Cheap homes for sale: 10 of the most affordable US cities
Drew and Jonathan Scott credit their continued success to their commitment and not taking ‘no’ for an answer.
While early real estate data have already predicted that 2019 could be a rocky road for both home buyers and sellers as a result of rising rates and home prices, there are still a slew of cities around the country that are offering some cheap deals, according to a new study.
To determine what cities offer the most affordable home right now, personal finance website GoBrankingRates.com, looked at the change in median list prices from 2017 to 2018 using data from Zillow and compared it to the year-over-year change in median household income.
Each factor was then individually scored and combined for an overall score to determine the ranking.
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Here are the top 10 cities that offer some of the cheapest houses in America right now, according to GoBankingRates.
1. Annapolis, Maryland
Annapolis, Maryland - State, Harbor, Color Image, Commercial Dock
Income Change: 9.4 percent
Home Price Change: -5.0 percent
While Annapolis might have the highest median home price on the list at $475,000, the year before it was almost at $500,000. Plus, the city has the highest median income change on the list, increasing from $74,187 to $81,143.
2. Murfreesboro, Tennessee
Stores around the Public Square in historic downtown Murfreesboro TN, USA
Income Change: 8.5 percent
Home Price Change: -1.6 percent
Median incomes increased from $53, 241 to $57,753 from 2017 to 2018, pushing Murfreesboro up on the list. Also, while its median home price is $283,157, Zillow found that the average was more like $227,900.
3. Omaha, Nebraska
Omaha downtown skyline during Autumn, with a lake at the Heartland of America Park in the foreground
Income Change: 5.8 percent
Home Price Change: -7.3 percent
Omaha has the second-highest price change on the list, with the median home price dropping from $232,000 to $215,000.
4. Nashville, Tennessee
Skyline of downtown Nashville, Tennessee, USA.
Income Change: 5.9 percent
Home Price Change: -8.3 percent
Although the median home price in Nashville is $319,000 with the average income at just $52,858, according to Zillow, the median price of homes in the city for $271,900, around $48,000 less.
5. Cypress, Texas
Income Change: 7.0 percent
Home Price Change: -1.2 percent
Incomes in Cypress have increased from $84,469 to $90,345 year over year.
6. Livonia, Michigan
OLYMPUS DIGITAL CAMERA
Income Change: 5.4 percent
Home Price Change: -1.9 percent
7. Alexandria, Virginia
City street in Old Town, Alexandria, VA.
Income Change: 4.7 percent
Home Price Change: -3.6 percent
8. Denver, Colorado
Snow covered Longs Peak, part of the Rocky Mountains stands tall in the background with green trees and the Downtown Denver skyscrapers as well as hotels, office buildings and apartment buildings filling the skyline.
Income Change: 6.8 percent
Home Price Change: -2.1 percent
9. Raleigh, North Carolina
Downtown Raleigh, North Carolina at night.
Income Change: 4.9 percent
Home Price Change: -4.3 percent
10. Charleston, South Carolina
Charleston, South Carolina, USA cityscape in the historic French Quarter.
Income Change: 6.5 percent
Home Price Change: -0.3 percent