15 Places in the U.S. Where Home Prices Are Falling the Furthest
Owning a home has become much more difficult over the last decade as prices have climbed despite wages mainly remaining stagnant. Most of Gen Z isn’t even considering homeownership a possibility, and even Millennials find it challenging to spend the expense.
If you are still hoping to purchase a home, there are certain markets in the U.S. where home ownership is becoming more affordable. From the Eastern Seaboard to the deep South and the Pacific Northwest, some emerging housing markets offer great prices that will attract buyers.
So, if you’re still in the market for your first home or a nice vacation spot, we’ve compiled a list of the most affordable places to start looking for your next real estate purchase.
1. Elmira, New York
At the epicenter of metropolitan society, Elmira, New York, is an upstate hub of city life. With a population of just 85,000, this emerging housing market offers affordability, pristine beauty, and a median home price of $70,000.
Considering a 20% down payment, you’d only need an annual income of $34,400 to purchase a home in this beautiful town affordably.
2. San Antonio-New Braunfels, Texas
As a military town, the San Antonio-New Braunfels area of Texas is a bit pricier. Median home prices here run at $269,000, and a 20% down payment would mean you’d need an annual income of at least $77,500 to afford a home in this market.
However, if you have the financial means, the San Antonio area is a beautiful, promising place to purchase real estate.
3. Cape Coral-Fort Myers, Florida
Florida is a tourist state home to some of the prettiest coastlines on the Eastern Seaboard. It also encompasses the shorefront along the Gulf of Mexico. As such, housing prices in places like Cape Coral and Ft. Myers are steep.
Here, the median home price is $390,000, and you’d need to make $105,200 yearly to afford a home in this market, even with a 20% down payment.
4. Panama City, Florida
Prices in Panama City, Florida, are a bit cheaper, with median home prices running at $281,692. Considering a 20% down payment here, you’d need an annual income of around $116,000 to afford a home if you have average credit and minimal other monthly expenses.
However, if you’re looking to purchase a second home and have excellent credit, real estate in this market is an excellent place to invest as it is close to the beautiful Gulf of Mexico.
5. Boulder, Colorado
Boulder, Colorado, is perfect for anyone who loves the ambiance of seasonal weather. Skiing is an especially popularwinter activity, and eleven resorts are within driving distance of this housing market. Homes in Boulder are down 1.7% year over year and falling.
Homes in Boulder, although falling, will still cost you a pretty penny or two. Median home sales here stand at $1,006,538.
6. Salem, Oregon
If you want to move to the Pacific Northwest, Salem, Oregon, is ready to welcome you. Homes here cost an average of $438,134 and are down 1.7% yearly.
If you don’t mind the often rainy weather and chilly winters, Oregon offers a lot of natural beauty and affordability.
7. South Bend-Mishawaka, Indiana
South Bend is home to a small business called the South Bend Chocolate Company. It’s also home to an affordable housing market with prices near $184,681. The cost of living in Indiana is much lower as well, sitting at 21% lower than the national average, and a housing market that’s 1.6% lower year over year.
With such affordable living and great home prices, a move here could be very advantageous.
8. Logan, Utah
Logan, Utah, wants you to come home. With a housing market that’s 1.3% lower year over year, their median home price is $386,295. The cost of living here is just over the national average at 2.2%.
However, Logan’s cost of living is 10.5% lower than the state average, and the city has plenty to offer anyone in the retail, electrical, aerospace, or defense industries.
9. Baton Rouge, Louisiana
Baton Rouge, Louisiana, is open for business. With a housing market 1.1% lower year over year, median home prices are around $224,368, and the cost of living is 6.8% lower than the average for the US.
Suppose you’re in the market for a new home or need an area with a lower cost of living. In that case, Baton Rouge has plenty of opportunities in manufacturing and construction. Tech is also an emerging market in this area for those looking in that direction.
10. Peoria, Illinois
Peoria, Illinois, is a crown jewel in the housing and cost-of-living markets. Its cost of living is an incredible 24.4% below the nation’s average, and its median home price is just $127,608. Peoria is just waiting for you to invest in a new life there.
Manufacturing, durable goods, healthcare, and education are all readily available industries in the area, and there would be great opportunities for anyone looking to move to the Prairie State.
11. Shreveport-Bossier City, Louisiana
If you work in manufacturing, digital infrastructure, tech, or soft drinks, Shreveport, Louisiana, and the Bossier area welcome you. They boast a cost of living 22.3% lower than the national average and a housing market that is 0.9% lower year over year.
The median housing price sits at $140,602. If you’re looking for a new place to invest in real estate or even a new move, the Pelican State welcomes you.
12. Myrtle Beach-Conway-N. Myrtle Beach, South Carolina
The Palmetto State has plenty going on in the new opportunities department. South Carolina is booming in aerospace, manufacturing, technology, healthcare, retail, agriculture, and tourism.
Myrtle Beach’s housing market is 0.6% lower year over year, with a median home price of $307,395. A new move to the Eastern Seaboard could be very lucrative if you can do it.
13. Austin-Round Rock, Texas
At 0.3% reduction year over year, Austin, Texas, has a median home price of $544,638. It’s steep by some standards, so you’ll need to evaluate your financial means before buying here.
However, with healthcare, tech, manufacturing, hospitality, and education jobs, there are plenty of employment opportunities if you’re in the market for real estate and a new job.
14. Crestview-Fort Walton Beach-Destin, Florida
High-tech is the name of the game in this area of Florida. The Sunshine State wants your business, and with a housing market between $300K and $618K, you’re sure to find something you like. Year over year, home prices here are down 0.2%, and the cost of living is 2.1% lower than the state average.
Technology dominates this region, but the need for infrastructure and warehouse expansion is also in demand. While you’ll need to evaluate your choices before moving, relocating to this area of Florida could be well worth your time and financial status.
15. Little Rock-Conway, Arkansas
Little Rock is waiting with open arms and the cost of living 19.3% lower than the national average. The Natural State is home to a housing market at $214,399 and is 0.1% lower year over year.
Industries like healthcare, advanced manufacturing, transportation, construction, and logistics can all use new talent in the Little Rock-Conway area as they look to help businesses like Caterpillar, the Little Rock Port Authority, and Lexicon fulfill their client needs. Making a move here could be well worth your time and consideration.
Voted the Best: 16 Top Cities to Live in the USA
Are you in the market for a new home? Are you curious about your options but unsure where to start looking? We’ve selected the best places to live in the USA based on several factors. Crime rate, affordability, weather, job opportunities, and beauty all contribute to these cities’ high quality of life.
Voted the Best: 16 Top Cities to Live in the USA
14 States With the Lowest Cost of Living. Do You Live in One?
How much does it cost for one person to live today? The answer varies depending on several factors, including income, housing, bills, and car payments. The cost of living shifts between states, with some high-cost states requiring more money from the residents while lower-cost states allow citizens to live an affordable life. We pulled data from U.S. News and World Report to discuss the 14 lowest-cost-of-living states in the United States.
14 States With the Lowest Cost of Living. Do You Live in One?
15 States That Allow You to Live on a Smaller Budget
Finding ways to make your paycheck stretch is at the forefront of most Americans’ minds. In 2022, inflation started to eat away at more and more of our incomes, leaving many figuring out whether to pay for gas or groceries, two areas where inflation hit hard and fast initially.
