Affordability is a crucial factor when looking for housing. However, everyone also wants to live in a fun and culturally rich environment. According to Zillow, home value growth slowed in 2023, primarily fueled by the highest mortgage interest rates since 2008.
Only 15 of the 50 largest markets are expected to see home values grow in 2024. We have compiled a list of affordable housing markets in cities you would never expect.
1. Toledo, OH
Toledo, a hub for glass innovation, is known as the Glass City. The median home price in Toledo in December 2023 was $121,606, 5.5% more than in December 2022. It costs $97 per square foot on average.
2. Youngstown, OH
An influx of craft breweries, distilleries, wineries, and restaurants has revitalized the downtown area of Youngtown. A median listing home price of $129.9K was recorded in Youngstown in December 2023, an increase of 13.3% over the previous year. Home listing prices per square foot averaged $84.
3. Springfield, IL
With state-of-the-art medical care and quality education options, Springfield and its nearby county communities are a great place to raise a family. The median listing price for homes in Springfield, Illinois, as of December 2023 was $138,000, and the median sold price was $154,100. Prices increased by 14.3% from 2022.
4. Rochester, NY
Flour City, Flower City, and Imaging Capital of the World are some of the names Rochester, NY is known by. In December 2023, Rochester’s median listing price was $144.9K, up 15.9% from the previous year. Per square foot, the median listing price was $101.
5. Buffalo, NY
Believe it or not, according to an analysis from the real estate company Zillow, the Buffalo housing market is predicted to be the hottest in 2024. In December 2023, Buffalo’s median listing home price was $174.9K, an increase of 12.8%.
6. Wichita, KS
Compared to last year, Wichita home prices were down 6.3% in December 2023, selling for $195K on average. Living costs in Wichita are 4% higher than the average state and 9% lower than the national average.
7. Cincinnati, OH
The median listing home price in Cincinnati in December 2023 was $256.5K, an increase of 2% from the previous year. For 2024, it is ranked as the second hottest housing market, so the Beer Capital of the World is currently trending.
8. Appleton, WI
Appleton is located north of Lake Winnebago in northeast Wisconsin and overlooks the Fox River. Homes in Appleton sold for $252K on average last month, an increase of 12.1% over the previous year.
9. Springfield, MA
There were more buyers than homes available in Springfield in December 2023, making it a seller’s market. According to realtor.com, the median listing price for homes in this city is $269,900, with a $193 median listing price per square foot.
10. Norwich, CT
Called the Rose of New England for its beauty and rolling hills that resemble rose petals, Norwich had a median listing price of $268.5K in December 2023, up 18% from the previous year.
11. Kentwood, MI
More Chicago homebuyers searched for homes in Kentwood than any other metro, followed by Detroit and Lansing. In December 2023, Kentwood’s median home price was $299,628, with a $214 median price per square foot.
12. Worcester, MA
Boston’s cheaper alternative has long been Worcester, approximately an hour’s drive east from the larger city, according to Realtor.com. Last month, Worcester’s median sale price was $400K, down 3.6% from last year.
Find the Perfect Home for Your Budget
With housing market rates increasing, finding the perfect fit for your budget may be challenging. However, don’t lose hope! There are still plenty of options available in the United States that can offer you just what you’re searching for, from affordable living costs to breathtaking landscapes. Remember, choosing the right city is crucial for your well-being, so take your time to make the right decision.