ReSET Blog
Blog · November 02, 2022 · AUTHOR: Stanley Bawalan

Think You Can't Purchase a House? You Can in These Cities!

Looking to purchase a new home, but unable to do so due to high property prices? Not sure where you can find some affordable properties? Many people are in the same boat. Luckily, there are some cities where property prices remain low even today. Here's our list of the cities with the cheapest property prices:

Cincinnati, OH and Toledo, OH

If you're looking for a low cost of living in Ohio, Cincinnati and Toledo are ideal choices. Cincinnati's median home price is $240,000 and the median rent is $995.

The second most affordable city in Ohio is Toledo with a median home price of $115k and rent of $720/month.

Cleveland, OH

Cleveland is the most affordable city in the Midwest, with a median home value of $119,000 and a rent price of $1,290. The city has a population of 385,525 people.

Cleveland's low cost of living makes it an attractive place for investors who are looking to purchase property with high-income potential. However, there are some disadvantages to buying real estate in Cleveland: The unemployment rate is higher than average at 5% and the population growth rate is down since 2010.

Las Vegas, NV

With an average home price of $450,000 and an average rent of $1,280 per month, Las Vegas is one of the 10 cheapest cities to live in when compared to the national average.

It’s also a large city with a population of over 2 million people. If you want to live somewhere that’s not as busy or crowded as New York City or San Francisco but still has plenty going on, this may be the place for you.

There are plenty of other things to do in Las Vegas besides gambling including visiting museums such as The Pinball Hall Of Fame or Mob Museum; seeing shows like Cirque Du Soleil performances at MGM Grand Garden Arena; hiking trails like Red Rock Canyon National Conservation Area; shopping at outlet malls such as Outlet Center Las Vegas South Retail Park; eating at restaurants like Serendipity 3 (a restaurant at Paris Las Vegas Resort).

Kansas City, KS

Kansas City is a great place to start, with a median home value of $187,000 and a rent price of $800. It has a low cost of living, excellent schools, and low crime rates. The weather is also great, making Kansas City one of the best cities in the country for young families.

St. Louis, MO

St. Louis is the most affordable city in Missouri. The median home price is $188,000, which is lower than any other city in the state. The median rent is $1,400 per month and the typical household income is $59,000 per year. It has a very low unemployment rate of 3.4%.

The reason why St. Louis is so affordable? A combination of factors that include high taxes and poor public education have led to people moving out of the area altogether or renting homes instead of buying them (the majority of residents live in apartments). 

Buffalo, NY

For starters, it's one of America's most affordable cities. The average home price in Buffalo is $175,000—the lowest figure among all major U.S. metro areas with populations over 500,000 people (a distinction shared with Louisville). The average monthly rent is also quite low at $990 per month—one-third less than what renters pay on average nationwide ($1,568).

As far as property taxes go, those are very reasonable too. Buffalo tied with Miami for the lowest annual property tax rate at just below $1,700 per year (or roughly $150 per month) compared with approximately $2k-$5k+ annually in other cities like New York City or San Francisco; note that these numbers include only residential properties but not commercial ones which tend to have higher rates due to higher assessments.

Memphis, TN

With a median home price of $200,000 and average rent of $1000, Memphis has the lowest property prices in our roundup. The city has an average household income of $42,000, which is significantly lower than the national average of $59,000. The unemployment rate is 7.2% and crime is high; however, this may be because its population is shrinking—it’s down to 680k from its peak at 973k in 1960.

Detroit, MI

If you're looking for a cheap place to purchase a home, Detroit is the place to be. The city has an average home price of $85,000 and offers a median household income of $59,000. This makes it one of the most affordable cities in the country.

Detroit has been making headlines recently as its economy starts to bounce back from bankruptcy and a population drop that saw many people leave for greener pastures. While Detroit may not offer amenities like beaches or mountainside views, it does have some wonderful cultural attractions like museums and music venues (which will help make up for having no beach).

Pittsburgh, PA

The city of Pittsburgh is a great place to buy a house. It's affordable, with a low cost of living and a strong job market in addition to having an active rental market.

Pittsburgh has been experiencing population growth for the past few years, and its climate is milder than other cities in the same region—all factors that contribute to making Pittsburgh one of the cheapest places to buy property.

Metropolitan Areas in Florida

The Tampa-St. Petersburg-Clearwater and Orlando-Kissimmee-Sanford Metropolitan Areas in Florida

In these metropolitan areas, the average home price is $300,00. The number of homes sold was over 10,000 per year and they were on the market for an average of 38 days before they were sold. The median list price was $225,000 and the median sale price was $210,000. In terms of price per square foot, both metros had a median of $140/sqft but varied significantly in terms of what it cost to buy one bedroom (one bed) versus being able to buy three bedrooms (three beds).

And with these pointers and suggestions in mind, it should be a lot easier to decide which of these cities is right for you. No matter where you choose to go, though, make sure that you're doing your research. And remember, having your finances in order is the first step towards achieving your ultimate goal of homeownership. Good luck!

Want a better property valuation? Use the SETValue Home Value Estimator and unlock the free value estimates from the most well-known market value sources.

Message has been sent!