Housing Market 2024: 10 Most Popular Housing Markets People Are Moving To – Can You Afford To Live There

Housing affordability remains challenging across much of the US , particularly with the increase in housing prices over the last few years. However, according to a Realtor.com analysis of the top 10 housing markets people are moving to, there are still plenty of markets where you can find relatively affordable homes.

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While some of these housing markets are expensive, most offer below-average prices and enticing features such as strong local job markets and appealing natural environments. Check out these cities to see if one of them offers real estate (and other features) for your budget.

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Creating Our List

To assess what it takes to afford to live in these 10 housing markets, GOBankingRates looked at Redfin data on the median home value in the main city within each market and divided that number by four, considering Fidelity’s guideline that first-time home buyers look for a home valued between three to five times your annual household income. That said, factors such as mortgage rates, property taxes, and your savings vs. debt also affect whether you can afford a home.

Discover More: 6 Best Cities To Buy Property in the Next 5 Years, According to Real Estate Agents

Columbus, OH

Median sale price: $291,500

Household income needed to afford median home: $72,875

Ohio’s capital city is home to Ohio State University and it’s remained relatively affordable in recent years, considering the median home sale price here is around $150,000 less than the US average.

Realtor.com notes that the city has been ranking high on the hottest and top emerging housing markets lists and is “particularly attractive to families and young professionals.”

Knoxville, TN

Median sale price: $334,701

Household income needed to afford median home: $83,675

Nashville has been getting a lot of attention in recent years as a hot housing market, but Knoxville is another Tennessee city that could be heating up, given its high share of searches on Realtor.com.

The median sale price in Knoxville is about 35% less than in Nashville. The city is home to the University of Tennessee and is close to beautiful areas like the Great Smoky Mountains National Park.

Louisville, KY/Jefferson County, IN

Median sale price: $260,000

Household income needed to afford median home: $65,000

Louisville and nearby Jefferson County (across the border in Indiana) offer significantly more affordable housing than the national average. You can find plenty of attractions in Louisville, too. For instance, if you like to be outdoors, you can find lots of nature, like Clifty Falls State Park in Jefferson County.

Detroit/Warren/Dearborn, MI

Median sale price: $85,000

Household income needed to afford median home: $21,250

Detroit is one of the most affordable cities in the US. Nearby cities Warren and Dearborn — home to Ford — are a bit more expensive, but is still far below the national average.

“Detroit and Detroit Metro hold one of the lowest average price points of homes in the entire country, which I think is definitely attracting people to Michigan,” said Ashley Oshinsky, founder and principal associate broker at Higher Living Real Estate . “Coupled with affordable housing, Detroit has a lot to offer with a bustling downtown that seems to get cooler by the day.”

She added that “for nature enthusiasts, we have so many beautiful freshwater lakes in close proximity to downtown. Overall, Detroit is a great place to raise a family or thrive in the automotive industry.”

Pittsburgh, PA

Median sale price: $265,000

Household income needed to afford median home: $66,250

Pittsburgh is another city with relatively affordable homes while still having a lot of economic opportunities. “Generally speaking, we are an affordable area with prices that don’t have a lot of volatility. Like the rest of the country, we saw a run-up during COVID, but that is moderating,” said Christa Humphrey Ross , Realtor at RE/MAX Select Realty.

“Our economy is based on meds and eds, so with large healthcare employers and universities, we offer lots of job opportunities in medical and tech fields. As a city, Pittsburgh is friendly and has lots of the benefits of large cities,” while also being close to lots of natural areas that are great for outdoor enthusiasts,” she added.

Portland/South Portland, ME

Median sale price: $650,000

Household income needed to afford median home: $162,500

While most of the top markets have below-average prices, Portland bucks the trend. But as Realtor.com points out, factors like the smaller size and community feel could be attracting people here more than some of the bigger Northeast cities on a proportional basis.

Plus, Portland is less expensive than other Northeast cities like Boston.

Tampa/St. Petersburg/Clearwater, FL

Median sale price: $497,000

Household income needed to afford median home: $124,250

Tampa itself is a little above the national average while St. Pete and Clearwater are a little below. But for living near the beach, and compared to other Florida cities like Miami and Fort Lauderdale, Tampa still has some good deals — for now.

As Realtor.com mentioned, prices have gone up almost 50% over the past five years.

Charleston/North Charleston, SC

Median sale price: $646,000

Household income needed to afford median home: $161,500

Charleston is a beautiful city that is attracting people across the US. It has been ranked as the best city in the US for 12 years in a row by Travel + Leisure readers and “it offers serene nature, a vibrant culture, history, the arts, incredible restaurants, the ocean and rivers for fishing, boating, and watersports. It is a world-class city on a smaller scale with a laid-back lifestyle,” said Stacy Smith, Broker in Charge, Smith Spencer Real Estate .

But that comes at a cost, with housing prices rising 17.5% in just the past year.

“The only thing that prevents Charleston from being higher up on this list is affordability. From construction moratoriums, historical preservation regulations, and the fact that we are surrounded by water and limited to how much, how high, and where we can build, supply simply cannot keep up with demand,” said Smith.

Hartford/East Hartford/Middletown, CT

Median sale price: $280,000

Household income needed to afford median home: $70,000

Hartford is another small city in the Northeast that’s attracting attention. Here, housing prices are still far below the national average, although prices have gone up nearly 11% over the past year.

For those who prefer to use public transportation, Hartford has the top-ranked bus system in the country, according to the Institute for Transportation and Development Policy, along with historical attractions like the Mark Twain House & Museum.

Asheville, NC

Median sale price: $515,000

Household income needed to afford median home: $128,750

Asheville rounds out this list of the 10 most popular housing markets people are moving to, despite Asheville having above-average prices. That said, prices dipped by 4.6% over the past year.

The city is known for attracting artists and outdoor enthusiasts, as well as being a craft beer hub.

This article originally appeared on GOBankingRates.com : Housing Market 2024: 10 Most Popular Housing Markets People Are Moving To – Can You Afford To Live There