The 10 most affordable housing markets in the US
Buying a four-bedroom homeВ and living in a major city are often considered mutually exclusive. But they don't have to be.
Coldwell Banker recently released its annual Home Listing Report, which tracks the most affordable real estate markets in the US. EachВ of the top 10 are either in major citiesВ or within commuting distance of a major metropolis, includingВ Detroit and Cleveland at No. 1 and No. 2, respectively.В
To determine the most affordable cities, Coldwell Banker analyzed the average listing price of more than 50,000 four-bedroom, two-bathroom homes for the period between January 2016 and June 2016. The ranking covered 2,168 markets across the US, excluding any with fewer than 10 listings.
In Detroit, a four-bed, two-bathroom house only costs around $64,110. And despite the city's notorious decline — which led to it ultimately filing for bankruptcy in 2013 — it's on an upswing. Detroit's small business scene is booming, creating jobs and revitalizing the town.
Keep reading forВ the cheapest places to purchase a home in the US.В
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10. Palatka, Florida
Average cost of a 4-bedroom, 2-bathroom house: $110,655
Median household income: $21,864
9. Augusta, Georgia
Average cost of a 4-bedroom, 2-bathroom house: $106,567
Median household income: $37,593
8. Huntington, Indiana
Average cost of a 4-bedroom, 2-bathroom house: $105,614
Median household income: $39,542
7. Scranton, Pennsylvania
Average cost of a 4-bedroom, 2-bathroom house: $104,842
Median household income: $37,551
6. Wilkes-Barre, Pennsylvania
Average cost of a 4-bedroom, 2-bathroom house: $94,436
Median household income: $31,361
5. Utica, New York
Average cost of a 4-bedroom, 2-bathroom house: $92,891
Median household income: $31,173
4. Jamestown, New York
Average cost of a 4-bedroom, 2-bathroom house: $88,891
Median household income: $31,128
3. Park Forest, Illinois
Average cost of a 4-bedroom, 2-bathroom house: $78,392
Median household income: $48,319
2. Cleveland
Average cost of a 4-bedroom, 2-bathroom house: $73,073
Median household income: $26,179
Average cost of a 4-bedroom, 2-bathroom house: $64,110
Median household income: $26,095
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