Home prices in the U.S. have been soaring since the pandemic began and show no signs of slowing down, leaving everyday Americans increasingly priced out of the housing market – and many would-be buyers gave up on finding an affordable place years ago.
The average home price is up 47.1% since 2020, with the median sale price recently hitting $394,000 according to the latest data from Redfin. Meanwhile, high interest rates and insurance costs are making the affordability crisis worse, pushing the cost of buying a home to a fresh record.
It wasn’t long ago that it was common for potential homebuyers to find a house priced at $200,000, but that has become much more difficult. According to Realtor.com, over the past several years, the share of homes sold under that price point has gone from roughly half of all sales to less than a quarter of sales in 2023.
HOME FORECLOSURES ARE ON THE RISE AGAIN NATIONWIDE
With that in mind, the real estate agency conducted a study to find where the most affordable homes still remain – at least for now.
Here are the cities in the U.S. with the most homes available for under $200,000, according to Realtor.com:
1. Lauderdale Lakes, Florida
Median list price: $149,350
Number of listings under $200,000: 239
Percentage of listings under $200,000: 85%
2. Lauderhill, Florida
Median list price: $175,000
Number of listings under $200,000: 404
Percentage of listings under $200,000: 70%
3. Akron, Ohio
Median list price: $138,600
Number of listings under $200,000: 214
Percentage of listings under $200,000: 70%
THE LEAST AFFORDABLE CITIES FOR POTENTIAL HOMEBUYERS
4. Detroit, Michigan
Median list price: $90,000
Number of listings under $200,000: 1,586
Percentage of listings under $200,000: 64%
5. Rochester, New York
Median list price: $161,194
Number of listings under $200,000: 213
Percentage of listings under $200,000: 68%
6. Niagara Falls, New York
Median list price: $114,500
Number of listings under $200,000: 98
Percentage of listings under $200,000: 80%
AMERICANS EXPLAIN WHY THEY ARE STRUGGLING TO BUY A HOME: ‘SUFFOCATED IN EVERY CORNER’
7. Albany, Georgia
Median list price: $104,000
Number of listings under $200,000: 245
Percentage of listings under $200,000: 64%
8. Lansing, Michigan
Median list price: $143,950
Number of listings under $200,000: 133
Percentage of listings under $200,000: 68%
9. Rockford, Illinois
Median list price: $164,950
Number of listings under $200,000: 153
Percentage of listings under $200,000: 66%
10. Cleveland, Ohio
Median list price: $135,475
Number of listings under $200,000: 512
Percentage of listings under $200,000: 61%
FOX Business’ Megan Henney contributed to this report.
Read the full article here
