The Five Most Affordable Housing Markets in the U.S.
We’ve all heard the real estate mantra, “Location, location, location” and it’s true. Where your home is built has a huge impact on its value and marketability. You can have the swankiest pad imaginable, but if your back yard overlooks a landfill, good luck selling it.
But even more than what is immediately around you, the local housing market and economy can have a huge impact as well. $500,000 will get you a mansion in Omaha, Nebraska but a modest 4 bed, 3 bath in Orange County, California. You might pay $600 a month in rent in Kansas City but $6000 a month in New York City for the same sized place.
Finding a place you actually want to work and live in will greatly improve your quality of life. The more affordable the homes are in your chosen town the easier it will be to make ends meet. Nothing sucks the joy out of life more than busting your hump to just barely scrape by.
So, where are the most affordable places to live in the United States? Here’s a list of the top five according to CNN Money:
- Altamonte Springs, FL – Median Home Price: $67,000 – This Orlando suburb offers a lot of bang for the buck when it comes to housing. During and after the real estate boom, many investors bought houses and condos and now rent them out. This creates the perfect situation for Orlando workers who don’t mind a little commute.
- Plano, IL – Median Home Price: $75,000 – Home to a thriving manufacturing industry, this small town is so down home looking that it was used as the setting for Smallville in the latest Superman “Man of Steel” movie.
- Powder Springs, GA – Median Home Price: $85,000 – This charming Georgia town has an amazing downtown area and the residents love the pleasant quality of life. And if you’re looking for value, you’ve hit pay dirt. A three-bedroom house usually goes for $75,000 or less. They also have an awesome high school that is located on an old college campus.
- Lilburn, GA – Median Home Price: $84,478 – Close to Atlanta, this small town is truly unique. The town of 12,000 has a giant seventy-five foot tall Hindu temple made from white marble. With great schools and reasonably priced homes, it’s not only affordable but an interesting place to live.
- Temple Terrace, FL – Median Home Price: $75,000 – This Tampa suburb defies your expectations of what a Florida suburb should look like. It’s covered in trees and has a very established look. In fact, the town gives free trees to residents through its adopt-a-tree program. There are a lot of homes built in the 1920’s here as well as new ones too.
If you’re looking for a new place to live, perhaps one of these five affordable towns will be perfect for you. If you just can’t pick up and move to a new state, take a cue from these towns and see if you can find similar ones in your state. Look for suburbs or small town located close but not too close to bigger cities. Good schools, established communities and fun or interesting events/sites are always signs of a great place to live.