Michigan Has the No. 1 Cheapest City to Buy a House in the U.S.
The housing market is crazy, and it just keeps getting more and more wild. A huge part of the so-called “American Dream” is to buy your own house, so for…
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The housing market is crazy, and it just keeps getting more and more wild. A huge part of the so-called "American Dream" is to buy your own house, so for first-time homebuyers, this housing market is dashing a lot of dreams. I've never bought a house before, so with nothing to sell, I'm definitely waiting until the market crashes to purchase anything. It's just too expensive.
Michigan is no exception when it comes to the prices of homes. The housing market here is very high, but as it turns out, one Michigan city is the No. 1 cheapest in the entire U.S. to purchase a home. That's great news for Michiganders who want to buy a home but not leave the state. Of course, there are plenty of other factors to research, including the safety of the area you're buying a home and how close it is to work, but hey, with the No. 1 cheapest housing market right here, it's worth a look.
According to a new report from LocalRecordsOffices.com, the cheapest city to purchase a home in the entire U.S. in 2022 is the city of Detroit. "It's no surprise that the lowest median home prices in the nation can be found in certain parts of Detroit," they state in the study. "The city is basically in bankruptcy after losing more than half of its population over the past 50 years. When the housing crisis arrived, Detroit was already in trouble, and home prices tumbled further. Even today, with the economy starting to recover in earnest, the city’s median home price is just $32,600. While purchasing a home in Detroit takes a lot of research and a little luck, prices are on the upswing."
Read on for the full list of the cheapest cities to purchase a home in 2022, according to LocalRecordsOffices.com, and get that wallet out.
Looking for a cheap house in a no-so cheap market? It's a challenge, since prices just keep climbing.
That said, there are still some cities in America where it's fairly inexpensive to snag that first home. Read on for the 10 cheapest cities in America to buy a house in 2022, according to LocalRecordsOfficies.com!
15 Cheapest Cities in America to Buy a House in 2022
This list is via LocalRecordsOfficies.com.
1. Detroit, MI
Detroit's median home price is $32,600.
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2. Buffalo, NY
The median home price is $51,000.
3. Toledo, OH
The average home price is $51,200.
4. Cleveland, OH
The median price of a home is just under $50,000.
5. Tampa, FL
The median price of a home is $120,000.
6. Augusta, GA
The median price of a home is $74,600.
7. Philadelphia, PA
The median price for a home in Philly is around $104,000, but other factors make some homes much less expensive in the area.
8. Youngstown, OH
The median price of a home is less than $40,000.
9. Akron, OH
The median price of a home is $55,600.
10. Lynchburg, VA
The cost of living is 11.4% below the U.S average.
11. Temple, TX
The cost of living is right under 12.3% below the U.S. average.
12. Morristown, TN
Rent and mortgage prices are about 30% lower than the national average.
13. Wichita Falls, TX
The cost of living is 13.2 below the U.S. average.
14. Hattiesburg, MS
The cost of living is 13.4% is below the U.S. average.
15. Fayetteville, AK
The cost of living is 16.9% below the U.S. average.
EXTRA: The cheapest states to buy a home in 2022
Here are the cheapest states to buy a home in 2022 via WorldPopulationReview.com:
1. Mississippi
The median home value of is $114,500.
2. West Virginia
The median home value is $115,000.
3. Arkansas
The median home value is $123,300.
4. Oklahoma
The median home value is $130,900.
5. Kentucky
The median home value is $135,300.
6. Indiana
The median home value is $135,400.
7. Alabama
The median home value is $137,200.
8. Ohio
The median home value is $140,000.
9. Iowa
The median home value is $142,300.
10. Kansas
The median home value is $145,400.
