There’s no denying that the housing market is hot right now, and it’s only expected to get hotter. That said, it’s good to know that one of the most affordable housing markets in the U.S. is right here in Michigan. If you’re looking for a new home and want the best rate possible, this is the place to look, if the location is right for you.
GoBankingRates.com has put together a study to find the most affordable housing markets in America. “Since hitting a standstill in March of 2020, the housing market has bounced back with a vengeance,” they state. “With the rise of remote work, Americans no longer had a need to center themselves in big cities, and moved into more affordable housing markets. Home sales hit a 15 per year record high in 2021.”
Housing prices keep going up. According to the study, in October of 2021, the median price of a home in California was $798,440. That’s 12% higher than a year prior. “The average home price in the United states rose from $386,000 in 2020 to 443,000 in 2021,” they add. “Price hikes aside, there are still plenty of housing markets in America that would be deemed affordable for the average family. Check out the top untapped housing markets in the country.”
So, which Michigan city is the No. 1 most affordable housing market in the U.S.? Read on for that city, as well as the top 10 most affordable housing markets in America. If you don’t want to settle down here in Michigan, maybe you’ll find your perfect city on this list for a good price. By the way, as you get towards the bottom of the list, you’ll notice some pretty high home averages, but they’re still below the national average, which is why they made the cut despite those high costs. Find the full list here.