ContestsConcerts + Events

LISTEN LIVE

Michigan Has a Top City for Finding an Affordable Home in 2023

The housing market is finally coming down, largely because of high interest rates, but regardless of the reason, home prices are becoming more affordable. As it turns out, Michigan has…

New Home Construction

(Photo by Dave Einsel/Getty Images)

The housing market is finally coming down, largely because of high interest rates, but regardless of the reason, home prices are becoming more affordable. As it turns out, Michigan has one of the best cities for finding an affordable home in 2023.

According to BusinessInsider.com, "Despite the record high sale prices and equally steep mortgage rates in 2022, there are still some cities in the United States where the average earner can afford a home."

They add, "By scraping economic and housing data to predict the growth of home prices and sales in 100 of biggest US metros, Realtor.com ranked the top places where people can still buy an affordable home in 2023. According to their methodology, this year's homebuyers can expect reasonable deals in cities like Hartford, Connecticut and El Paso, Texas, both of which avoided much of the intense buyer competition and rapid home price growth seen in other parts of the country during the pandemic. At a time where the typical home is priced near $400,000, a good indicator of a housing market's health is the balance between home sales and price growth."

So, which U.S. cities have the best bang for your housing buck? Read the full list below, including the Michigan city. Even outside of Michigan, there were some cities within driving distance with some housing deals. Find the full tally here.

10. Toledo, Ohio

November 2022 median home price: $161,000
Forecasted 2023 home sales change: +4.2%
Forecasted 2023 home price change: +6.7%
Forecasted 2023 combined sales and price change: +10.9%
https://toledo.oh.gov/

9. Chattanooga, Tennessee

November 2022 median home price: $397,000
Forecasted 2023 home sales change: +2.9%
Forecasted 2023 home price change: +8.2%
Forecasted 2023 combined sales and price change: +11.1%
https://www.visitchattanooga.com/

8. Columbia, South Carolina

November 2022 median home price: $300,000
Forecasted 2023 home sales change: +7.7%
Forecasted 2023 home price change: +3.6%
Forecasted 2023 combined sales and price change: +11.3%
https://columbiasc.gov/

7. Grand Rapids-Wyoming, Michigan

November 2022 median home price: $358,000
Forecasted 2023 home sales change: +1.6%
Forecasted 2023 home price change: +10.0%
Forecasted 2023 combined sales and price change: +11.6%
https://www.wyomingmi.gov/

6. Augusta, Georgia

November 2022 median home price: $319,000
Forecasted 2023 home sales change: +6.2%
Forecasted 2023 home price change: +5.7%
Forecasted 2023 combined sales and price change: +11.9%
https://www.augustaga.gov/

5. Buffalo-Cheektowaga, New York

November 2022 median home price: $240,000
Forecasted 2023 home sales change: +6.3%
Forecasted 2023 home price change: +6.0%
Forecasted 2023 combined sales and price change: +12.3%
https://www.buffalony.gov/

4. Worcester, Massachusetts

November 2022 median home price: $447,000
Forecasted 2023 home sales change: +2.5%
Forecasted 2023 home price change: +10.6%
Forecasted 2023 combined sales and price change: +13.1%
https://www.worcesterma.gov/

3. Louisville, Kentucky

November 2022 median home price: $290,000
Forecasted 2023 home sales change: +5.2%
Forecasted 2023 home price change: +8.4%
Forecasted 2023 combined sales and price change: +13.6%
https://louisvilleky.gov/

2. El Paso, Texas

November 2022 median home price: $291,000
Forecasted 2023 home sales change: +8.9%
Forecasted 2023 home price change: +5.4%
Forecasted 2023 combined sales and price change: +14.3%
https://www.elpasotexas.gov/

1. Hartford-West Hartford, Connecticut

November 2022 median home price: $372,000
Forecasted 2023 home sales change: +6.5%
Forecasted 2023 home price change: +8.5%
Forecasted 2023 combined sales and price change: +15.0%
https://www.westhartfordct.gov/

Source

Anne Erickson started her radio career shortly after graduating from Michigan State University and has worked on-air in Detroit, Flint, Toledo, Lansing and beyond. As someone who absolutely loves rock, metal and alt music, she instantly fell in love with radio and hasn’t looked back. When she’s not working, Anne makes her own music with her band, Upon Wings, and she also loves cheering on her favorite Detroit and Michigan sports teams, especially Lions and MSU football. Anne is also an award-winning journalist, and her byline has run in a variety of national publications. You can also hear her weekends on WRIF.