Despite rising mortgage rates and home prices chipping away at housing affordability across the U.S., Realtor.com reports that a number of local real estate markets are still accessible to budget-conscious buyers, with the majority of single-family homes priced at $250,000 or less.
These markets are primarily located in the Midwest and the South, with the most affordable homes being in metros such as Flint, Mich., and Youngstown, Ohio, where median home list prices are $110,000 and $120,000, respectively. In addition, 92.8% of listings in Flint are priced below $250,000, and 91.2% fall within the same price range in Youngstown.
Some of the most affordable homes in the country can be found in Flint, a city with a rich history but marked most recently by a water crisis that began almost a decade ago. Fixes to the city’s infrastructure are attributed with bringing the water’s lead levels back into federal compliance, though the topic remains contentious.
Efforts to revitalize the city have been mounted in recent years, with new initiatives promising billions of investment dollars.
For home shoppers looking for some of the most affordable real estate in the country, Flint offers that in spades. More than 90% of homes for sale fall below the $250,000 mark.
A median-priced, single-family home in Flint, at $110,000, would currently take only a $700 monthly payment, with a 20% down payment, before taxes and insurance.
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