Affordable housing has become harder to find over the past decade, with fewer homes under $200,000 available, though certain areas in the South and Midwest still offer more affordable options.
Finding Affordable Housing – Top U.S. Cities with Houses Under $200,000
According to the article of USA Today, affordable housing is getting harder to find. Homes under $200,000 now make up only 21% of sales, down from half of all sales ten years ago, according to Realtor.com. The national median listing price of homes has gone up almost 40% since 2019. Even with these challenges, there are smaller, affordable housing available, especially in the South and upper Midwest, where living costs are lower, and there are more homes to choose from.
Realtor.com’s report points out cities like Albany, Georgia, where affordable housing is easier to find. Hannah Jones, a senior economic analyst at Realtor.com, says cities in the South are seeing more affordable homes. In Detroit, Michigan, 64% of homes for sale were under $200,000, making it the city with the most affordable homes. Cleveland, Ohio also has a lot of affordable homes for sale. In Florida, suburbs like Lauderdale Lakes and Lauderhill have many affordable homes, with 85% of homes in Lauderdale Lakes listed for under $200,000.
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Only 21% of Homes Under $200,000: How to Find Affordable Housing in a Shrinking Market! (PHOTO: Investopedia)
Affordable Housing in Decline – Finding Homes Under $200K in Key U.S. Regions
Furthermore, over the past ten years, the number of affordable homes has dropped a lot. Last year, less than a quarter of homes for sale were under $200,000, compared to half in 2013. However, some regions still have affordable homes for buyers. This shows how important location is for home prices and that buyers need to be smart about where they look for homes. Realtor.com’s data highlights the challenges and chances in the housing market today, showing the need for people to think about different areas where affordable homes are still available.
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