Value City Bedrooms
Alice Morgan
If you're looking to buy a new home, turns out, you're not alone. "We've found that since working from home in the pandemic, several Americans are now looking to purchase homes," says Amanda Pendleton, Home Trends Expert at Zillow. "We've also seen a desire to move out of traditionally unaffordable markets like San Francisco and New York City." Since remote work could likely be here to stay, it seems people find no need to be in these larger markets. Still, that doesn't mean you'd have to move to the suburbs if you wanted to finally purchase a house—there are still plenty of big cities that truly offer the best value for your home-buying dollar.
According to Zillow, the median home price in the United States is $266,104, and has grown 8.4 percent over last year, as more people look to find their forever homes. The list below, however, looks at major metros where the median home price is less than the national average, but the home values have actually risen more than the national median. According to Pendleton, this is an indicator that these markets offer affordability, but they're also primed for growth. "In these areas, the value of your home will likely grow faster than the typical U.S. home," she explains. "So, you'll be able to sell at a much higher price point."Below, check out Zillow's list of affordable major metros, which will likely increase in value substantially over time.
1 Memphis, TN
$171,488
You could easily get a three-bed, three-bath home for this price in Memphis—the home of Elvis Presley's famous Graceland mansion. The home value went up by 10.6 percent in the last year alone, providing huge opportunities for growth.
2 Pittsburgh, PA
$175,882
The City of Bridges can also be called the City of Affordable Homes, with several four-bedroom homes going for prices even lower than the national median.
3 Buffalo, NY
$192,742
If you're ready to leave the city but not ready to flee the state, Buffalo offers several affordable homes upstate, accompanied by stunning suburban views.
4 Detroit, MI
$197,049
The largest city in Michigan, Detroit has a lot to offer. According to Zillow, demand for this metro is high, with its home value increasing by 9.8 percent in the past year alone.
5 Indianapolis, IN
$202,370
"Homes here are flying off the market in a median of six days, more than twice as fast as the national median," says Pendleton, stressing the importance of rising home values in the region—which went up by 10.6 percent in the past year.
6 Tucson, AZ
$250,294
"Way more affordable than booming Phoenix, you can easily afford homes here at almost 2,000 square feet," says Pendleton. The perpetually warm weather is also a massive draw.
7 Tampa, FL
$253,596
"Tampa was forecasted to be the fourth hottest market of 2021 by a panel of economic experts surveyed by Zillow," says Pendleton, explaining that the average home value has leapt by 11.4 percent this past year alone.
8 Charlotte, NC
$260,976
A US News article listed Charlotte as the number sixth best place to live in the U.S. in 2020, explaining how the metro area has grown by 5.8 percent due to migration alone. The home value increase further exemplifies this, at 9.7 percent in the past year.
9 New Haven, CT
$261,154
Instead of Greenwich, consider New Haven, which is full of lively shops and restaurants, thanks to the presence of several universities all around the area. It's pretty affordable as well, with the average price for a four-bedroom home at around $261,000.
10 Atlanta, GA
$261,664
"Atlanta is forecasted to be the seventh hottest market of 2021 by a panel of economic experts surveyed by Zillow," says Pendleton. And it's no surprise why—check out how much space you can get at this price point.
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Source: https://www.housebeautiful.com/design-inspiration/real-estate/g35451487/cities-with-highest-value-homes/
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