10 Cheapest Housing Markets
Posted by Ted C. Jones on May 31, 2011
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While the housing market plunge has evaporated the wealth and investment on million of American households, at the same time depressed prices have made the some of the buying opportunities in perhaps decades. The 10 cities below are among the most affordable in the country. CNN Money article.
City Median Price
Youngstown, Ohio $55,400
Lansing, Michigan $64,400
Toledo, Ohio $64,900
South Bend, Indiana $68,700
Akron, Ohio $74,900
Ocala, Florida $75,400
Dayton, Ohio $78,000
Cumberland, Maryland $80,700
Grand Rapids, Michigan $81,100
Decatur, Illinois $81,300
Obvious is the abysmal economic impact of the Midwest as nine of the 10 cheapest housing markets are in that region—with four from Ohio..
Missing are metro Detroit, Michigan numbers (see link), in which the median home price for April was $59,000. And there could be other markets with similar prices.
Of course, the decision to buy versus rent is not a simple decision, but for those seeking homeownership, these prices do present opportunities.
Would be interesting to see the costs for owning a home in these locations, is it possible, for example, the the cost in Ohio is quite high resulting in lower media price?
Cheers!
I liked your comment at your conference that the bill removing ethanol will affect the midwest land prices, how will that impact the median home price?
The disappearance of ethanol will have no affect on housing other than simply reducing the amount of the deficit. If anything, the costs of grains should decline (along with rural land values) and that should have offset the already-built-in increase in interest rates. Ted
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