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Since hitting a standstill in March of 2020, the housing market has bounced back with a vengeance. With the rise of remote work, Americans no longer had a need to center themselves in big cities, and moved into more affordable housing markets. Home sales hit a 15 per year record high in 2021.
In October of 2021, the median price of a home in California was $798,440, which was 12% higher than a year prior. The average home price in the United states rose from $386,000 in 2020 to 443,000 in 2021. Price hikes aside, there are still plenty of housing markets in America that would be deemed affordable for the average family. Check out the top untapped housing markets in the country.
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Detroit, MI
Median Home Price: $64,174
You read that right: the average home costs less than $100,000 in Detroit. Invest now, though, and you’re bound to see some growth, as prices rose 33.8% in the last year. The average homeowner in Detroit is expected to only spend 6% of their income on a mortgage. Most Americans spend well over 30% of their income on housing. Though Detroit’s seen a huge economic downturn in previous years, things are on the up and up as companies like General Motors, Ally Financial and Quicken Loans are headquartered there. In addition, Apple has opened a developer academy in partnership with Michigan State University.
Learn More: How Long $1 Million in Savings Will Last in Every State
Cleveland, OH
Median Home Price: $98,530
Yet another city on this list where you can get a house for under six figures–albeit, just barely. Home prices in the Cleve went up 22.8% last year. You’ve got all the markings of a big city, like pro sports teams and tourist attractions like The Rock and ‘Roll Hall of Fame, but home prices are almost a quarter of the national average. One reason for the cheaper real estate might be that the population has actually declined 0.42% year over year.
Find Out: Best Places in Every State To Live on a Fixed Income
Spartanburg, SC
Median Home Price: $181,349
Builders are fighting to keep up with demand for housing in Spartanburg. Home values went up 21.9% since this time last year. Spartanburg is a smaller town with a population of a little more than 38,000 in 2020. However, it’s considered part of the Upcountry in South Carolina, which includes Greenville and Anderson. Spartanburg made the 150 Best Places to Live in the …….
Source: https://www.gobankingrates.com/investing/real-estate/affordable-housing-markets/
