These are the Top 10 Cities where Home Prices are cheap with the typical house costing $100,000 or less. These cities still have affordable homes in the midst of the record Housing Bubble in 2023.
Home prices in America in 2023 are at a record high in both inflation and income-adjusted terms, making the current home price environment the largest housing bubble of all-time. This Housing Bubble has started to pop, with home prices declining in many cities over the last year. However, the prices and mortgage payments are still way too high.
However, in these 10 Cities, the prices and mortgage payments are still very low. And they're low for a reason in these cities because they had experience declining population growth and economic activity over the last half century.
10. Youngstown, OH - home prices in Youngstown are affordable because its population declined by about 10% over the last 15 years. However, since the pandemic, more people are moving to Youngstown.
09. The Texas Border - cities like McAllen, Brownsville, and Rio Grande historically have cheap home prices. However, since the pandemic prices have surged, likely due to Elon Musk and Space X.
08. Peoria, IL - the typical homebuyer in Peoria, IL only needs to spend 2x their gross income to afford to buy a house outright. One reason prices are cheap is because Caterpillar left Peoria five years ago.
07. Texarkana, TX - Texarkana is located on the border of Texas and Arkansas, and you can buy houses here for less than $100,000. Because of the cheap prices people are moving in, with this metro recording positive migration every year since 1990.
06. Binghamton, NY - fun fact: Binghamton home prices were more expensive than San Diego 100 years ago at the start of the Great Depression. However, not so today. Binghamton is a "minor league baseball town" without much going on, meaning prices will stay cheap.
05. Albany, GA - home prices in Albany have boomed over the last several years, but are likely to crash or flatline in coming years due to poor growth and high crime,
04. Houma, LA - this is a good market for investors, as it has the highest cap rate in America at over 11%. Meaning that investors can earn a high return on rentals.
03. Charleston, WV - the capital of West Virginia is a coal-mining town that has struggled economically. With the typical home price trading for only 2.5x the gross income in the area. The area's coal reliance means it will likely continue to struggle
02. Huntington, WV - right next to Charleston. Huntington used to be an economic boomtown originally headquartering the train company CSX. But its city population has plummeted by 50% over the last several decades and thus home prices are cheap.
01. Danville, IL - the #1 cheapest housing market in America. You can buy a move-in ready home in Danville for $75,000.
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