Yahoo Finance 20 Great Cities With Cheap Real Estate
There’s good news if you’re currently on a fixed income and need to move or plan to retire on a tight budget. Across the United States are 20 cities that offer affordable real estate combined with a great quality of life.
Be Aware: 5 Types of Homes That Will Plummet in Value in 2024
Learn More: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy
Where are these cities? GOBankingRates looked at the 300 largest cities by population and sourced each city’s December 2023 average single family home value. The only cities we kept to showcase with cheap real estate were those with an average single family home value below 75% of the national average home value. Additional annual expenditure costs and livability index were also incorporated to rank cities in reverse order of preference with the top city listed last.
Here are 20 great cities with cheap real estate.
20. Waterbury, Connecticut
Average home value: $248,421.02
Livability index: 80
Annual expenditure cost: $28,309.35
View More: 25 Safest and Cheapest Cities To Live in the South
Find Out: 10 Things Frugal People Always Do When They First Buy a House
Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.
19. Buffalo, New York
Average home value: $209,300.49
Livability index: 78
Annual expenditure cost: $26,613.12
Trending Now: Barbara Corcoran Says, ‘Forget About Florida,’ Move Here for Cheap Homes
18. Lubbock, Texas
Average home value: $202,214.81
Livability index: 78
Annual expenditure cost: $24,330.83
17. San Antonio, Texas
Average home value: $252,609.15
Livability index: 81
Annual expenditure cost: $23,295.28
Read More: Housing Market 2024: Zillow Predicts 5 Hottest Home Trends That Homebuyers Will Be Looking For
16. Cincinnati, Ohio
Average home value: $227,185.96
Livability index: 80
Annual expenditure cost: $23,731.81
15. Milwaukee
Average home value: $186,107.87
Livability index: 78
Annual expenditure cost: $24,579.64
That’s Interesting: Barbara Corcoran Says Now Is the ‘Best Time’ To Buy a House: Here’s Why
14. Oklahoma City
Average home value: $196,559.15
Livability index: 79
Annual expenditure cost: $23,735.95
13. El Paso, Texas
Average home value: $214,195.13
Livability index: 80
Annual expenditure cost: $21,944.26
Explore More: These 5 Cities Are Becoming Popular With Baby Boomers: Should You Consider Them for Your Retirement Years?
12. Greensboro, North Carolina
Average home value: $252,702.36
Livability index: 82
Annual expenditure cost: $23,773.96
11. Brownsville, Texas
Average home value: $173,795.87
Livability index: 78
Annual expenditure cost: $21,800.11
Be Aware: I’m a Real Estate Agent: 5 Cities Where Homes Will Be the Best Bargains in 2024
10. Syracuse, New York
Average home value: $170,630.87
Livability index: 78
Annual expenditure cost: $27,926.01
9. Grand Rapids, Michigan
Average home value: $254,048.80
Livability index: 83
Annual expenditure cost: $22,680.09
Read Next: I Retired Early: Why Real Estate Investing Was the Secret to My Success
8. Norman, Oklahoma
Average home value: $244,862.07
Livability index: 83
Annual expenditure cost: $23,876.96
7. Pittsburgh
Average home value: $216,889.03
Livability index: 82
Annual expenditure cost: $25,235.28
And More: Barbara Corcoran: ‘If You Buy a Home Now, It’s To Your Advantage’
6. Lansing, Michigan
Average home value: $137,964.52
Livability index: 78
Annual expenditure cost: $23,138.21
5. Des Moines, Iowa
Average home value: $189,651.23
Livability index: 81
Annual expenditure cost: $24,217.37
Find Out: I’m a Self-Made Millionaire: 5 Stocks You Shouldn’t Sell
4. Independence, Missouri
Average home value: $187,997.68
Livability index: 81
Annual expenditure cost: $23,500.59
3. Springfield, Illinois
Average home value: $145,462.42
Livability index: 79
Annual expenditure cost: $26,432.99
Check Out: I’m a Financial Advisor: I’d Invest My First $5,000 in These 6 Stocks
2. Fort Wayne, Indiana
Average home value: $215,527.94
Livability score: 83
Annual cost of living (excluding housing): $22,415.21
1. Akron, Ohio
Average home value: $118,149.50
Livability index: 80
Annual expenditure cost: $22,895.24
John Csiszar and Heather Taylor contributed to the reporting for this article.
Methodology: For this study, GOBankingRates wanted to find great quality of life cities with cheap real estate. GOBankingRates started by finding the [1] top 300 cities by population as sourced from the US Census American Community Survey. For each city, the [2] December 2023 average single family home value was sourced from Zillow Home Value Index for all cities and nationally. Only the cities with an average single family home value below 0.75 times the national average home value for single family homes were kept to showcase the cities with cheap real estate. The [3] livability index was sourced from AreaVibes and all locations with a livability index at or below 75 were removed to showcase only the cities with a great quality of life. The average home value was scored, the livability index was scored, and both scores were combined and sorted to showcase the cities with great cities and cheap real estate. All data was collected and is up-to-date as-of February 7th, 2024.
More From GOBankingRates
I'm a Costco Superfan: These Are the 5 Highest-Quality Kirkland Food Items
7 Things the Wealthy Elite Do With Their Money (That You Should Be Doing, Too)
The Biggest Mistake People Make With Their Tax Refund -- And How to Avoid It
This article originally appeared on GOBankingRates.com: 20 Great Cities With Cheap Real Estate
