10 Most Affordable Housing Markets in the USA
December 10th, 2013 by Diane Moore
If you want to purchase an affordable house, then think about moving towards the Midwest. According to recent statistics, 15 out of 25 of the most affordable real estate markets are located there, whilst The Golden State contained 13 out of the 25 most expensive real estate markets in the United States.
The research, carried out by Coldwell Banker’s annual Home Listing report, ranked the most expensive and least expensive property markets in the country. The study compared four-bedroom, two-bathroom homes throughout the country, and the research made for some interesting reading.
In comparison with other states, Cleveland and Ohio have an average property cost of $63,729. Ed Dolinsky, the president of Coldwell Banker Hunter Realty noted how Cleveland was a friendly city which attracted people of all ages in recent years, and one that has become popular with young professionals who have recently entered the job market.
The city has a growing technology industry, and a number of respected hospitals and research facilities. Dolinsky also stated that there was a strong sense of community across the Midwest, with a number of diversified business sectors. Here are the Top 10 most affordable real estate markets in the United States, with a focus on the average listing price of a property, the state average, and the median age of home-owners in the city.
10. Ashland, Wisconsin
With a population of 8,039 people, the city of Ashland, Wisconsin was ranked as the twelfth most affordable housing market in the United States, according to the study by Coldwell Banker Hunter Realty. The average listing price of a property is $104,774, significantly lower than the state average in Wisconsin, which is $206,575. The city is made up of a significant majority of white collar workers, with 78% of residents working in a professional, managerial or administrative role.
This could be attractive to investors looking to purchase commercial real estate in the city. In comparison, 22% of Ashland’s population had a blue collar job, and the median age of home-owners was 55 years old. Statistics also reveal that 57% of all homes in Ashland are owned, 33% are rented, and a further 8% are not occupied at all.
9. Utica, New York
The city of Utica, New York has a population of 31,403 and came in eleventh place in the survey of the 25 Most Affordable Real Estate Markets in the United States by Coldwell Banker Hunter Realty. The average house will set you back $103,877, much lower than the average price in the state of New York, which is $371,134. In Utica, the median age of home owners was 63 years old, and 42% of homes in the city were owned outright, 45% were being rented, and a further 11% were not occupied by anyone.
When it came to finding a correlation between house prices and local industry, the survey found that 81% of workers in Utica had a white collar job, in comparison to 19% who were working in a blue collar position. Purchasing commercial real estate in Utica is so attractive because of the market’s proximity to New York City, where property can as much as ten times more.
Although a six-hour car journey away from the bustling metropolis, Utica is the perfect place to purchase a weekend property for a cheap price. Investors can also carry out their operations from New York City when purchasing property in Utica.
8. Kankakee, Illinois
The average price of a house in the city of Kankakee, Illinois, was $103,187, just slightly less than the average house price in Utica, New York. The city, which ranked in tenth place on the countdown, and forms part of Kankakee County, has a population of 28,156 people, 80% of whom had a white collar job. The median age of home owners was 48 years, whilst 48% of all homes in the city were owned.
In comparison, 40% of homes were being rented by local people, whilst 11% were not occupied. 20% of people in Kankakee had a blue collar job. Investors who are looking to purchase commercial real estate in the area will be attracted by its proximity to Chicago, and Kankakee’s large population of white collar workers.
7. Buffalo, New York
The second city to appear from New York State in the Top 12 most affordable real estate markets in the United States, Buffalo has a population of 262,853. The average property will cost $101,631, lower than the state average of $371,134. 82% of Buffalo’s population have a white collar job, in comparison to 18% who hold a blue collar position. The median age of home-owners in the city was 65, and 37% of homes were owned outright, 47% rented, and 15% were not occupied at all.
The city is the second most populous city in the state of New York, originating in the 1780s as a small trading community. Today, Buffalo is thriving, with restaurants, bars, clubs, shops, and monuments attracting visitors from across the state and throughout the country. The city is home to the University at Buffalo, and the State University of New York, and has a significant student population, ideal for investors who want to attract first-time buyers or students looking for rented accommodation.
6. Moberly, Missouri
The city of Moberly, Missouri, ranked eight on the list, with a property costing $99,593 on average, ideal for anyone with a budget of less than $100,000. The city has a population of 13,671, with 78% of people holding a white collar job, and 22% of the population holding a blue collar job. 12% of properties were not occupied, 32% of homes were being rented and 54% of homes were owned. The median age of home-owners is 43, and the average listing price is significantly lower than Missouri’s state average of $209,680.
5. Sioux City, Iowa
Sioux City in Iowa has an average property listing price of $97,969 according to the study. The state average for Iowa was $202,722, meaning that property in Sioux City costs considerably less than the rest of the state. The city has a population of 82,923 residents, and 73% of the population are working in white collar jobs. In comparison, 24% of people have blue collar jobs, and the median age of home-owners in the city is 47 years old. 61% of all properties in Sioux City are currently owned, and 32% are being rented.
With only 5% of properties not currently occupied, demand for property is high in Sioux City, making it a great place for commercial real estate developers to make an investment. 11% of the working population work at Tyson Fresh Meats, who are headquartered in the city. Other local employers include the St. Luke’s Regional Medical Center and Morningside College.
4. Saginaw, Michigan
The average listing price for a property in Saginaw, Michigan is $87,181 according to research from Coldwell Banker, with 80% of the population holding a white collar job. The average listing price is considerably lower than the state average for Michigan, which is currently $222,949.
The median age of home-owners in Saginaw is 53 years old, with 54% of properties currently owned. 29% of properties in the city are rented, and 15% are not occupied at all. 20% of the population are working in a blue collar role. The city has a number of distinctive neighborhoods including the Old Town, Triangle Parks, St. Stephen’s Area, Northmoor, Southwest Village, Downtown, and Heritage Square.
3. Flint, Michigan
The city of Flint, Michigan has a population of 101,948 and the average price of a property will set you back only $84,437, lower than Michigan’s state average of $222,949. The median age of home-owners in Flint is 47, and 44% of homes are owned. 34% of all properties are currently being renting, with a further 21% of homes not being occupied at all.
The working population is made up of 78% of people in a white collar role, with 21% working in a blue collar role. Best known as the birthplace of General Motors, the city has gone through hard times recently, experiencing a financial emergency in 2011. However, the city has been through worse, and purchasing commercial real estate here might be a wise investment if the area becomes gentrified and the local economy begins to improve.
2. Garfield, Ohio
The average price of a property in Garfield Heights, Ohio, will cost $66,075, making it the second most affordable place to buy property in the United States, and making the runner-up position on the survey conducted by Coldwell Banker. Garfield Heights has a population of 28,519 people and property here is significantly lower than the state average which is $204,209. The median age of home-owners in the city is 47 years old, and 65% of all homes are owned. 23% of properties are being rented, and a further 10% are not currently occupied.
26% of the population of Garfield Heights were working in a blue collar job, compared to 74% who were working in a white collar job. There is a significant amount of people renting property in Garfield, which could lead to the expansion of commercial real estate development in the area. The Marymount Hospital is the city’s biggest employer, with a staff of 1,200. Over local employers include the Ohio Department of Transportation.
1. Cleveland, Ohio
The city of Cleveland in Ohio is officially the most affordable place to purchase property in the United States, according to research by Coldwell Banker’s Home Listing report. The average price of property in the city costs just $63,729, much lower than the state average of $204,209. With a population of 396,441 people, the majority of residents hold a white collar position. 79% of the working population currently hold a professional, administrative or managerial position, whilst 21% of people have a blue collar job.
The median age of home-owners in Cleveland is 60 years old. 37% of homes are owned in the city, 42 are being rented, and 19% are not currently occupied. The city is attractive for real estate investors because of the numerous local amenities and attractions on offer in the city, many of which attract visitors from across the country and around the world. The Rock and Roll Hall of Fame is located in Cleveland, as is the Cleveland Botanical Garden, the Cleveland Museum of Art, and the Cleveland Museum of Natural History. Cleveland also has a young population, with many individuals looking for homes who have recently graduated from college.
Investing in property in the Midwest could be a shrewd move, especially with the price of property so low and the economy slowly improving. Research from Coldwell Bankers also revealed that the average price of a four-bedroom, two bathroom in the 1,900 markets that were chosen for the study was $301,414.
The two most expensive markets in the Untied States are closely located to the metropolis of Los Angeles, with Malibu taking first place and the beach-side community of Newport Beach taking the runner-up position. New York was the only state to have markets on both the most expensive and least expensive lists. If you want your money to go further, consider one of the Top 10 most affordable real estate markets in the United States.
Latest posts by Diane Moore (see all)
- Tips for Making your Commercial Property more Energy-Efficient - January 22, 2014
- Remodeling Investments that Will Pay You Back - January 21, 2014
- 21 Reasons to Invest in the US Commercial Property Market - January 20, 2014