Real Estate

Top 25 Cities for Homes Under $500K

By Domingo Rolfson

May 25, 2024


The U.S. housing market has always been a topic of interest for investors, homebuyers and economists alike. With the median sales price for new single-family homes hitting $400,500 in February according to the U.S. Census Bureau, it's easy to see why this is such a hot topic. Additionally, ResiClub predicts an average increase of 2.38% in U.S home prices by 2024. 


This means that if you're looking at a budget limit of $500,000 for buying your next house, there are still plenty of options available across different cities in America where you can get good value for money based on your lifestyle needs and financial capacity. 


However, purchasing power varies greatly from one city to another due to factors like cost of living which includes housing costs as well as other expenses like groceries, healthcare and transportation among others. 


A detailed study carried out by GOBankingRates leverages data from Zillow Home Value Index along with additional information collected from the US Census Bureau's American Community Survey (ACS), Federal Reserve Economic Data (FRED), Sperling’s BestPlaces rankings and Bureau Of Labor Statistics Consumer Expenditure Survey. 


Here are some highlights: 


Kansas City boasts a cost of living that is about 12% lower than national average making it an attractive option despite being slightly more expensive than the rest of Missouri by around 3%. 


Despite having affordable properties under $500k in Sacramento - California's capital city - residents must bear with its high cost-of-living index which stands at approximately 27% higher than national average. 


If affordability tops your list then Tucson could be ideal since its overall living expenses fall three percent below national averages while simultaneously being nine percent cheaper compared to Arizona state averages too! 


Similarly Albuquerque is also relatively inexpensive when compared nationally but costs around four percent more when measured against New Mexico’s state-wide figures. 


Michigan offers great opportunities not only because its average home values are well below $100,000 but also because its cost of living is about 8% lower than the national average. 


On the other hand, Nevada's cost of living is about 11% higher than the U.S. average, but it's less than 1% higher as compared to the rest of the state. 


Cities like Oklahoma City and Indianapolis offer a significantly cheaper lifestyle with their costs being respectively fifteen percent and fourteen percent lower than national averages. 


However not all cities are affordable - Nashville’s overall expenses exceed national figures by five percent making it seventeen percent more expensive compared to Tennessee’s statewide averages too! 


In conclusion, while there might be an expected rise in U.S home prices by 2024 according to ResiClub's forecast; careful research using reliable data sources can help potential buyers find suitable options that fit within their budget without compromising on quality or convenience factors.  


It is important to remember that buying a house isn't just about paying for property alone - ongoing expenses associated with maintaining your desired lifestyle must also be taken into account before finalizing any decision.


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