The pursuit of affordable housing has become increasingly daunting in the last decade, marked by a notable scarcity of homes priced below $200,000. Despite this trend, pockets of opportunity remain, particularly in select regions of the South and Midwest.
A recent report by Realtor.com underscores the dwindling availability of affordable housing options. A mere 21% of homes sold currently fall below the $200,000 threshold, a stark decline from the fifty-percent share observed a decade ago. This shift correlates with a nationwide surge in median listing prices, surging nearly 40% since 2019. Nonetheless, regions with lower living costs, notably in the South and upper Midwest, continue to present viable options for budget-conscious homebuyers.
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Realtor.com’s analysis identifies cities such as Albany, Georgia, as havens for affordable housing seekers. Hannah Jones, a senior economic analyst at Realtor.com, points to a growing prevalence of affordable homes in Southern locales. Notably, Detroit, Michigan, emerges as a standout, with a remarkable 64% of homes listed for sale priced below $200,000, making it the leader in affordable housing availability. Similarly, Cleveland, Ohio, boasts a substantial inventory of affordable homes. In Florida, suburbs like Lauderdale Lakes and Lauderhill offer promising prospects, with a staggering 85% of homes in Lauderdale Lakes priced under the $200,000 mark.
In addition to the decline in affordable housing stock, the past decade has witnessed a significant erosion in the availability of homes priced within reach of budget-conscious buyers. Last year, less than a quarter of homes on the market were priced under $200,000, down from fifty percent in 2013. This underscores the pivotal role of location in influencing home prices, compelling buyers to exercise discernment in their search for affordable housing options. Realtor.com’s data underscores the evolving dynamics of the housing market, urging prospective buyers to explore diverse regions where affordable homes still abound.
