Here's Where You Can Still Buy a Home in the U.S. for Under $200,000
Housing in many parts of the United States doesn't come cheap, and in this day and age, buying a home for less than $200,000 can seem like a pipe dream. But it is possible, and it turns out there are some hotspots across the U.S. with a wide selection of sub-$200K houses.
New data published by Realtor.com outlines just where to look if you want to find an affordable home. It includes the top 10 cities in the U.S. with the most homes currently available for less than $200,000.
"Due to the COVID-19 pandemic, real estate prices skyrocketed and, for the most part, have not yet come back down to earth. The average U.S. home is now valued nearly 50 percent higher than this time four years ago. And that’s before we get into current interest rates and their effect on monthly mortgage payments," the site explained. "In fact, there’s stark proof of shrinking affordability across the country: Over the past several years, the number of homes under $200,000 has gone from around half of all sales to less than a quarter of sales in 2023."
While these cheap homes appear to be a dying breed, they're not impossible to find, even on the outskirts of major metropolitan areas. Topping the list are two suburbs of Fort Lauderdale, Florida just north of Miami: Lauderdale Lakes in first and Lauderhill in second. Eighty-five percent of listings in Lauderdale Lakes are under $200,000, while it drops to 70 percent in Lauderhill. However, it's not all single-family homes, as the housing stock in both cities is almost entirely condominiums.
"Areas that were once popular for downsizing are now out of reach for many," Realtor.com senior economic analyst Hannah Jones said. "Florida markets like Lauderdale Lakes are seeing a surge in affordable condos, providing viable options for those looking to downsize without breaking the bank."
The cities on the list are concentrated on the East Coast and in the Midwest. Two Ohio cities made the list with Akron in third and Cleveland in 10th. And while Detroit might be in fourth with a 64-percent rate of sub-$200,000 properties, it boasts the biggest inventory of the 10 with more than 1,500 homes under $200K currently on the market.
Read up on the best markets to find a home under $200K and check out the median home prices of the top 10 most affordable below.
Lauderdale Lakes, Florida ($149,350)
Lauderhill, Florida ($175,000)
Akron, Ohio ($138,600)
Detroit, Michigan ($90,000)
Rochester, New York ($161,194)
Niagara Falls, New York ($114,500)
Albany, Georgia ($104,000)
Lansing, Michigan ($143,950)
Rockford, Illinois ($164,950)
Cleveland, Ohio ($135,475)
