7 Major Cities Where Homes Are Still Budget-Friendly
Where in the US are home prices increasing the slowest? When we think about major cities, we always think about extended home prices and high living costs. Not always! In this review, we’ll share seven major cities in the US where you can buy at a low price. In this review, you can get an overall idea of the average home price, median living cost, and reasons why this city is on the most affordable city list.
Major Budget-Friendly US City List
Living in a major city does not have to be costly if you move to one of these cities.
Cleveland, Ohio, is one of the cheapest cities in the US. It’s about 15.76% cheaper than Seattle (without rent) and 6% less than the national average. Not only that, it is almost 17% less expensive when it comes to housing expenses compared to the national average, a clear reason why various individuals are moving to Ohio.
Mobility is also cheaper here. Transportation costs and gas prices are 5% less than the national average. When you compare the utility expenses, know that you will have to pay about 4% less than the average national expense. In November 2022, the average home price was around $120,000. It’s one of the least affected cities by the 2020 pandemic and current inflation.
In Tulsa, Oklahoma, the typical home price is around $210,000, whereas the national average is around $354,649, making it one of the cheapest cities for homebuyers. According to October 2022 data, the cost of living here is about 17% below the US average, which makes it more convenient to move in without compromising affordability.
Tulsa is extremely budget-friendly for new homebuyers. The huge developable flat lands make contributions to the lower price here in Tulsa. Besides the affordable housing options, the diverse industries offer available jobs for newcomers. In November 2022, the average listing price was around $229,900, with a price per square foot price of only $132.
Fort Worth, Texas
Fort Worth, Texas is a great place to call home for academics and professionals. Located in the heart of the Lone Star State, this friendly city offers a wide range of amenities and attractions that make it an ideal spot for people looking to relocate. From excellent education opportunities at world-renowned Texas Christian University to its vibrant housing market, Fort Worth has something for everyone.
The city’s strong economy ensures that residents have plenty of job security and access to quality housing. Whether you’re looking for an affordable apartment or a luxurious mansion, there are plenty of options available throughout Fort Worth. In addition, the city is home to many parks and green spaces as well as cultural attractions such as museums and art galleries that provide endless entertainment opportunities for locals and visitors alike.
The housing cost is 14%, transportation cost is 10%, grocery cost is 6%, and healthcare is 9% lower than the national average here in Fort Worth. Overall, you’ll have to spend 5% less if you move to Fort Worth.
Also, all sorts of houses are available in this neighborhood, from modern condos to single-family homes, with a price range between $185,000 to over $1.6 million. If you have a larger budget, you can go for the Tudor style or Spanish-inspired homes in Park Hill that have an average price of $900,000.
Milwaukee is a major city in Wisconsin on the western shore of Lake Michigan, where people are fleeing to escape the high living cost in Chicago. Chicago is only over 90 miles south of Milwaukee, and currently, as of December 2022, house prices are skyrocketing there. Where in Milwaukee, a median home price is around $185,000, which is almost half the price in Chicago, around $325,000.
This city of nearly 600,000 residents is also the home to the University of Wisconsin–Milwaukee. So, for college students, it can be a great housing option. It’s also cheaper for renting compared to the national average of $1,727, monthly only $1,355 for a 1-bed apartment.
Living in Springfield, Missouri, is a great way to cut your housing cost. The housing cost is about 25% lower than the national average. Also, the cost of living is 13% lower, groceries are 3% lower, and utility costs are 13% less.
The average listing price in November 2022 was $224,900. Springfield also has Affordable Housing Programs that attract many internal migrants in the friendly neighborhoods. It’s a great opportunity to live in southwestern Missouri in an affordable way.
Fort Wayne, Indiana
Fort Wayne, a city in northeastern Indiana, is another affordable city with the facilities of a major city. Living cost in Fort Wayne is 12% cheaper, and housing is one of the cheapest, about 30% less than the national average.
In November 2022, the median home price was $195K. Utilities and groceries are also cheap. The median rent is only $758, an ideal city for any looking affordable housing option.
In Detroit, Michigan, you can avail a good quality home even within a minimalist budget. House prices are kind of the cheapest compared to other cities in the US. The median house price is around $105,000. The average real estate tax is about 1,268, and state income tax is only 4.25% of the yearly income.
If you are a median salary earning person, you may only have to spend 6% of the monthly income on the mortgage. Apart from that, there are plenty of job opportunities in major industries.
Everywhere house prices are spiking. Despite that, the midwest and northeast still have some pocket-friendly housing options for homebuyers. If you are really looking for affordable homes, do check these cities because, even though they are not as shiny as the big cities, they do offer budget-friendly homeownership and friendly neighborhoods.