastest rate in 45 years. Between October 2020 and October 2021, the average price of a property jumped by 18%. Despite this, there are still plenty of affordable U.S. locations to invest in.
Detroit & Cleveland
Realtor reports that the median listing price of a property in the U.S. was $346,000, as of January 2022. This was an increase of more than 15% compared to January 2021. But there are two locations where you can buy a home for less than $100,000. In Detroit, Michigan, the median home price is around $64,100. Last year, prices were almost 34% lower than this, so you need to move quickly if you want to get a good investment. In Cleveland, Ohio, the median cost of a property is approximately $98,500. In 2021, prices rose by 22.8%, and Zillow predicts a further growth of 13.6% this year.
Spartanburg & Rochester
Those with a budget between $100,000 and $200,000 can look further afield. If you’re not sure how much you afford to spend on a property, start with a home loan expert. You’ll get advice on costs and help with getting the lowest rates possible for your new home. Spartanburg in South Carolina is growing rapidly and a further 60,000 people are expected to live there by 2040. The median price of a home in Spartanburg is currently $181,300, but is projected to rise quickly. If New York is more your thing, check out Rochester. The median property price is just shy of $200,000, but will certainly sneak past this at some point this year.
Dallas & Tucson
Dallas has been described as one of the best places in Texas to live. Its median house price of just $293,549 certainly makes it an affordable place to live, too. However, Dallas has been called one of the hottest housing markets in 2022, so house prices could soon rocket. Another place where you can buy a home for less than the national median is Tucson, Arizona. The median home price is $296,046, but starter homes are on the market for as little as $40,000.
House prices in America have grown significantly recently. Thankfully, there are still plenty of places where affordable homes can be bought.