The Rust Belt and the South dominate the list of the 10 least expensive metros for buying a home, according to a new data report from Redfin (NASDAQ: RDFN).
In a survey of the nation’s 91 most populous metro areas during March, Detroit topped the list with the lowest median home sale of $180,950, a 2.3% year-over-year increase. Two Ohio metros – Cleveland with its $227,000 median sales price, and Dayton with a $229,500 median sales price – followed.
Rounding out the top 10 least expensive metros by median sales price were Rochester, New York ($230,750); Pittsburgh ($235,000); Buffalo, New York ($243,000); McAllen, Texas ($250,000); Baton Rouge, Louisiana ($258,815); St Louis ($263,850); and El Paso, Texas ($264,000).
“In many Rust Belt cities, buying a home is inexpensive compared to the rest of the US because they don’t have the high-paying job opportunities of coastal cities, or the warm winters of southern cities,” said Redfin Chief Economist Daryl Fairweather. “Still, those places are also much more affordable to locals than the rest of the country, particularly California and New York. For buyers priced out of expensive coastal markets, especially people with geographic flexibility like remote workers or retirees, a place like the Rust Belt or parts of Texas are attractive for people looking to stretch their dollar.”
