Ten US cities where you can buy a dream home at an affordable price

There was a time when a million dollar home was something of a rarity reserved for the rich. But then the COVID-19 pandemic struck and threw everything into chaos, including the housing market. All of a sudden, simple houses were up for sale for half a million dollars. A considerable price, especially for novice homeowners. But that doesn't mean you'll be on loan forever. In fact, you can buy a house and still save money on furniture. Edition House Beautiful spoke about 10 cities where you can still buy good housing for relatively little money.

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“Affordability is what's shaking up the housing market right now,” says Amanda Pendleton, home trends expert at Zillow, a leading real estate website. — Remote work has opened up more opportunities. Whether it's hybrid or fully remote work, people have more options today than before the pandemic.”

This means that you could work in an expensive city but live in one of these affordable areas. In the ten cities listed below, you can buy a high-end home for less than $339, which is the average cost of a regular home in the US. For comparison, according to Zillow, a high-end US home costs $366.

Elizabeth Finkelstein, co-founder of Cheap Old Houses, agrees with Pendleton. While people moved en masse to warmer places during the pandemic, more budgetary areas of the Midwest and Northeast are now attracting attention.

“People are chasing an affordable home, and that's driving them to different places,” Finkelstein said. “It’s really difficult with current mortgage rates, people feel locked in.”

On the subject: Four major US cities where buying a house is cheaper than renting

Interest in hotspots like Phoenix (Arizona) and Raleigh (North Carolina) has been replaced by curiosity in smaller places like Syracuse (New York) and Peoria (Illinois). These often overlooked cities are full of unique historic homes thanks to banks, non-profit organizations that work with the city to restore properties and neighborhoods.

Even if you don't want to roll up your sleeves before renovating, there are plenty of beautiful homes ready to move in.

Top 10 cities to buy your dream home

1. Wheeling, West Virginia

• Average cost of a high-end home: $ 229

About an hour southwest of Pittsburgh, this city has no shortage of homes with rich character, especially if you're a fan of Greek Revival and late Victorian architecture. These houses will make Brooklynians jealous, especially when they find out the price. “You can buy a great home for less than $300,” Pendleton said.

2. Peoria, Illinois

• Average cost of a high-end home: $ 246

Finkelstein is a big fan of Peoria, which constantly appears on lists of cities with the cheapest old houses in part because it has a rich history as the once whiskey capital of the world. The booze boom between 1837 and 1919 saw industry magnates build magnificent historic homes that they left behind after the boom collapsed and can now be bought at bargain prices.

“You'll see a lot of late Victorian, Colonial Revival, Tudor and early 20th century homes,” Finkelstein elaborates. — At that time, all styles came together. It is a charming city with sophisticated architecture from the era of excess. It's complex, quirky and fun."

Buying here is also a good investment. “Even with a slower national housing market, homes in the urban Midwest are rising in value and selling faster,” Pendleton said.

3. Texarkana, Texas

• Average cost of a high-end home: $ 272

Those looking for a small town with a suburban vibe should look no further than this friendly location bordering Texas and Arkansas. Here you can find a 1970s home with a floor-to-ceiling stone fireplace and plenty of backyard space for less than $300. hot springs park.

4. Lake Charles, Louisiana

• Average cost of a high-end home: $ 291

Working from home is even more attractive when you can do it near water. Pendleton notes that the Lake Charles metro area offers lakeside living at a fraction of the cost of other coastal destinations, with many attractive ranch-style homes. A move-in ready home with the now-fashionable arched doorways can be found for about $265.

5. Erie, PA

• Average cost of a high-end home: $ 295

You can find a brick bungalow for under $100 with original fireplaces and wood trim. This small town is on Lake Erie, so you can enjoy stunning views for less money than if you lived in Cleveland.

6. Jackson, Tennessee

• Average cost of a high-end home: $ 296

This Tennessee gem is a bargain compared to Nashville, where the typical price for a high-end home is $714. You can get a new build for less than $336, or snag a Victorian with a wraparound porch for under $300.

7. Toledo, Ohio

• Average cost of a high-end home: $ 304

Toledo was ranked second on Zillow's 2023 list of top metro areas for new buyers thanks to the availability of rentals and mortgages. Housing is considered affordable if it is 30% of your pre-tax income or less. In Toledo, average rent and monthly mortgage payments are below this threshold, which means you have more disposable income that you can either save or spend on other things.

8. Syracuse, New York

• Average cost of a high-end home: $ 315

Home prices in Syracuse are rising five times or more faster than the rest of the country, Pendleton said. The cost of housing rose by 6,6% compared to last year, indicating strong demand.

Finkelstein notes that Syracuse is another home to cheap old homes, in part because the city has an "extremely active land bank" that a nonprofit is putting on the market for as little as $3000.

“It's a really cool place and you can definitely find something for very little money,” she assures.

9. Montgomery, Alabama

• Average cost of a high-end home: $ 319

Here you can find both a federal-style house with a pool for less than $250 and a 000s ranch. Known for its Civil Rights Memorial, the state's historic capital offers homes to suit all tastes and budgets.

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10. Wichita, KS

• Average cost of a high-end home: $331

Wichita topped Zillow's list of the best cities for singles looking for love and the best cities for new homebuyers due to its unrivaled affordability. The largest city in Kansas ranks first in the number of rental apartments available to single tenants.

Worth mentioning: Detroit, Michigan

• Average cost of a high-end home: $ 408

Although the cost of housing in Detroit is slightly higher than in the cities on the list, it is worth mentioning because Motor City is rich in "absolutely impressive architecture" that spans modern dwellings and cozy cottages. Finkelstein notes that this is a really good place for first-time homebuyers, as well as for couples and young families.

“Detroit has a lot of creative people and people who are very active and interested in revitalizing the city,” she concludes.

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