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The past two years have seen a shift in the U.S. housing market. Mortgage rates decreased, expanding the housing market to include more first-time buyers. This spike in buyers has caused housing prices to increase in some regions, however.
The COVID-19 pandemic contributed to this market change as people sought to relocate to single-family homes and less densely populated cities and suburbs, but there has always been a high interest in affordable homeownership in the United States. Whether you’re a seller or prospective buyer, it’s important to keep up to date on housing market trends.
Housing prices are soaring in many major cities across the U.S., but there are still many affordable places to buy a home. In this article, we’ll examine the most affordable regional housing markets right now. Our selection is informed by Zillow median rates. Check out our 2021 real estate forecast to get a sense of what 2022 will look like for homebuyers.
The 10 Most Affordable Cities To Buy a Home in 2022
For several years, Detroit has been considered one of the most affordable cities to buy a home. Homebuyers looking in Detroit will find a revitalized city that is family-oriented and rich with culture and diversity. There are lots of attractions, from art museums to nearby theme parks. It’s a city filled with entrepreneurs, and it has a low cost of living.
Median price of a home: $64,174
Median household income: $30,894
Cleveland is known for its many cultural attractions, including the world-class Rock and Roll Hall of Fame. It’s on Lake Erie and has a vibrant local food scene. The city has become a hub for a number of key industries—from biohealth and information technology to metal production and automotive manufacturing—that are attracting families and helping grow its local economy.
Median price of a home: $98,530
Median household income: $30,907
St. Louis, Missouri
St. Louis is rich with history and green spaces. The city’s housing market is projected to increase in value because of the area’s amenities and suburban feel. You can expect culturally rich neighborhoods and die-hard baseball fans. In some neighborhoods, homebuyers will have more space and easy access to the city center.
Median price of a home: $161,259
Median household income: $43,896
Buffalo, New York
Buffalonians take pride in their city. The birthplace of the Buffalo wing is New York’s second-largest city—and it’s much more affordable than New York City. Situated on the national border, living in Buffalo allows for quick jaunts to Canada, and the city is great for winter activities because of its very snowy winters. Buffalo has a hybrid urban and suburban feel that appeals to those homebuyers looking for the best of both worlds. The cost of living is below the national average.
Median price of a home: $194,000
Median household income: $37,354
Home to the blues, Memphis is rich with culture and history. The city has mild winters and is located along the Mississippi River. It is internationally famous for its amazing barbecue and classic music. As a homebuyer, you can experience the benefits of the city’s thriving manufacturing, agribusiness, and logistics industries. Memphis is a hub of family-oriented fun and nightlife.
Median price of a home: $137,000
Median household income: $41,228
Wichita can have a suburban feel, which is good if you’re looking to live in a city but want more space. Its parks, music venues, science museum, zoo, and the Intrust Bank Arena make Wichita great for families with varied interests. Its cost of living is below the national average.
Median price of a home: $169,000
Median household income: $52,620
Indianapolis has been one the best cities in which to buy a home for several years now. It has a growing economy with great employment opportunities in the technology, manufacturing, and agbiosciences sectors. Many young entrepreneurs have made this city their home in recent years. It has a big city feel with small town charm. It’s home to White River State Park and several other family-friendly attractions.
Median price of a home: $203,000
Median household income: $47,873
Tulsa has been ranked one of the best cities to drive in. The city is making its roads accessible to all modes of transportation—a huge plus for homeowners looking for a bike-friendly place to live. “The Oil Capital of the World” also hosts many tech startups. Tulsa has a world-class hospital—Saint Francis Hospital—and has countless activities and amenities for the whole family.
Median price of a home: $166,000
Median household income: $47,650
Located in the northeastern corner of the state, Jacksonville is on the Atlantic Coast. Key industries in Jacksonville are advanced manufacturing and logistics, financial services, and health and biomedical. Several notable companies maintain corporate offices in the city, including Citibank, Bank of America, UPS, AT&T, and the Mayo Clinic. The job market is growing here, and the cost of housing is below the national average.
Median price of a home: $269,000
Median household income: $54,701
Philadelphia is close to New York City—great for a daytrip to see a Broadway show—and it’s right on the Delaware River—convenient if you are more the type to seek an outdoor adventure. The City of Brotherly Love is a kid-friendly city with great public parks and robust public transportation.
Median price of a home: $228,000
Median household income: $45,927
Do You Need a Home Warranty?
Even in the most affordable of cities, purchasing a home is always a big investment, and a home is likely to be a person’s most valuable asset. This is why homeowners should consider a home warranty when buying a house.
A home warranty from Liberty Home Guard can increase the value of your home and provide you with important coverage of your home’s systems and appliances when they need repairs. Liberty Home Guard was ranked the #1 Home Warranty from U.S. News & World Report and has received an A grade from The Better Business Bureau.
Contact our Customer Support team at (866)-435-0374 for a quote on a plan today. We can answer your questions and provide you with the coverage that works best for your home. If you are a real estate professional, we can begin a partnership and help elevate your business.