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These Were the Cheapest Cities to Buy a Home in 2018

October 12 2018
by Leisl Bailey

These Were the Cheapest Cities to Buy a Home in 2018

Are you ready to make a big move?

Around the country, the housing markets in big cities like San Francisco and New York are currently soaring. The increase in demand for housing and the lack of available units is driving the prices up exponentially.

This is causing many families to think long and hard about moving away from cities they have long called home. If you are hoping to move somewhere less expensive, you are in luck.

We’ve put together this list of the cheapest cities to buy a house in 2018!

A Quick Caveat about Housing Affordability

The average price of a home isn’t the only factor used to determine the best cities to buy a cheap house. After all, if you are not earning a comparable salary, it doesn’t matter how cheap the houses are – you still won’t be able to avoid one.

In order to understand the true cheapest cities to buy a house in 2018, this list examines multiple factors. To determine the true price of a home, it looks at things like mortgage payments and property taxes over five years. It considers these things as a proportion of each area’s median household income.

The South and the Midwest of the United States consistently top affordability lists. Some might scoff that this is because “no one wants to live there anyway.” But they could not be more wrong! Cities in these areas tend to be very family-friendly.

There are plenty of museums and parks, as well as low crime rates. Their developing culture and music scenes also make them well worth a second look.

The Cheapest Cities to Buy a Home in 2018

Here are the best options for you to move to if you are looking to save some money on housing in 2018:

Anchorage, Alaska

Median Home Value: $338,600

Metro Population: 398,000

Median Annual Salary: $57,770

Income Spent on Living Expenses: 26.08 percent

Baton Rouge, Louisiana

Median Home Value: $164,700

Metro Population: 824,667

Median Annual Salary: $44,460

Income Spent on Living Expenses: 25.71 percent

Boise, Idaho

Median Home Value: $310,000

Metro Population: 663,680

Median Annual Salary: $43,040

Income Spent on Living Expenses: 26.22 percent

Buffalo, New York

Median Home Value: $99,888

Metro Population: 1,135,503

Median Annual Salary: $46,390

Income Spent on Living Expenses: 25.26 percent

Charlotte, North Carolina

Median Home Value: $285,000

Best Places to Live Rank: 22

Metro Population: 2,381,152

Median Annual Salary: $49,600

Income Spent on Living Expenses: 26.07 percent

Cincinnati, Ohio

Median Home Value: $199,000

Metro Population: 2,146,410

Median Annual Salary: $48,130

Income Spent on Living Expenses: 25.47 percent

Des Moines, Iowa

Median Home Value: $145,000

Metro Population: 611,755

Median Annual Salary: $49,420

Income Spent on Living Expenses: 23.52 percent

Fayetteville, Arkansas

Median Home Value: $207,900

Metro Population: 503,642

Median Annual Salary: $44,980

Income Spent on Living Expenses: 25.05 percent

Fort Wayne, Indiana

Median Home Value: $123,400

Metro Population: 426,755

Median Annual Salary: $42,250

Income Spent on Living Expenses: 22.86 percent

Grand Rapids, Michigan

 

Median Home Value: $164,900

Metro Population: 1,028,173

Median Annual Salary: $43,610

Income Spent on Living Expenses: 24.6 percent

Huntsville, Alabama

Median Home Value: $220,500

Metro Population: 440,230

Median Annual Salary: $52,960

Income Spent on Living Expenses: 22.56 percent

Indianapolis, Indiana

Median Home Value: $152,700

Metro Population: 1,968,768

Median Annual Salary: $46,840

Income Spent on Living Expenses: 24.75 percent

Kansas City, Missouri

Median Home Value: $195,000

Metro Population: 2,070,147

Median Annual Salary: $48,900

Income Spent on Living Expenses: 25.91 percent

Lafayette, Louisiana

Median Home Value: $163,200

Metro Population: 484,043

Median Annual Salary: $39,350

Income Spent on Living Expenses: 25.84 percent

Lexington-Fayette, Kentucky

Median Home Value: $176,200

Metro Population: 495,193

Median Annual Salary: $43,620

Income Spent on Living Expenses: 25.38 percent

Little Rock, Arkansas

Median Home Value: $195,000

Metro Population: 727,371

Median Annual Salary: $43,050

Income Spent on Living Expenses: 25.77 percent

Louisville, Kentucky

Median Home Value: $154,700

Metro Population: 1,269,550

Median Annual Salary: $44,270

Income Spent on Living Expenses: 25.55 percent

Minneapolis-St. Paul, Minnesota

Median Home Value: $256,800

Metro Population: 3,488,436

Median Annual Salary: $55,010

Income Spent on Living Expenses: 25.06 percent

Omaha, Nebraska

Median Home Value: $166,300

Metro Population: 904,834

Median Annual Salary: $46,490

Income Spent on Living Expenses: 25.05 percent

Pittsburgh, Pennsylvania

Median Home Value: $209,999

Metro Population: 2,354,926

Median Annual Salary: $47,360

Income Spent on Living Expenses: 25.34 percent

Raleigh and Durham, North Carolina

Median Home Value: $212,800

Metro Population: 1,786,119

Median Annual Salary: $52,669

Income Spent on Living Expenses: 25.38 percent

Salt Lake City, Utah

Median Home Value: $273,556

Metro Population: 2,361,981

Median Annual Salary: $46,221

Income Spent on Living Expenses: 25.02 percent

St. Louis, Missouri

Median Home Value: $149,900

Metro Population: 2,803,449

Median Annual Salary: $48,240

Income Spent on Living Expenses: 25.95 percent

Syracuse, New York

Median Home Value: $83,300

Metro Population: 660,652

Median Annual Salary: $48,530

Income Spent on Living Expenses: 25.70 percent

Wichita, Kansas

Median Home Value: $121,900

Metro Population: 640,505

Median Annual Salary: $43,280

Income Spent on Living Expenses: 25.88 percent

So what are you waiting for? Affordable housing in beautiful, exciting cities is out there. A big move could be just what your family needs for a fresh start.

Are you ready to find your dream home in one of these affordable cities? The professional agents at Clever are here to help – all for just one flat fee!  Call us today at   1-833-2-CLEVER or fill out our online form to get started.