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. With a shortage of housing supply and growing demand, home values are rising, making it difficult for prospective homebuyers to get their dream home or any home.
In many metropolitan areas it's a seller's market, but with remote careers gaining momentum, more homebuyers may choose to live in communities other than the community where their employer is located. Fortunately, buying a home is still affordable in some areas. Keep reading to find the cheapest places to buy a home. With a strong agricultural economy, as well as a growing industrial scene that includes iron and steel milling, Muncie, Indiana, has a population of approximately 68,750 and is an affordable place to buy a home or open a business.
A family home is one of the key elements for many Americans, providing a long-term solution for their home and a real estate investment for their portfolio. That's why GoBankingRates has compiled a list of the best options for people who are ready to look beyond the beaten path in search of a place where homes are affordable and life is good. 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. However, potential buyers should be aware that there is a shortage of homes available in Akron, so make an offer quickly if you don't want to be excluded.
Despite a fast-growing economy, the housing market in Kokomo, Indiana, looks pretty good for a buyer looking to get a deal. If you live in an expensive subway, you can avoid the tiny house with a huge price and move to greener, cheaper pastures. In the past year alone, home values have increased 10.2 percent, and the city's housing market has enjoyed being one of the best long-term investments of the past decade, so a home purchased here is likely to appreciate in value quickly. Natalie Campisi is a Los Angeles-based reporter who covers mortgage and housing news for Forbes Advisor.
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. It has also been on the radar of many housing experts, as people leave Manhattan in search of more space and lower housing costs. The guidelines present the HomeIA Score, a proprietary index that rates communities based on factors such as housing costs, education and employment. .