In Cleveland, the average four-bedroom, two-bathroom home costs just $73,073. That’s a pretty decent price for a young first-time homebuyer. And, it’s a good option for people priced out of Silicon Valley, where similar homes sell for $2.5 million.
CNBC reports that affordable markets like Cleveland, Phoenix, and Salt Lake City will soon begin to heat up. Employers may soon start targeting these metros, which offer employees a cheap cost of living.
While most of the nation's affordable markets are in the Northeast and Midwest, they are all within commuting distance of major cities. Younger first-time buyers have been a disproportionately small share of the market during the recovery, but are starting to move back into the homebuying market. They are more mobile than move-up buyers with families, so as first-timers return new markets could become less affordable.