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Top 10 US cities with the lowest house prices

Detroit, Michigan, also known as Motor City, is the most profitable city in the country to buy a home, according to a recent Forbes Advisor report. Writes about it Fox Business.

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Detroit boasts the lowest home prices, and experts say many young home buyers are taking advantage of the economic downturn.

“Ten years ago, Detroit attracted a significant number of foreign investors who took advantage of the previous downturn, and we are seeing similar activity now,” said Edward Mermelstein, CEO of One & Only Holdings.

However, cities from Ohio to Tennessee have also become economically viable places to buy a home, according to Forbes Advisor.

According to the report, these cities were deemed affordable after considering a combination of factors including average home price, average income, and average annual property taxes.

Detroit (Michigan)
  • Median home value in 2020 - $ 59
  • Median Base Salary - $ 36
  • Average annual property tax - $ 1
  • Utilities cost just under $ 300

“While secondary markets tend to be very attractive in terms of affordability, they rarely do better in the long run,” Mermelstein said.

However, the city, home to the Big Three automakers, has struggled over the past decade, most notably filing for bankruptcy in 2013.

On the subject: 7 problems that arise when buying a house in the USA

More recently, the city has also faced protests against racial injustice and police brutality following the death of George Floyd in May 2020.

Cleveland (Ohio)
  • Median home value in 2020 - $ 140
  • Median Base Salary - $ 47
  • Average annual property tax - $ 1
  • Utilities cost just under $ 200
Toledo (Ohio)
  • Median home value in 2020 - $ 95
  • Median Base Salary - $ 37
  • Average annual property tax - $ 1
  • Utilities cost - about $ 200
Memphis (Tennessee)
  • Median home value in 2020 - $ 123
  • Median Base Salary - $ 38
  • Average annual property tax - $ 1
  • Utilities cost - about $ 158
Baltimore (MD)
  • Median home value in 2020 - $ 191
  • Median Base Salary - $ 50
  • Average annual property tax - $ 2
  • Utilities cost - about $ 241
Rochester (New York)
  • Median home value in 2020 - $ 151
  • Median Base Salary - $ 41
  • Average annual property tax - $ 2
  • The cost of utilities is just under $ 200

However, Mermelstein said that Rochester, like other cities on the list, lacks good long-term potential and will continue to suffer without "major federal and corporate investment."

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York.

Milwaukee (Wisconsin)
  • Median home value in 2020 - $ 167
  • Median Base Salary - $ 41
  • Average annual property tax - $ 3
  • The cost of utilities is just over $ 200
Montgomery (Alabama)
  • Median home value in 2020 - $ 192
  • Median Base Salary - $ 39
  • Average annual property tax - $ 500
  • Utilities cost - $ 238
Buffalo (New York)
  • Median home value in 2020 - $ 184
  • Median Base Salary - $ 41
  • Average annual property tax - $ 1
  • Utilities cost - $ 194
Kansas City (Kansas)
  • Median home value in 2020 - $ 170
  • Median Base Salary - $ 37
  • Average annual property tax - $ 1
  • Utilities cost - $ 194

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