20 Affordable Housing Markets for First-Time Buyers
Here's where you need to look, if you want to invest in housing.
- Cyra Sanchez
- 6 min read
By focusing on cities where homes are inexpensive (but growing), cities with a healthy number of job opportunities, or cities with a more affordable standard of living, first-time buyers can still find affordable housing. Additionally, researching government assistance programs and mortgage options can help alleviate the financial burden. An informed strategy allows one to land a home without taking on too much financial burden.
1. Fort Wayne, Indiana
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It is an affordable midwestern hidden gem with a warm community. Home prices generally fall under $200,000, so it’s a perfect place for cost-conscious buyers. The combination of style meets suburb is what makes this city a prime candidate for rooting down.
2. Akron, Ohio
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A region known for its resilience and affordability, Akron has homes with median prices around $250,000. Its broad cultural life, parks, and economic stability lure many first-time buyers. The city is an ideal blend of affordability and vibrant living.
3. Canton, Ohio
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Canton, home of the Pro Football Hall of Fame, also has some first-time buyer-friendly affordability. With a median home price of roughly $250,000, it delivers good value without skimping on amenities. Its community-oriented vibe and historic charm are a winning combination.
4. Rockford, Illinois
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A city where your mortgage payment can be less than $1,500 a month, Rockford delivers serious affordability. But with a free college tuition program and housing prices well below Chicago, it’s a sensible option for families. A robust local economy and a focus on education make it an attractive place.
5. Peterlee, United Kingdom
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This North East town provides some of the cheapest homes in the UK, costing buyers 41% less than nearby postcode areas. Homeownership is within reach for many first-time buyers with a small deposit. Its inexpensive cost of living and close-knit community setting provide the perfect atmosphere in which to begin anew.
6. Washington, United Kingdom
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Washington is based in the North East which means the home prices are lower than they are on average. Its good transport links and local amenities enhance convenience. Elements of affordability and community spirit make it a desirable home.
7. Irvine, United Kingdom
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This picturesque Scottish town offers relatively low-cost homes that are priced far below the regional average. A property in a growing, family-friendly area can be reserved with a small deposit. There is a lot to love about this affordable, scenic choice.
8. Glenrothes, United Kingdom
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Property in Glenrothes comes at a steep discount, making it an affordable place with a strong community spirit. Ideal for those hoping to get away from the hustle of big cities, with parks, shopping centers, and a slower pace of life. It is a great choice, both due to its cost-effectiveness and warm vibe.
9. Basildon, United Kingdom
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Located only a short hop from London, Basildon offers a cheaper option to the expensive capital. Here, home prices are almost 26 percent below the regional average, so it’s a top choice for first-time buyers. Its combination of urban accessibility and suburban comfort makes it a wise investment.
10. Indianapolis, Indiana
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As the capital city of Indiana, it is a more affordable place to live, with a median home price of about $275,000. The job market is booming, sports are popular, and the family-friendly environment is appealing. Its low cost of living only makes it more appealing.
11. Minneapolis, Minnesota
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Minneapolis offers a unique combination of big-city amenities and affordability. With median home prices around $373,000, it’s still a bargain relative to other metro areas. It is a stimulating place to live, with a vibrant arts and culture scene and outdoor lifestyle.
12. Birmingham, Alabama
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A city of history and Southern charm, Birmingham has homes that sell for a median price of about $256,000. Its rising economy and low cost of living make it perfect for first-time buyers. A big city with culture, education, and job opportunities on offer, it also has a reputation for being affordable.
13. Chicago, Illinois
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Though Chicago is a major city, its real estate market still feels surprisingly attainable, the median home price is around $331,000. A variety of neighborhoods and a robust economy make it an exciting place to buy a home. That balance between the cost of living and big-city amenities makes it an attractive overall option.
14. Pittsburgh, Pennsylvania
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Pittsburgh, once an industrial titan, has evolved into a trendy, affordable city with median home prices around $267,000. Its riverside views, job opportunities, and affordable homes make it an outstanding location for first-time buyers. There’s no denying the city’s charm and affordability.
15. Cleveland, Ohio
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Cleveland sits on the shores of Lake Erie and has a median home price of $248,000. Its sports culture, job market, and affordability help entice new buyers seeking a bargain. The city’s location along waterways and a relatively low cost of living make it an attractive option.
16. Harrisburg, Pennsylvania
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Pennsylvania’s capital city has a wildly low median home price, about $140,000, compared to the rest of the state and is one of the most affordable capitals. It has a long history, and a pretty riverfront, too. Its combination of low-cost living and job opportunities makes it a super choice for first-time purchasers.
17. Rochester, New York
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Rochester, which has a booming tech and medical industry, has a median home price of only $129,900. Affordable housing, culture, and a quick route to nature. It is a prime place for first-time buyers because of its affordability and robust job market.
18. Villas, Florida
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A sunny paradise, Villas has a median home price of $236,950, making it ideal for those trying to escape the cold. Its location near beaches and its warm weather throughout the year makes it a desirable place. It is a great option in a lovely place with cheap housing.
19. Lauderdale Lakes, Florida
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A Florida under-the-radar, Lauderdale Lakes has a median home cost of $154,850. Its diverse population and proximity to entertainment, dining, and the beach make it a vital place to live. It’s affordable, and it’s tropical living.
20. Altamonte Springs, Florida
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About 10 miles north of Orlando, Altamonte Springs has homes with a median list price of $229,400. It is a busy town of parks, shopping centers, and community events, it’s a vibrant spot to put down stakes. Its price and easy access have made it a neighborhood to watch for first-time buyers.