6 Best Cities Where You Can Buy an Apartment for Under $100K

Finding any kind of home for less than $100,000 is not easy these days, and that includes apartments that are typically less expensive than single-family homes. Buying an apartment at all is a challenge since most are owned by real estate companies that rent them out rather than sell them. The most common multifamily development options are condos , which are essentially apartments under a different name.

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In densely populated cities like New York, Boston, San Francisco or Chicago, you might find apartments listed for sale alongside single-family homes. In other cities, apartments might be listed as condos or co-ops, according to Realtor.com.

“A condo is similar to buying a home where you are actually getting the deed to the unit, and generally if you ever want to rent your unit out, you will be able to without any stipulations except, of course, that the new tenant must qualify through the condo board,” real estate agent Lila Nejad of Douglas Elliman told Realtor.com.

A co-op, on the other hand, means you are buying a share in a building.

“You own the unit, but there are more board requirements to qualify for purchase and non-U.S. citizens are far less likely to get into most of these buildings,” Nejad added. “The subletting policies are also generally much stricter, often with limitations of only two years, or no third-party renting at all.”

There are even situations where you can purchase an apartment you are currently renting as part of a rent-to-own agreement.

In any of the above cases, you’ll have to hunt around if you want to find an apartment or condo for less than $100,000. As previously reported by GOBankingRates , median condo prices in major U.S. markets range from a low of $161,500 in Cleveland, Ohio, to a high of $800,000 in San Francisco.

That doesn’t mean you can’t find condos or apartments at less than $100,000. The PropertyUnder50k.com website conducted a study last year looking at U.S. markets where you are most likely to find a condo for around $100,000. Here are six of the cities the site settled on, based on an analysis of the Zillow Home Value Index. All quotes are from the PropertyUnder50k.com report.

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Austin, TX

The Lone Star State’s capital has seen significant growth in recent years due to its “strong economy and vibrant culture,” but there are still “pockets of affordability” where you can find apartments and condos for under $100,000. This is particularly true on the outskirts of town or in older developments.

Cincinnati, OH

Cincinnati has a low cost of living compared with other U.S. cities. The real estate market here offers a “range of affordable housing options,” including condos and apartments prices at less than $100,000.

Indianapolis, IN

Like Cincinnati, Indianapolis is a comparatively affordable Midwest city where you can still find an apartment or condo for around $100,000, although you will probably need to look in the suburbs and other outlying areas.

Orlando, FL

The “high supply of condos” in Orlando has made it possible to find apartments or condos under $100,000, although you’ll find more options at higher price points.

Portland, OR

If you want to find an apartment or condo for less than $100,000 in Portland, you’ll need to look in areas outside the center city. But if you stretch your search wide enough, you can still find affordable options.

Salt Lake City, UT

You can find apartments and other properties in Salt Lake City for less than $100,000 thanks to the market’s overall affordability. “There are a range of condo options in this area, especially in the suburbs and surrounding areas. Moreover, the real estate market in Salt Lake City has been relatively stable.”

This article originally appeared on GOBankingRates.com : 6 Best Cities Where You Can Buy an Apartment for Under $100K