Finding an affordable home in today’s real estate market can be a daunting task. However, with the right knowledge and research, it is still possible to find reasonably priced homes. According to data journalist Evan Wyloge, the key to finding affordable housing lies in areas with built-in affordability.
The Midwest has traditionally been known as an affordable region, which is reflected in the list of affordable cities. On the other hand, the West Coast did not have any cities in the top ten due to the 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.
However, there are still some areas that offer more affordable options. For example, areas such as Lauderdale Lakes and Lauderhill in Florida are seeing a surge in affordable condos. 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 these 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.
Overall, finding an affordable home may be challenging, but with the right research and knowledge, it is still possible to find reasonably priced homes.