Most people view homeownership as more than having their own place to live; they want to put their monthly housing payment towards something they own rather than spending it on rent. However, living in an expensive city can make it difficult to build savings. As a result, many homeowners are selling their homes and moving to more affordable cities. Take a look at affordable cities in the US that have the potential for long-term economic growth.
- Detroit, Michigan
Detroit is at the top of the list of cities where it is affordable to buy a house. In general, the average person in Detroit spends only 6% of their monthly income on their mortgage, which is better than anywhere else. The average listing price for a home in 2020 was just $59,000. Additionally, Detroit has been growing economically for a few years, and there are jobs in the automobile industry as well as Big Tech.
- Cleveland, Ohio
Next on the list is Cleveland, which is affordable and draws younger people. The median age is close to 35, and it is a lively town on Lake Erie. There are many opportunities to explore the outdoors, and they have a solid, growing economy. The average listing price for a home was $140,000. They have a low unemployment rate and the second highest growth in tech workers since the pandemic.
- Toledo, Ohio
Toledo is located at the western end of Lake Erie, and it is close to major cities, including Detroit, Cleveland, and Chicago. It has experienced growth in construction and financial activities, and it has a median listing price for homes of $95,000. There are more than 30 universities within 60 miles of Toledo, and it offers a lot of opportunities.
- Memphis, Tennessee
Memphis has a population of around 650,000 people, and they are young with an average age of 34. They are getting ready for a surge in tech. Memphis is a leader in black-owned businesses that access venture capital. The median listing price for homes in 2020 was $123,000. Memphis is a town with business, art, and music, and it is an affordable place to live.