With the average home price in the United States around $337,000, you may think that buying a place of your own is unattainable right now. But depending on where you live, that's not necessarily the case.
A recent report from Point2Homes.com, a real estate listings site, shows the U.S. cities with the most homes under $150,000.
Where Are the Affordable Homes?
To come up with its list, the site says it analyzed cheap homes in what it calls “the 50 most populous and most expensive U.S. cities.”
Here are some key findings from the report:
- Less than 5% of U.S. homes for sale are priced under $150,000.
- Only two cities – Mesa, Arizona and St. Petersburg, Florida – have a percentage of affordable homes in double digits.
- Of the 10 cities with the highest share of affordable homes, five of them are in California.
Let’s take a look at the American cities with the largest share of homes under $150,000, according to Point2Homes.
These U.S. Cities Have the Most Homes Under $150,000
|City||Median Price||Share of Listings Under $150,000|
|1. Mesa, Arizona||$442,000||14.82%|
|2. St. Petersburg, Florida||$355,000||12.34%|
|3. Dallas, Texas||$400,000||5.94%|
|4. Tampa, Florida||$360,000||5.43%|
|5. Honolulu, Hawaii||$870,000||4.92%|
|6. Bakersfield, California||$353,000||4.75%|
|7. Santa Ana, California||$779,000||4.39%|
|8. Fresno, California||$365,000||3.72%|
|9. Riverside, California||$608,000||3.64%|
|10. Sacramento, California||$480,000||3.44%|
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Now that we’ve listed some relatively cheap places to live, let’s talk about some other ways you can find affordable housing.
How To Find Affordable Housing
Consider Getting a Roommate
A typical roommate situation with one other person should allow you to save 50% on expenses related to a home or apartment. The more roommates you have, the more money you should be able to save.
You can then use that money to save up for your own home. You’ll typically pay a 20% down payment on the purchase of your home.
Apply for Assistance
Depending on your age, health and other factors, you may qualify for some sort of financial assistance in buying a home. Check the website of the city or county you live in to find information on housing programs you may qualify for.
The U.S. government also has some resources on how to find affordable housing.
Perhaps the area where you live is getting too expensive. If your circumstances allow, you could choose to relocate to a cheaper city.
Looking to buy a home? Here’s how to calculate what you can afford.
More Resources From Clark.com:
The post 10 Cities Where You Can Still Buy a Home for Under $150,000 appeared first on Clark Howard.
Credit: John Spink / John.Spink@ajc.com