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GOBankingRates
In Less Than a Decade You Won’t Be Able To Afford Homes In These 10 Midwest Zip Codes
By Vance Cariaga,
19 days ago
Home prices in certain U.S. housing markets have risen so high so fast over the past few years that they are out of reach for all but the wealthiest Americans. Most of these markets involve pricey coastal cities such as Boston, Los Angeles, Miami, New York, San Francisco, Seattle and Washington, D.C. For the most part, though, cities in the Midwest have remained comparatively affordable , at least by today’s standards.
But that’s beginning to change. As of April 2024, all of Realtor.com’s top 20 hottest housing markets were located in the Northeast or Midwest, Real Estate News reported. Many Midwestern cities are expected to see home values rise over the next decade even as the broader U.S. housing market stabilizes.
A new study from GOBankingRates looked at overall U.S. median home values and projected their growth and decline over 10 years using Zillow’s May 2024-25 one-year forecast. This projection was then compared to the projections of the 4,261 zip codes in the following Midwestern states: Illinois, Indiana, Iowa, Kansas, Michigan Minnesota, Missouri, Nebraska, Ohio and South Dakota.
If you are already on a tight budget, here are 10 Midwestern zip codes where you might not be able to afford a home in less than a decade. All zip codes have projected 2033 home values that are at least $10,000 higher than current values.
Disclaimer: GOBankingRates took the overall U.S. median home value and projected its growth and decline over 10 years using Zillow’s May 2024-25 one-year forecast. This projection was then compared to the projections of the 4,261 zip codes in the Midwest (IL, IN, IA, KS, MI, MN, MO, NE, ND, OH, SD, and WI) that currently have home prices below the national median, with those rising above the national average in the next 10 years (plus its projected growth rate over the same period) being deemed “a place you could no longer afford.” For each Midwest zip code over the next decade, GOBankingRates found the following factors: (1) year the Midwest zip code will become a “place you could no longer afford”; (2) projected home value for that year; and (3) US average projected home value for that year. NOTE: GOBankingRates does not expect growth in home value to stay stagnant at one current rate for the next decade, but using these constant figures gives us an idea where certain markets are heading without unforeseen market disruptors in the future. All data used to conduct this study was compiled and verified on June 12, 2024.
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