Housing costs are still climbing, but in these metros, ownership is still within reach
Housing is more expensive than it’s ever been. A chronic housing shortage and high mortgage rates have pushed monthly costs to a record $2,819, making renting cheaper than buying in every major U.S. metro. House prices have also risen for nearly two years straight, and are 92% higher than a decade ago ($225,000 in 2015 vs. $431,000 today).
These expenses have had consequences. For example, more people are getting priced out of ownership, and 40% of renters believe they’ll never own a home. A turbulent economy – namely inflation and recession fears – has experts worried that affordability could drop further.
Still, there’s hope. In nearly 20 of the largest U.S. metros, you can still buy a house for under $300,000. Many of them are even affordable for residents earning the local median income.
To help buyers looking for an affordable home, we’ve ranked 10 metros where buying is still within reach, from least to most expensive. We’ll also show how their home prices have changed over the past decade.
10 metros where you can still buy a home for under $300k
1. Detroit, Michigan
- Median sale price: $180,950
- 2015 median sale price: $70,000
- 10-year price increase: +158.5%
Detroit tops the list as the best place to buy a home for under $300,000. Once known as the Motor City, it’s now a place where creativity, community, and grit come together. The cars are still part of its story, but so are coffee shops, street art, and people committed to revitalizing neighborhoods. The city is invested in its future.
Importantly, prices in Detroit have climbed sharply over the past decade, and since March 2020, they have risen nearly 30%. The surge has been driven by limited inventory, strong demand, and slow new construction, compounded by a large number of abandoned homes. Still, even with that growth, Detroit remains the most affordable metropolitan area in…