States with the Most Affordable HousingIowa, Ohio, Indiana, Pennsylvania, Nebraska, North Dakota, Oklahoma, West Virginia. Forbes Advisor analyzed 100 metropolitan areas with a population of at least 100,000 to identify the 10 most affordable cities for homebuyers. We looked at several factors to measure affordability, including that city's median income, average housing costs, and median real estate taxes. Not only is Cleveland an affordable city, but it's also young; the median age is around 36, which is just below the national median.
What makes Cleveland special is its liveliness. Located on Lake Erie, people enjoy water sports and boat parties. For nature lovers, there is an extensive network of nature reserves that surround the city and encompass the beaches of Lake Erie. The Cleveland Metroparks system has more than 300 miles of walking, biking and horseback trails, plus picnic areas, nature centers, golf courses and fishing areas.
However, it's not just about fun and games, as the economy in Cleveland is strong and growing. A new public-private partnership between the state of Ohio, three hospitals and two universities, known as the Cleveland Innovation District, is projected to create 20,000 jobs in the next decade. Although Toledo has struggled with a depressed economy since the 1980s, in recent years the city of the rust belt has taken steps towards a better future. Anthony Young, resident capital executive at Epicenter, a non-profit organization designed to support entrepreneurship in the greater Memphis area, recently told AfroTech that Memphis is outpacing other metropolitan cities in terms of black-owned businesses accessing capital from risk.
In the Memphis area, about 16% “of early-stage companies accessing VC have a black founder (approximately 1% nationwide), and 13% of the initial capital invested has gone to companies with a black founder. Baltimore is home to high-profile employers, such as John Hopkins University and Northrop Grumman, one of the world's largest weapons manufacturers and suppliers of military technology. The government is also a major player in Baltimore's economy, with more than 18% of workers employed by the federal (145.69), state (99.12), or local (245.25%) government. The University of Rochester and its 32,000-employee medical center is the city's largest employer.
Buffalo, the largest city in upstate New York, is about seven hours northwest of Manhattan, but, as Wesser says, it's nothing like the Big Apple. Buffalo's population is less than 300,000, and while it was once home to more millionaires per capita than anywhere else on Earth, today Buffalo is an affordable alternative to big-city living. University of Kansas Hospital and University of Kansas Medical Center employ more than 10,000 people together. Forbes Advisor compared 100 cities with a population of 100,000 or more and compared typical household expenses and home prices to median incomes to find the most affordable cities.
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There are many reasons why we choose to live in the places we live: convenience, proximity to family and friends, personal preferences, jobs and the like. One of the most important factors, of course, is affordability. After all, housing is the most important item in most Americans' budgets. Where you live can have a big impact on your finances, for better or worse.
To determine which states are the most affordable for homebuyers, we turned to census data. We looked at median home value, median household income, and the percentage of their monthly income that homeowners with mortgages spend on housing costs. Many experts recommend using the 30% rule to determine how much you should spend on housing. Basically, the rule states that you shouldn't spend more than 30% of your gross income on monthly housing costs.
Those who spend more than 30% on these costs are considered “cost burdened”. In practice, the amount a person must spend each month on housing varies from household to household. However, for our purposes, the 30% rule gives a general idea of how affordable a given area is because it compares median income to average housing costs. Of course, if you search hard enough, you can find a bargain and buy great homes at affordable prices anywhere.
But with the national median as a reference point, which it sets in the U.S. UU. Are they best for budget-conscious buyers? As we see with the 30% rule, true affordability isn't just about which houses cost the least money to buy. Let's say, for example, that you move to an area where home prices are well below the national average, but average incomes are also relatively low.
Even though home prices are cheap, if your income is too low, you may still not be able to afford to buy one of those cheap homes. Alternatively, you could move to an area where home prices are higher, but average incomes are also higher to better match the area's cost of living. All states have affordable housing zones, but if the cost of living is too high, it can be difficult for buyers to realistically afford it, so let's take a look at states that are not only cheap, but also affordable, with below-average housing costs and average monthly housing costs by below the 30% threshold. From the cool vibe of the city of Indianapolis, to the trendy college town of Bloomington, to an area affectionately known as “the region,” which hosts the wonderfully crazy annual Pierogi Fest and is a short train ride from Chicago, the Hoosier State has a lot to offer.
It's also the most affordable place to live on our list, with a 24% housing cost ratio. Even though the state is the nation's top producer of corn, Iowa isn't just rural farmland. It's a great place to live for those looking for that “urban living experience” with a more affordable cost of living and friendlier neighbors. There's the arts and culture of Cedar Rapids, the shopping and dining of nearby Iowa, or the expansive economic opportunity of Des Moines (the state of Iowa has the third lowest unemployment rate in the country), to name a few of Iowa's many large urban areas.
Beautiful and mountainous West Virginia is an excellent choice for those who love nature and all the activities that take place in it, such as hiking, fishing or even rafting. In this state, you'll get beautiful natural views no matter where you are. West Virginia also has a few smaller cities, such as the charming capital of the state of Charleston, for those who don't want to feel so remote. Known for its lakes, rivers and hot springs, Arkansas has a wide range of indoor and outdoor attractions, from 218-mile long hiking trails through the Ozark Mountains to the only active diamond mine in the U.S.
For a picturesque setting, the mountain town of Eureka Springs is full of Victorian-style homes, offering boutiques and antique stores, and is known as one of the country's top arts destinations. For a more urban experience, the capital city of Little Rock is a historic downtown area, offering plenty of museums, restaurants, and nightlife to enjoy. When you think of Kentucky, you can first think of the Kentucky Derby, an annual horse race that has been held in Louisville for nearly 150 years. But Kentucky has a lot to offer beyond horse farms.
Good food, hello? Kentucky fried chicken and world-class bourbon are just a few of the things the Bluegrass State is known for. Whether you're looking for a comfortable cottage in the country or a spacious suburban property, there's something for everyone in Kentucky. In addition to the great weather, Alabama is known for its southern hospitality, so anyone can feel at home here, whether it's in the artist-centric community of Fairhope, the notable home of creatives like Winston Groom and Jimmy Buffett, or downtown Birmingham. Did you know that an unusual number of astronauts come from Ohio? If the idea of raising the next Neil Armstrong doesn't convince him to move his family to Ohio, affordable living, vibrant cities and wide cultural offerings could.
Michigan is an extremely diverse state, both in terms of its people and its localities. There's the hustle and bustle of Detroit and its many surrounding suburbs, the eternal freshness of Ann Arbor, the liveliness of Grand Rapids, the charm of Traverse City, the tranquility of the Upper Peninsula, and much more. Missouri is very affordable, family-friendly, and its cities have offers for all types of interest, whether it's art, shopping or dining. And for outdoor enthusiasts, this state also offers 85 state parks and historic sites, with more than 840 miles of walking and biking trails.
Located where the Midwest meets the Great Plains, the state of Nebraska has a lot to offer homebuyers, from a relatively low cost of living to some of the nation's highest average incomes. And while Cornhusker State is best known for its agriculture, there's a lot to experience beyond the obvious plains, sand dunes and rock formations outside, from the bustling Gateway to the West in Omaha to the historic city of Lincoln. Starting your life to move to a new state is not a decision that should be taken lightly. Just because the price is right doesn't mean you really enjoy living there, so take the time to think about the benefits and drawbacks of an area before moving out of state.
Consider the types of activities you enjoy, the transportation options you need, and the style of homes available when choosing a location. What's right for one family may not be right for the next, so as long as you choose a place that fits your needs, you can find the perfect place to live without breaking the bank. Looking for the cheapest real estate properties in the U.S. It's a great way to save money on your new home, but buyers shouldn't choose a location based solely on price.
Still, if you move to a new state, understanding your average real estate costs and your cost of living can help you plan your future budget. Are you thinking about a change of pace? Once you have a location in mind, work with a verified partner agent so you can shop with confidence. Katie Ziraldo found her love of writing through her experience working with several newspapers, such as the Detroit Free Press. Her financial education stems from her four years as a recruiter, when she learned the ins and outs of each role in the mortgage process.
As a writer, she uses that knowledge to create content relevant to homeowners to help them achieve their goals. There are many cities that are affordable and perfect if you like the idea of affordable housing, reasonable living expenses, and lots of entertainment. Here's a look at several of America's most affordable cities. Find and buy the perfect car or truck from thousands of vehicles, all in one marketplace Wear OS by Google and Google Play are trademarks of Google LLC.
Recognized as one of the most affordable cities in the United States, Buffalo is the place to plant roots if you're looking for an affordable life in upstate New York. Families, singles and young professionals moving to Buffalo will be thrilled to discover that the cost of living is 30% lower than the New York average and that housing is 50% lower than the national average, making Buffalo a great place to buy a home in New York. Not to mention, as the second largest city in the state, it's easy to find great educational opportunities with many fantastic public and private schools in the area, including the University of Buffalo. See gorillas, otters or rhinoceroses while visiting the Buffalo Zoo.
Explore the world of dinosaurs and learn about climate and gravity at the Buffalo Science Museum. Cheer on Buffalo Sabres (NHL) as they take on rivals at KeyBank Center. See the modern works of Picasso and Warhol at the Albright-Knox Art Gallery. Louis pork ribs or sliced beef brisket with homemade side dishes like Hush Puppies and macaroni and cheese at Fat Bob's Smokehouse.
Try crispy fish tacos, a thin Thai burrito, or nachos at Lloyd Taco Factory. Or grab a bite to eat at Ashker's Juice Bar and Cafe, known for its cinnamon French toast and fusion milkshakes. Known as America's Olympic hometown, Lake Placid is the city you want to call home if you're looking for outdoor fun, a relaxing lifestyle, and one of the best places to raise a family in New York. Homes in Lake Placid range from rustic condos and townhomes to luxurious lakefront single-family homes with spacious patios.
The Lake Placid education system also has a mix of quality public and private schools where families can send their children, such as Lake Placid Elementary and Saint Agnes School. Explore the Lake Placid Winter Olympic Museum to learn about the history of the Winter Olympics and visit the Herb Brooks Arena, where the 1980 Ice Miracle hockey game took place. Play a few rounds of golf with your friends at the 45-hole Lake Placid Club. Spend a day at Lake Placid Beach for a swim in Mirror Lake, or rent canoes and paddleboards.
Head to Whiteface Mountain for cross-country skiing or snowboarding. Fill up on delicious barbecue classics like Loaded Burnt Ends and Pork Pulled Pork at. Enjoy brunch any day of the week at The Breakfast Club Etc, where you can enjoy a French toast fondue and a Big Bacon waffle. Or visit Lake Placid Pub & Brewery for a variety of craft beers.
Ride vintage carousels, learn how paper music rolls are created, and play in interactive exhibits at the Kiddeland Testing Park at the Herschell Carrousel Factory Museum. Watch a comedy show, watch classic movies, or listen to tribute bands at the Riviera Theater. Head to Pinewoods Park to play a game of volleyball with your friends, have an outdoor meal, or take your four-legged friend for a walk. Take a quick road trip any time of year for stunning views of Niagara Falls State Park.
Enjoy stuffed clams, a haddock Po Boy or fried fish while eating by the water at The Dockside Bar & Grill. Feast on half-shell oysters, crab cakes, lobster tails and more delicious seafood on the waterside patio at Remington Tavern & Seafood Exchange. Or catch local bands at the Dwyers Irish Pub while sipping a pint of Guinness. Watch the dancers jump on stage and the Philadelphia Orchestra perform at the Saratoga Performing Arts Center.
Head to Saratoga Spa State Park to play 18 holes at the Saratoga Spa State Park golf course, take a dip in the Peerless Pool Complex, or walk the trails. Spend the day learning about new and old cars at the Saratoga Automobile Museum. Dine at 15 Church, a modern American restaurant serving dishes like burrata, sesame crusted tuna, and rabbit ragout. Indulge in classic comfort food with a twist, such as open hot turkey, apple cranberry turkey panini, or prime rib dinner at the Olde Bryan Inn.
Or order your Mexican food at El Mexicano and order Tacos Al Carbon or Pollo Poblano with your free quesadillas and desserts. The Most Affordable Places to Live in New Jersey The Most Affordable Places to Live Near Washington, DC. A New Analysis of the U.S. Housing Market Shows Affordable Housing Is Rapidly Disappearing From Some Cities.
As a subscriber, you have 10 gift items to give each month. Anyone can read what you share. Disparities are often the result of public policies and local ordinances aimed at increasing affordable housing, Mr. Ressler said, noting states such as California and Connecticut, that have revised zoning laws to give communities more flexibility to increase housing density.
According to Gay Cororaton, senior economist and director of housing and commercial research at the National Association of Realtors (NAR), a home is considered affordable if housing expenses do not consume more than 30% of the household budget. This means that your housing expenses should not exceed 28% of your income and all your total debt should not exceed 36%. It has also been on the radar of many housing experts, as people leave Manhattan in search of more space and lower housing costs. Natalie Campisi is a Los Angeles-based reporter who covers mortgage and housing news for Forbes Advisor.
If the housing market is red hot in your current area, it often makes sense to look at different cities or states where housing is cheaper. The United States is slowly emerging from a housing deficit of up to 3.8 million units, according to an estimate by federal mortgage company Freddie Mac, created by years of low construction and local zoning laws that prevent increased housing density. Housing Affordability Has Been Declining in the U.S. U.S., Even Before Pandemic-Driven Housing Market Shifts.
Many people move to New York to start their careers in their mid-20s, 10 years later they struggle to find affordable housing, so they move to places like Rochester. Instead of spending more than half (or more) of their salary on rent, people interested in homeownership can buy a home and have money left over for retirement savings, children's college funds, or even basic health insurance. . .