Americans battling rising inflation are seeking out affordability wherever they can find it, even if that means relocating far off the beaten path to a new town or metro area. The top emerging housing market of the summer is Elkhart, IN, a small Midwestern city just two hours from Chicago that saw prices soar 17.2% year-over-year to a median $279,450 in June, Realtor.com reports.
Next on the list of the top 10 emerging real estate markets of summer 2022 is Burlington, NC, where the median list price is still a reasonable $380,150. While more expensive homes in high-cost markets are spending more time on the market, houses priced below $200,000 are selling quickly, regardless of where they’re located.
Elkhart is a recreational vehicle manufacturing powerhouse with an unemployment rate of just 1.8% in May—about half of the national average. Most of the area’s buyers are from nearby South Bend as well as Chicago. About 44% of the area’s buyers are from outside of Indiana, according to Realtor.com.
The area is particularly appealing because it’s so affordable. Those buying a home in the Elkhart metro area are looking at a roughly $1,275 monthly mortgage payment for a median-priced home, according to Realtor.com data. That’s significantly lower than the national median of $2,100 a month.
Related Stories
Housing Markets
Homeownership Dreams Put On Hold by Buyers in Popular Metros
The housing market may be slowing, but buyers in popular metros like Austin, TX are still seeing record high home prices
Affordability
Inflation Is Rising the Fastest in Sun Belt Cities—Here’s Why
Homebuyers who flocked to Sun Belt metros sent prices soaring throughout the pandemic, and rapid inflation is only exacerbating an existing affordability crisis
Community Development
These St. Louis Lawyers Created a Replicable Model for Neighborhood Renewal
The SmithNMTC corporation is revitalizing neighborhoods across the U.S. by using a federal tax credits program to finance affordable housing projects
