The most affordable cities in the United States to buy real estate in 2023
If you are looking for affordable housing in the United States, then this ranking of cities compiled by analysts at Visual Capitalist will be useful to you. They considered 10 parameters that are important for buying housing and based on this, compiled a ranking.
Compiling a ranking of the most affordable cities in the United States to buy real estate in 2023 is a complex and multi-criteria process that includes the analysis of a whole range of indicators. Among them are the cost of housing, the cost of maintaining and servicing real estate, the cost of insurance, tax regime, and much more.
To assess the affordability of residential real estate in each city, 10 metrics were used, each of which had its own weight and was evaluated on a certain scale. For example, “Housing affordability” contributed the most to the overall ranking – 25 points, “Cost per square foot” – 16.67 points, and “Accessibility of technical support” – only 8.33 points.
As a result of the analysis, it turned out that the most affordable residential real estate in 2023 is in the cities of Montgomery (Alabama), Flint (Michigan), Toledo (Ohio), Detroit (Michigan), and Akron (Ohio). Each city has its own advantages and disadvantages, and the choice of a specific place to buy real estate should depend on your individual needs and capabilities.
As for Montgomery, it is the second most populous city in the state of Alabama. Montgomery is also the capital of the state of Alabama. The city is located on a river and experienced a serious economic decline in the 1970s due to the outflow of residents to the suburbs. But recently, the city has been making active attempts to diversify its economy.
It should be noted that not all cities in the ranking have ideal living conditions. For example, the city of Flint suffers from poor water quality, and Detroit and Yuma have a high level of crime and unemployment.
Speaking of housing prices in the United States, the cost of an average residential unit has increased by 40% to $436,800. In Montgomery, housing prices have also increased by 4.3% compared to last year and now stand at $182,000.
Tables:
Table 1. Top 10 cities with the most affordable residential real estate in the United States in 2023:
| № | City | Rating (Average Score) |
|---|---|---|
| 1 | Montgomery (Alabama) | 71.4 |
| 2 | Flint (Michigan) | 71.4 |
| 3 | Toledo (Ohio) | 71.0 |
| 4 | Detroit (Michigan) | 70.9 |
| 5 | Akron (Ohio) | 70.3 |
| 6 | Warren (Michigan) | 70.2 |
| 7 | Pittsburgh (Pennsylvania) | 70.1 |
| 8 | Yuma (Arizona) | 69.5 |
| 9 | Springfield (Illinois) | 69.1 |
| 10 | Palm Bay (Florida) | 69.1 |
Table 2. Housing prices in the United States in 2023:
| Year | Average cost of residential real estate in the United States |
|---|---|
| Before the pandemic | $313,000 |
| 2023 | $436,800 |
Despite the fact that housing prices in the United States have significantly increased since the start of the pandemic, the affordability of housing in some cities in the United States still remains high. This can be a good incentive for those who are planning to buy a home in the near future.
But no matter which city you choose, remember that buying property is a serious step that requires careful preparation and consideration. And don’t forget about the possible risks and difficulties associated with owning real estate, including technical problems, managing tenants, and financial expenses for repairs and maintenance.
So if you have decided to buy a home in the USA, be sure to study the rating of the most affordable cities, conduct your analysis based on the provided data, and make your choice based on your own needs and abilities. And remember that the issue of housing is always an important and serious choice that requires attention and common sense.
