Thursday
July 31, 2014

Top 5 Most Affordable Housing Markets

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Top 5 Most Affordable Housing Markets

Where is it cheapest to buy a home? Look in the Midwest for the bargains, according to a recent 24/7 Wall St. article, which used Realtor.com data to track the most affordable housing markets based on the lowest price per square footage. 

“In general, the cities with the lowest real estate prices per square foot were cities that have suffered from poor economic conditions for some time,” 24/7 Wall St. notes in the article. “Many of these cities have begun to see interest from potential home owners and investors.”

The following cities have the lowest cost per square foot in the nation: 

1. Detroit

Price per square foot: $62.45

Median list price: $84,900 

2. Fort Wayne, Ind.

Price per square foot: $66.03

Median list price: $104,900

3. Toledo, Ohio

Price per square foot: $67.02

Median list price: $100,000

4. Indianapolis

Price per square foot: $68.56

Median list price: $133,000

5. Wichita, Kan.

Price per square foot: $69.04

Median list price: $129,900

The metro with the highest price per square footage? San Francisco, where the price per square foot averages $420.99, and the median list price is $611,700.

Source: “America’s Most and Least Affordable Cities to Buy a Home,” 24/7 Wall St. (April 23, 2012)