It can be hard to keep up with the ever-changing housing market. With so many factors at play—like the pandemic, rising interest rates, and housing in short supply—the process of buying and selling homes has gotten more complicated. And, in many situations, it has become more expensive.
But that’s not the case everywhere. According to a new report from Realtor.com, “some cities still have humming home markets, with low prices that insulate, to some extent, against the effects of rising mortgage rates.”
So where are these havens of affordable housing? Here’s what to know about the 10 cheapest U.S. cities to buy a home in right now.
The 10 cheapest U.S. cities to buy a home in right now
First, a few things to know about these cities. Most of the affordable housing markets in the U.S. at the moment are in cities that were thriving at one point during their history—as industrial or manufacturing hubs, centers of transportation and commerce, or state capitals—then had a steep decline.
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Plenty of housing was constructed during the city’s boom times in order accommodate people relocating there for jobs. But when industry left town, plants closed, or train routes were no longer in service, the city fell into economic hard times, and saw its population dwindle.
Flash forward to today, and these cities have a larger supply of housing available at prices more affordable than other urban areas in the country. Here are the 10 cheapest markets, according to data from Realtor.com:
1. Youngstown, OH
Median home list price per square foot: $95
Median home list price: $149,900
2. Scranton, PA
Median home list price per square foot: $124
Median home list price: $225,000
3. Syracuse, NY
Median home list price per square foot: $130
Median home list price: $217,250
4. Wichita, KS
Median home list price per square foot: $134
Median home list price: $304,475
5. Jackson, MS
Median home list price per square foot: $138
Median home list price: $299,000
6. Little Rock, AR
Median home list price per square foot: $141
Median home list price: $298,873
7. Indianapolis, IN
Median home list price per square foot: $144
Median home list price: $300,000
8. McAllen, TX
Median home list price per square foot: $144
Median home list price: $270,000
9. Columbia, SC
Median home list price per square foot: $146
Median home list price: $308,900
10. Augusta, GA
Median home list price per square foot: $150
Median home list price: $311,575
