There may be some good news for people who want to buy a home in 2024: loan rates are expected to keep going down, and sales are expected to jump to 5.3 million over the next two years. Still, it will be hard to find a reasonable home as long as home prices stay high and there aren’t many available.
Realtor.com recently released its list of the top 100 metro areas for 2024. The list includes affordable markets in the Northeast and Midwest, like Toledo, Ohio, and Rochester, New York, as well as markets in Southern California, like Los Angeles and San Diego, that are expected to bounce back from slow sales in 2023.
Realtor.com Chief Economist Danielle Hale said, “Now that we’re seeing the beginning of an affordability turnaround, home buyers are still looking for markets where they can take advantage of lower prices.”
“Even in some of the more expensive markets, we’ll see double-digit sales growth as sales start to rebound from their historic lows, helped by mortgage rates, which are expected to finally relent.”
People who want to buy a house can get the best mortgage rates if they compare their choices. You can compare rates, pick your loan time, and get preapproved with several lenders at once by going to an online market like Credible.
These Are the Five Cheapest Places to Buy a Home
These top five midwestern and northeastern metro areas can be a good place to start your property search if cost is your main consideration. Compared to bigger metropolitan centers, these cities provide more cheap housing alternatives, which increases the accessibility of homeownership.
Additionally, the top markets in the Northeast and Midwest also show some degree of resilience against the effects of rising mortgage rates, mostly because a larger percentage of homeowners in these regions live in mortgage-free properties.
Together with a wide range of cultural attractions, leisure activities, and educational institutions, these cities offer a good standard of living.
Here’s the ranking for them:
1. Toledo, Ohio
Toledo’s median home listing price was 51.6% less than the national median house price in November 2023. This made it a good place for first-time homeowners.
2. Rochester, New York
In November 2023, the median price of homes for sale there was 41.2% less than the national norm. The area has a housing market that is both affordable and full of different types of homes, which makes it a great choice for families and first-time buyers.
3. Springfield, Massachusetts
At the end of November 2023, Springfield’s median list price was 13.3% less than the national median and 56% less than the Boston metro area median list price. Springfield also has a strong sense of community, a lot of parks and other places to play, and a lot of cultural activities.
4. Worcester, Massachusetts/Connecticut
Worcester’s median home price was 14.7% higher than the national average, but compared to Boston’s median home price, Worcester’s prices are very low.
5. Grand Rapids-Kentwood, Michigan
The metro’s median listing price as of November 2023 was 8.2% lower than the median price throughout the country. Grand Rapids has a diversified and expanding economy with possibilities in technology, healthcare, and manufacturing.
It might be beneficial to compare mortgage rates if you’re in the market to purchase a house. To compare offers from several lenders without having your credit score impacted, visit Credible.