Top 10 US cities with the lowest housing prices
Detroit, Michigan, also known as Motor City, is the most profitable city in the country to buy a home, according to a recent Forbes Advisor report. Writes about it Fox Business.
Detroit boasts the lowest home prices, and experts say many young home buyers are taking advantage of the economic downturn.
“Detroit attracted a significant number of foreign investors ten years ago to take advantage of the previous downturn, and we are seeing similar activity now,” said Edward Mermelstein, CEO of One&Only Holdings.
However, cities from Ohio to Tennessee have also become economically viable places to buy a home, according to Forbes Advisor.
According to the report, these cities were deemed affordable after considering a combination of factors including average home price, average income, and average annual property taxes.
Detroit (Michigan)
- Average home price in 2020: $59
- Average salary: $36
- Average annual property tax - $1
- The cost of utilities is just under $300
“While secondary markets tend to be very attractive from an affordability standpoint, they are rarely better in the long run,” Mermelstein said.
However, the city, home to the Big Three automakers, has struggled over the past decade, most notably filing for bankruptcy in 2013.
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More recently, the city has also faced protests against racial injustice and police brutality following the death of George Floyd in May 2020.
Cleveland (Ohio)
- Average home price in 2020: $140
- Average salary: $47
- Average annual property tax - $1
- The cost of utilities is just under $200
Toledo (Ohio)
- Average home price in 2020: $95
- Average salary: $37
- Average annual property tax - $1
- The cost of utilities is about $200
Memphis (Tennessee)
- Average home price in 2020: $123
- Average salary: $38
- Average annual property tax - $1
- The cost of utilities is about $158
Baltimore (MD)
- Average home price in 2020: $191
- Average salary: $50
- Average annual property tax - $2
- The cost of utilities is about $241
Rochester (New York)
- Average home price in 2020: $151
- Average salary: $41
- Average annual property tax - $2
- The cost of utilities is just under $200
However, Mermelstein said that Rochester, like other cities on the list, lacks good long-term potential and will continue to suffer without "major federal and corporate investment."
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Milwaukee (Wisconsin)
- Average home price in 2020: $167
- Average salary: $41
- Average annual property tax - $3
- The cost of utilities is a little more than $200
Montgomery (Alabama)
- Average home price in 2020: $192
- Average salary: $39
- Average annual property tax – $500
- Utilities cost – $238
Buffalo (New York)
- Average home price in 2020: $184
- Average salary: $41
- Average annual property tax - $1
- Utilities cost – $194
Kansas City (Kansas)
- Average home price in 2020: $170
- Average salary: $37
- Average annual property tax - $1
- Utilities cost – $194
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