• Sat. Feb 24th, 2024

    Best Places to Find Affordable Homes in 2024

    ByNuala Hafner

    Feb 1, 2024
    Best Places to Find Affordable Homes in 2024

    In 2023, homebuyers faced numerous hurdles, including high mortgage rates and limited inventory. However, there is good news for prospective buyers in 2024. While the housing market will still have challenges, there are several areas where affordable homes can be found.

    According to a licensed real estate broker, Cody Horvat, some of the largest 20 metro areas will be the best places to find affordable homes with potential for a solid return on investment. These areas have home prices that are at or below the national median, along with projected price growth.

    One of the top cities on the list is Detroit. With average home prices of $235,250, nearly half of the national median, Detroit offers great opportunities for bargain hunters. The Detroit metro area is also expected to see a 10% growth in housing prices in 2024.

    Houston is another city where buyers can find affordable homes. With an average home price of $359,900, the Houston metro area is projected to have a healthy 9.10% growth in housing prices in 2024.

    St. Louis, a Midwest city, is also a great option for affordable homes. The average home price in St. Louis is $274,900, and the metro area is expected to experience a 4.20% growth in housing prices in 2024.

    For those looking for bargains in the crowded Northeast, Philadelphia is a surprising contender. The metro area has below-median housing prices, with an average of $340,000, and a projected growth of 2.30% in housing prices in 2024.

    Lastly, Chicago rounds out the top five bargain metros. With a median housing price of $350,000, Chicago is expected to see a 2% growth in housing prices this year.

    While these cities offer great opportunities, there are other cities worth mentioning. Tampa, Minneapolis, Dallas, and Atlanta have above-median home prices but still offer relatively affordable housing and positive projected price growth in 2024. Smaller cities like Tucson, Greensboro, and Lakeland also provide affordable options with predicted home price increases greater than 5% for 2024.

    Overall, despite the challenges in the housing market, buyers have the potential to find affordable homes in 2024. The upcoming presidential election may also contribute to a favorable climate for buyers, with historically lower rates and less competition. This presents a perfect opportunity for prospective buyers to make their move.

    FAQ Section:

    1. What are the top cities to find affordable homes in 2024?
    According to the article, some of the top cities to find affordable homes in 2024 are Detroit, Houston, St. Louis, Philadelphia, and Chicago. These cities have below-median housing prices and positive projected price growth.

    2. What is the average home price in Detroit?
    The average home price in Detroit is $235,250, which is nearly half of the national median.

    3. What is the projected growth in housing prices in Houston?
    The Houston metro area is projected to have a healthy 9.10% growth in housing prices in 2024.

    4. Which Midwest city is a great option for affordable homes?
    St. Louis is mentioned as a great option for affordable homes. The average home price in St. Louis is $274,900, and the metro area is expected to experience a 4.20% growth in housing prices in 2024.

    5. Which city in the crowded Northeast offers below-median housing prices?
    Philadelphia is mentioned as a surprising contender in the crowded Northeast. The metro area has below-median housing prices, with an average of $340,000, and a projected growth of 2.30% in housing prices in 2024.

    6. What is the projected growth in housing prices in Chicago?
    Chicago is expected to see a 2% growth in housing prices in 2024. The median housing price in Chicago is $350,000.

    7. Which cities have above-median home prices but still offer relatively affordable housing?
    Tampa, Minneapolis, Dallas, and Atlanta are mentioned as cities with above-median home prices but still offering relatively affordable housing. These cities also have positive projected price growth in 2024.

    8. Are there smaller cities with affordable housing options?
    Yes, smaller cities like Tucson, Greensboro, and Lakeland are mentioned as providing affordable options with predicted home price increases greater than 5% for 2024.

    9. Will the upcoming presidential election affect the housing market in 2024?
    The article suggests that the upcoming presidential election may contribute to a favorable climate for buyers, with historically lower rates and less competition. This presents a perfect opportunity for prospective buyers to make their move.

    10. What factors should buyers consider when purchasing affordable homes?
    Buyers should consider home prices, projected price growth, and overall market conditions when purchasing affordable homes. It is also important to research the local area and consider factors like job opportunities, amenities, and quality of life.

    Definitions:
    Median: The median is the middle value in a set of data when arranged in order. It represents the central tendency of the data.
    Return on Investment (ROI): Return on Investment is a measure of the profitability or efficiency of an investment. It shows the return (gain or loss) on an investment relative to the amount of money invested.
    Housing Market: The housing market refers to the buying and selling of homes and properties. It includes factors such as supply and demand, prices, and trends in the housing industry.