As the age-old rule goes, you should never spend more than 30% of your income on housing. However, in this day and age, especially after the outbreak of the coronavirus, house prices seem to be on the rise while an economic crisis keeps evolving. The housing situation in the United States has pushed many people, especially younger generations, to stick to renting as it is the more logical choice in the current economic climate. However, not all cities are created equal.
The rent prices in some places reach double, sometimes triple, the house prices in other areas. Many people think that the South is the only area where you can find more reasonable prices, but the truth is that there are around 100 areas in the United States where rent prices do not have to surpass the $1k benchmark. One thing to take into account is that the money you pay for rent is basically money thrown down the drain. Searching for cheap houses that you will be able to afford to invest your money and effort in is the smart move to make, not only to steer clear from wasting your money on a property that is not yours, but to also secure your future. If you think that buying a house is impossible, here are some of the most affordable places with prices that can make your dream come true.
Detroit
It comes as no surprise that Detroit has managed to make it as one of the most affordable states to get a house in since it’s in bankruptcy. Detroit nearly lost 50% of its population over the past few decades which is why this state was the first to get affected by the recent economic crisis. While things are starting to look up, Detroit is far behind in the race of picking up the pieces. Searching for an affordable house in Detroit, however, requires some effort, time, and luck. Make sure to do your search to land an affordable property in a nice neighborhood that would be able to check off all your needs and wants.
Idaho
Bordering Montana and Wyoming, Idaho lies in the pacific northwest corner of the US. The great thing about this state, besides its affordable prices and diversified economy, is the availability of many job opportunities and low crime rates. There are many cool family-friendly places in Idaho but the top three areas that attract the majority of people are mainly Boise, Meridian, and Tyhee.
Boise has many great places that dominate the list of the top areas in Idaho such as Harris Ranch, Collister which is a great place to raise a family, and Highlands that is growing in arts and culture. However, if you are leaning towards a more suburban feel with great public schools, then your best bet is searching for homes for sale in Meridian Idaho as it is one of the best options for settling down and starting a family. All of these advantages get a lot better after knowing that you don’t have to break the bank to own a property in these areas. These advantages set Idaho apart from its counterparts while making it a great place to buy a house and settle down.
Buffalo
Unlike the common belief that it’s impossible to get a proper place in New York without having to spend every penny you have, Buffalo is one of the greatest places where you can buy amazing property, sometimes for even less than $40k. Your chances even increase when you focus your search near the northern neighborhoods, especially areas that are closer to the Niagara River and the east side of the city. The recovery process for the houses in these areas is not the same, which means that the prices of some areas might be climbing at a faster pace than other places. Overall, the prices on average usually range from $40k to $50k.
Lexington
If you are a fan of bourbon, then chances are you are also a big fan of Kentucky. If you were looking for an explanation behind the “Distillery District”, you should know that Kentucky is responsible for about 95% of the bourbon in the whole world. Not only this, but its buzzing nightlife attracts many younger adults who want to settle down but they still want to be near the life of the party. The prices in Kentucky are not considered low, but they are not necessarily high. Median home prices usually lie in the $150 range, yet, you can find more affordable choices if you invest enough time in your search, especially in Lexington.
Cleveland
Since the crash of the housing market that started in 2006, house prices in Cleveland were the first to drop. While the prices in many similar places started to climb back up, median prices in Cleveland stayed only around $50k. In areas such as Forest Hills and John D. Rockefeller, prices are usually even lower. In such places, you can buy a beautiful house for only $40k.
If you happen to be a fan of Family Guy or The Cleveland Show, then you probably know everything you need to know about this nice family-friendly area. The best thing about Cleveland is the diversity and the wonderful vibrant mix of families that can be found there. This goes back to Cleveland’s past as a haven for immigrants. To this day, Cleveland is considered one of the best places in America for young professionals and students from different backgrounds.
Buying a house is one of the biggest and most exciting investments in anyone’s life. Considering the current economic climate, the housing market has taken a hit. This means that right now is the perfect time for anyone who was contemplating the idea of owning a house to start taking actual steps towards fulfilling this dream and bringing it to reality. Since money is one of the greatest obstacles that stand in the way of buying a house, you need to figure out a budget first in order to narrow your search pool and come up with better results. The important thing is to invest enough time and effort into searching for the most suitable property for you and your family before making any decisions.
