The most affordable cities to buy a house in 2022

The most affordable cities to buy a house in 2022.

The “cheapest cities to buy a house 2022” is a list of the most affordable cities in the United States. The list includes cities like Detroit, Atlanta, and Memphis.

It’s no secret that in today’s heated real estate market, purchasing a home is not a simple task. Unprecedented demand for properties has resulted in rising costs, fiercer competition among buyers, and brisk sales.

According to a new Insurify report, properties are only being on the market for an average of 34.7 days in certain very competitive U.S. locations before being purchased. Because there is a lot of demand, many potential buyers should plan to spend more money than they first thought on a new house.

However, not every buyer spends a fortune to get the house of their dreams. Currently, several American cities provide potential purchasers with the trifecta of affordability, accessibility to urban amenities, and general quality of life.

Opening their prospecting horizons to these probably undervalued areas may help prospective homebuyers throughout the nation locate the ideal home that surpasses their price range. The research team at Insurify used national real estate information from Realtor.com to determine the most cheap towns to purchase a property in 2022. This helped them to find the finest places for homebuyers on a budget to look around.

MonkeyBusinessImages/iStockPhoto is credit for the picture.

Insights

national medians. As of January 2022, the overall median house listing price across the 382 researched cities is $395,323. The median price per square foot is $217 on average, and a property is up for sale for 50 days on average.
In the Midwest, low-cost housing is plentiful. The 20 home markets with the lowest prices in 2022 are mostly in the Midwest. The state with the most inexpensive housing markets this year is Illinois, with six of its cities appearing in the top 20 lists. Following Indiana and Ohio are each represented by three cities. The cost of living is lower in the Midwest than in coastal areas, and there are less negative consequences from climate change, which may all contribute to improved affordability in real estate markets.
The housing markets are expected to heat up even more this year. Real estate may have seen a record year in 2021, and in 2022, competition for homebuyers is expected to remain high. The median listing price of a property has climbed by 14% since January 2021, when it was $346,162, while the average price per square foot has increased by 31% since $166.25. In consequence, the average time a property spends on the market has fallen by 34% (from 76 days), showing that the housing market has not only continued to heat up but has actually become hotter.

Source of the image: DepositPhotos.com.

Methodology

The top twenty most affordable housing areas in 2022 were determined by the data scientists at Insurify, a website that compares homeowner’s insurance, using real estate information from Realtor.com’s residential listings database. Every month, Realtor.com publishes data on the housing market at the city level.

The team at Insurify examined the locations with the lowest median listing prices per property to identify the most inexpensive housing markets this year. To account for monthly variations, they calculated an average of the median listing prices over the previous three months for 382 American cities. The most affordable property markets for 2022 were determined to be the twenty cities with the lowest average listing prices.

Realtor.com was also used to get information on the median price per square foot and days on the market. According to the United States Census Bureau’s definition of a “urbanized area,” which is an urban area with a population of over 50,000, cities were identified for this research.

The results of Insurify’s study of national real estate data are statistical patterns that are presented in this article. The results of this research are not intended to suggest a causal connection between the variables or even that one exists. Instead, this is a display of publically relevant statistical connections.

Picture source: istockphoto/fizkes.

Waterloo, Iowa (20.

Home listing median price: $152,650 (61 percent below the national average)
Average cost per foot: $115 (47 percent below the national average)
Days on market median: 58

JoeChristensen is credit for the image.

19. Illinois, Rockford

Home listing median price: $151,967 (62 percent below the national average)
Average cost per foot: $94 (57 percent below the national average)
Days on market median: 49

Image Source: iStock/Alexbaumgarner.

Springfield, Ohio, is 18.

Home listing median price: $150,466 (62 percent below the national average)
Average cost per foot: $109 (50 percent below the national average)
Days on market median: 65

Image courtesy of Rob Hat; in the public domain.

Illinois’ Champaign, number 17,

Home listing median price: $147,400 (63 percent below the national average)
Average cost per foot: $111 (49 percent below the national average)
Days on market median: 65

Image courtesy of iStock and Jacob Boomsma.

Enid, Oklahoma 16.

Home listing median price: $146,250 (63 percent below the national average)
Average cost per foot: $93 (57 percent below the national average)
Days on market median: 60

Drobinson of Wikimedia Commons provided the photo.

Charleston, West Virginia, number 15

Home listing median price: $145,450 (63 percent below the national average)
Average cost per foot: $90 (51 percent below the national average)
Days on market median: 65

Sean Pavone/Istockphoto provided the photo.

14. Pennsylvania’s Erie

Home listing median price: $143,250 (64 percent below the national average)
Average cost per foot: $106 (51 percent below the national average)
Days on market median: 64

Wiki Commons user PJPJ23 provided the photo.

Toledo, Ohio 13.

$142,067 is the median listing price for homes (64 percent below the national average)
Average cost per foot: $101 (54 percent below the national average)
51 days are the median days on market.

Photo courtesy of Deposit Photos.

12. Illinois’s Bloomington

Home listing median price: $132,983 (66 percent below the national average)
Average cost per foot: $85 (61 percent below the national average)
Days on market median: 67

Benkrut/iStock is credit for the image.

Eleven. Davenport, Iowa

Average cost to list a home: $130,616 (67 percent below the national average)
Average cost per foot: $94 (57 percent below the national average)
Days on market median: 66

Image Source: iStock/Alexbaumgarner.

10. Muncie, Ind.

Home listing median price: $129,032 (67 percent below the national average)
Average cost per foot: $83 (62 percent below the national average)
Days on market median: 47

Source: jetcityimage through iStock.

Albany, Georgia 9.

Average cost to market a home: $126,050 (68 percent below the national average)
Average cost per foot: $78 (64 percent below the national average)
Days on market median: 48

Twister3328 / Wiki Commons is credit for the image.

Ohio’s Youngstown, no. 8

Home listing median price: $124,116 (69 percent below the national average)
Average cost per foot: $82 (62 percent below the national average)
Days on market median: 58

Sean Pavone/Istockphoto provided the photo.

Kokomo, Indiana, No. 7

Home listing median price: $122,450 (69 percent below the national average)
Average cost per foot: $80 (63 percent below the national average)
51 days are the median days on market.

Cameronloyd03/Wikimedia Commons is the source of the image.

Terre Haute, Indiana, number 6

Average cost to market a home: $118,417 (70 percent below the national average)
Average cost per foot: $82 (62 percent below the national average)
Days on market in the middle: 62

Wildnerdpix/iStock is the source of the image.

5. Illinois’s Springfield

Home listing median price: $109,300 (72 percent below the national average)
Average cost per foot: $77 (62 percent below the national average)
54 days are the median days on market.

Source of the image: DepositPhotos.com.

Lawton, Oklahoma, no. 4

Home listing median price: $108,783 (72 percent below the national average)
Average cost per foot: $78 (64 percent below the national average)
Days on market median: 59

Crimsonedge34 via Wiki Commons, source of image.

St. Joseph, Missouri, third

Home listing median price: $108,183 (73 percent below the national average)
Average cost per foot: $84 (61 percent below the national average)
Days on market median: 57

Picture courtesy of BOB WESTON/iStock.

Peoria, Illinois, second

Home listing median price: $105,533 (73 percent below the national average)
Average cost per foot: $80 (63 percent below the national average)
Days on market median: 57

Photograph courtesy of Cory Swearingen/iStock.

Decatur, Illinois, as one

Home listing median price: $100,116 (75 percent below the national average)
Average cost per foot: $66 (70 percent below the national average)
51 days are the median days on market.

This post was syndicated by MediaFeed.org from its original publication on Insurify.com.

Gil Lebois of Wiki Commons provided the photo.