Get updates delivered to you daily. Free and customizable.
GOBankingRates
America’s 25 Best Hidden Gem Housing Markets of 2024
By Jordan Rosenfeld,
18 hours ago
The U.S. housing market has been through enormous changes in the past five years, with high home prices and mortgage rates , but lower inventory. This can make it hard for people ready to buy to know when and where to do so.
If you’re only looking at the more obvious housing markets, you might be missing out on hidden gems in smaller markets where home values are rising but prices are not out of reach. These small towns also have decent median incomes and affordable costs of living.
To find the top 25 hidden gem housing markets, GOBankingRates used data from the Zillow Home Value Index from June 2024, the US Census American Community Survey, Sperling’s BestPlaces, the Bureau of Labor Statistics’ Consumer Expenditure Survey and AreaVibes.
Difference from state average home value: $(368,888)
Monthly expenditures: $1,980
Livability score: 81
Pictured: Red Bank
Teacherdad48 / Getty Images
1. Dayton, Washington
Population total: 2,763
Household median income: $68,671
Single family home average value: $253,494
Difference from state average home value: $(363,171)
Monthly expenditures: $1,721
Livability score: 80
Methodology: For this study, GOBankingRates analyzed cities around the country to find the best hidden housing markets of 2024. First GOBankingRates found the average single family home value for cities across the country along with the statewide average single family home value in order to compare each cities home values to their state average home values. By using the Zillow Home Value Index from June 2024, the average single family home value was included for each city. By assuming a 10% down payment and using the national average 30-year fixed mortgage rate, the average mortgage cost can be found. Cities with an average home value $50,000 under their statewide averages were kept for this study to showcase housing markets that may be undervalued. For each city a number of factors were found including: total population, total households, population ages 65 and over and household median income all sourced from the US Census American Community Survey. The average expenditure cost can be calculated by using each city’s cost of living indexes as sourced from Sperlings BestPlaces and the national average expenditure costs for all residents as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. The total cost of living can be calculated using the average mortgage and expenditure costs. Cities with more and less than 10,000 population were sorted into two lists to find the best hidden gems in smaller cities and larger cities. The livability index was sourced from AreaVibes for each city and all cities under 70 were removed for this study as those places represent places that have a lower quality of life and are not hidden gems. The household median income was scored and weighted at 1.00, the difference in single family home values from state home values was scored and weighted at 2.00, the average mortgage cost was scored and weighted at 1.00, the expenditure cost was scored and weighted at 1.00 and the livability index was scored and weighted at 2.00. All the scores were summed and sorted to show the best hidden gem housing markets of 2024. All data was collected on and is up to date as of Aug. 5th, 2024.
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Comments / 0