Affordable Housing: 5 Cities Where Homeownership Under $300K Is Possible
The real estate landscape witnessed significant fluctuations in 2022, with the median home sales price surging to a staggering $479,500 before gradually settling at $416,100 by mid-2023. While these numbers depict the nationwide trend, it’s essential to recognize the immense regional disparities in housing costs.
The good news is that despite the overall upward trajectory of home prices, there are still opportunities to secure a home well below the national median in nearly 100 metropolitan areas across the United States. This insight comes courtesy of the National Association of Realtors (NAR), which has identified pockets of affordability amid the real estate boom. We’ve carefully sifted through this data to pinpoint five cities where aspiring homeowners can purchase a single-family house for under $300,000.
Where Can You Find Homes Under $300K?
If your quest for affordable housing leads you to the Midwest, you’re in luck. According to the NAR, this region recorded the lowest median sales price, averaging $301,800 during the second quarter of 2023. The Midwest also boasts the highest score on NAR’s Affordability Index, indicating that a typical family in this region typically earns enough income to qualify for a mortgage.
We began our search by narrowing down U.S. metropolitan areas with median sales prices ranging from $200,000 to $300,000. After this initial filtering, we delved into home listings and gathered information about these locations to compile a list of five family-friendly cities where homeowners can make their dreams a reality without breaking the bank. These cities not only offer affordable housing options but also feature robust housing markets, desirable amenities, and a sense of overall affordability that’s hard to match.
1. Green Bay, Wisconsin
With a median sales price of $257,600 for single-family houses, Green Bay, Wisconsin, emerges as an affordable housing haven, according to NAR. Listing prices have risen by 10.9% compared to the previous year. Furthermore, homes in this area have experienced price gains for three consecutive years, promising favorable returns for future sellers.
2. Albany, New York
In Albany, New York’s capital, we discovered 339 homes that had sold in the $200,000 to $300,000 price range over the past six months. NAR data indicates a median home price of $296,300 during the second quarter of 2023, making it an attractive destination for budget-conscious homebuyers.
3. Fort Wayne, Indiana
Fort Wayne, Indiana, offers an average sales price of $236,600 for single-family houses, according to NAR. While listing prices have seen a 5.9% increase compared to the previous year, price growth appears to be slowing down, as indicated by NAR’s data.
4. Abilene, Texas
Texas stands out as one of the top states for new construction, ranking sixth with 9.01 homes built per 1,000 residents. Abilene, a part of this construction surge, currently boasts 52 new-construction listings for single-family houses within the $200,000 to $300,000 price range.
5. Pittsburgh, Pennsylvania
Pittsburgh, Pennsylvania, joins the ranks of cities where you can secure an affordable single-family home within our $300,000 target. Other cities on this list include St. Louis, New Orleans, Cincinnati, Cleveland, and Memphis. While these metropolitan areas offer a wealth of amenities, vibrant nightlife, and diversity, they tend to receive mixed reviews in critical areas such as schools, crime rates, job opportunities, and the cost of living.