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.