Score Big Savings: 10 Underrated Cities with Affordable Housing Options for Homebuyers

Homebuyers looking for more affordable housing options amidst rising home prices and mortgage rates may want to consider relocating to certain cities, according to new research from Realtor.com published on November 20, 2022. With remote work becoming increasingly prevalent, location is no longer a significant issue for many employees in their search for affordable housing.

Based on a report by Nicole Spector of GOBankingRates on February 16, 2023, the following ten cities are becoming more attractive to buyers as they are priced out of larger cities. However, the research indicates that these locales are also expected to see rising prices over the next year, so buyers will have to move quickly to secure the best bargains.

The ten cities are: Columbia, South Carolina; El Paso, Texas; Augusta, Georgia; Buffalo, New York; Toledo, Ohio; Chattanooga, Tennessee; Louisville, Kentucky; Hartford, Connecticut; Grand Rapids, Michigan; and Worcester, Massachusetts. The average home price in these cities ranges from $161,000 in Toledo to $447,000 in Worcester, with expected year-over-year price increases of 3.6% to 10.6% in 2023, as reported by Nicole Spector.

The uncertain economic climate, Including inflation and the possibility of a recession, has made it increasingly challenging for homebuyers to find affordable housing. Still, by considering the options in these ten cities and acting swiftly, they may be able to find a more affordable home to meet their needs.