Reasonably-priced housing is hard to come by these days. If you’re not finding anything that meets your needs in your current area, it might be time to consider a move.
Of course, you’ll need to conduct research, as housing is expensive in much of the U.S. As of Oct. 31, 2024, the average home value in the U.S. is $359,099, according to the Zillow Home Value Report.
GOBankingRates spoke with Alexei Morgado, realtor and founder of Lexawise, to get his take on where to find affordable housing. Here are three cities he suggested looking into for both budget-friendly housing and a good quality of life.
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“A bit more understated as a city, Toledo is far more affordable, especially talking prices, with a very approachable atmosphere,” he said. “Here, the average house costs about $190,000 — a find that’s actually hard to stumble upon in more urban areas.”
That’s not all that makes this city a great pick for potential buyers.
“Besides the price, taxes and insurance stay relatively cheap and therefore do not add too much to the cost,” he said. “Having a rich industrial history, Toledo also offers a buzzing cultural scene for any family or young professional looking to really stretch a buck.”
Also encouraging, 41.7% of Toledo homes sold under list price in the past year, according to Zillow. While you might be able to score a deal, you do need to move fast, as the homes go to pending in a median of just eight days.
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“Wichita has that ideal mix of affordability and quality of life,” he said. “In my opinion, this is an excellent market for those who would want a big house, without having to pay a lot of money for it.”
Given this, it’s easy to understand why Niche.com rated Wichita an “A-” and named in the 23rd best city to buy a house in America.
“With homes near $218,000 and reasonable rent, many of the first purchases make their starting point in this area,” he said. “Plus, the community is nice and there will always be some cultural activities and economic opportunities here.”
Homes do go fast in Wichita, with properties marked pending in a median of 11 days, according to Zillow. However, 41.9% of sales are under list price.
If you’re looking for a more innovative city, he said Huntsville is your place.
