There is an affordable housing crisis in America, yet Chicago lists over 15,000 properties under $200,000. What’s the catch? These single-family homes are often located on the city’s South Side, which has a reputation for poverty and crime. This is, however, a broad generalization—you can find family-friendly neighborhoods too.
Related: America’s Lowest Property Taxes Are in These 12 States
The former manufacturing hub is making a comeback, but housing prices remain relatively low. According to Zillow, the median home listing price is $41,500, and the trend toward a buyer’s market continues in Detroit and surrounding areas.
Related: The Cost of 2,000 Square Feet in America’s Cheapest Cities
Grand Rapids is ranked number two on Trulia’s list of Markets to Watch in 2019. Strong job growth is paired with a median home price of $169,000, and property prices are predicted to stay relatively stable in 2019.
Related: Where to Get the Most Bang for Your Real Estate Buck
Compared with house prices in other major cities like Los Angeles and San Francisco, prices in Miami are “a relative bargain,” says real estate expert Gord Collins. Be prepared to get less square footage for your money, though. The median home listing price is $480,000, but more than 9,000 properties are listed under $200,000.
Related: America's 50 Most Exclusive Neighborhoods
The housing market is slowing and prices are dropping in Jacksonville and surrounding areas. Buyers can hope for respectable savings in this popular seaside destination, where the median listing price is $209,900 and the median sale price is $159,100.
Related: 10 Real Estate Negotiation Tactics That Can Really Backfire
If you are looking to invest in a hot market with no signs of crashing, consider Philadelphia. While housing prices have been increasing, the City of Brotherly Love is still affordable when compared with other major cities. The median home listing price is $210,000, and you can find more than 8,000 houses under $200,000.
Related: 10 Telltale Signs That a Home Will Be Going on the Market
Thanks to the city's size and booming economy, Houston’s housing supply is increasing. You can snag a large three- or four-bedroom house for less than $220,000 in suburbs like Cypress and Katy, west of the city. The median home listing price of $297,700 is not expected to rise much over the coming year.
Related: The Top 10 Costly Mistakes Home Buyers Make
A 15-minute drive from Cleveland, Lakewood has earned the reputation of that city’s “coolest suburb.” Nightlife and historic charm aren’t the only draws. Lakewood’s median home listing price is $185,000, and the median sale price stands at $163,500, making the city an attractive haven for first-time home buyers.
Related: 20 Beautiful Homes Hiding in America's Most Affordable Cities
Columbia, the capital of South Carolina, is one of the more affordable places in the United States to purchase a home. The median listing price is $176,413, and the median sale price is a spare $136,100. Healthy appreciation is predicted over the next year, so you can buy low and expect the value of your home to rise.
Related: 10 Reasons Why I Should Have Never Bought That Fixer-Upper!
Wikimedia Commons via Akhenaton06
Looking to buy a real estate investment or rental property? Mashvisor suggests Camden, New Jersey. The median home price is $57,999, according to Zillow, with a strong market for traditional rentals. Plus, the city is only five miles from Philadelphia.
Related: 9 Towns That'll Pay You to Move There
Situated in the beautiful Rockies, Denver enjoys a median home listing price of $468,495, but the median sale price is almost $50,000 less. Zillow predicts that housing prices will rise less in the coming year, so expect property to appreciate, but not as quickly.
Related: 10 Simple Ways to Avoid Real Estate Regret
Ranked number one on Trulia’s Markets to Watch in 2019, Colorado Springs maintains a median home listing price of $309,900, but the median sale price hovers about $25,000 lower. Property prices are rising, but more slowly than before, and the local economy is strong—an appealing combination for prospective buyers.
California’s housing market is experiencing a downturn. In Bakersfield, however, home prices are stabilizing at reasonable levels after decades of boom-and-bust. The median home listing price is $269,000, while the median sale price is about $20,000 lower, according to Zillow.
Fresno is another California city to watch. As the housing inventory increases, real estate agents predict that affordability will remain stable or possibly shift to favor buyers. Zillow reports a median home listing price of $279,595 and predicts home values may rise 5 percent next year.
With a median home price of $193,900, Oklahoma City offers a bright spot in affordable housing. Property is appreciating at a slow but steady rate, and the local economy is prospering, making it one of the top Markets to Watch in 2019, according to Trulia.
Related: 10 Small Towns with Big Home Bargains
Armed with information, you can turn any real estate market to your advantage.
Get the help you need for the home you want—sign up for the Bob Vila newsletter today!
Copyright © 2020 Acton Media Inc. All rights reserved.
