The Top 10 Cities Where Homes Under $350,000 Are Still Attainable Amidst the Affordability Crisis
With the latest Consumer Price Index showing inflations is not trending lower, mortgage rates started trending higher in April and affording a home in 2024 remains a formidable challenge. As it stands, a household income of about $106,500 is required to comfortably manage the monthly mortgage of a typical home priced around $415,000. For many, the dream of homeownership feels elusive.
However, there’s a silver lining. A recent Realtor.com analysis has uncovered a surprising array of metropolitan havens where homes range from $200,000 to $350,000—far below the national median. These affordable gems are predominantly nestled in the Southern U.S., a region now heralded as the heartland of budget-friendly real estate. Florida, in particular, boasts a robust 18% of these economical listings, according to Realtor.com’s Chief Economist, Danielle Hale.
What does affordable look like in these areas?
The median home price in the top 7 cities selected by Realtor.com is higher than the $350,000 affordable limit although the report does state few houses are still available in these cities.
#1 Miami, Florida
Miami, known for its vibrant culture, beautiful beaches, and lively nightlife, is a melting pot of Latin American and Caribbean influences. With its tropical climate and diverse neighborhoods, it’s a popular destination for tourists and residents alike.
Metro median list price: $550,000
#2 Dallas, Texas
Dallas, a major city in North Texas, offers a thriving economy, world-class dining and shopping, and a rich arts and culture scene. With its booming job market and affordable housing options, it’s a city where residents can enjoy a high quality of life and plenty of opportunities for growth.
Metro median list price: $435,000
#3 Tampa, Florida
Tampa, located on Florida’s Gulf Coast, boasts beautiful beaches, waterfront parks, and a laid-back lifestyle. With its affordable cost of living, strong job market, and diverse population, it’s a city that appeals to families, young professionals, and retirees alike.
Metro median list price: $416,000
#4 San Antonio, Texas
San Antonio, known for its historic missions, vibrant River Walk, and rich cultural heritage, is a dynamic city with a small-town feel. With its affordable housing market, low cost of living, and strong sense of community, it’s a popular destination for those seeking a high quality of life in the heart of Texas.
Metro median list price: $335,000
#5 Houston, Texas
Houston, the largest city in Texas, offers a diverse economy, world-class dining and entertainment, and a thriving arts and culture scene. With its affordable housing options, strong job market, and abundance of green spaces, it’s a city that offers something for everyone.
Metro median list price: $360,000
#6 Orlando, Florida
Orlando, known as the “Theme Park Capital of the World,” is home to Walt Disney World Resort, Universal Orlando Resort, and SeaWorld Orlando. With its warm climate, family-friendly attractions, and affordable cost of living, it’s a popular destination for tourists and residents alike.
Metro median list price: $435,000
#7 Atlanta, Georgia
Atlanta, the capital city of Georgia, offers a vibrant arts and culture scene, diverse culinary offerings, and a booming economy. With its affordable housing market, top-ranked schools, and abundance of parks and green spaces, it’s a city that appeals to residents of all ages.
Metro median list price: $409,000
#8 Oklahoma City, Oklahoma
Oklahoma City, the capital of Oklahoma, boasts a low cost of living, friendly residents, and a strong sense of community. With its affordable housing options, strong job market, and abundance of outdoor recreational activities, it’s a city on the rise.
Metro median list price: $323,000
# 9 New Orleans, Louisiana
New Orleans, known for its jazz music, Creole cuisine, and historic architecture, is a city with a rich cultural heritage and unique charm. With its affordable cost of living, lively arts and entertainment scene, and strong sense of community, it’s a city that captures the hearts of residents and visitors alike.
Metro median list price: $325,000
#10 Birmingham, Alabama
Birmingham, known as the Magic City, boasts a thriving arts scene, delicious southern cuisine, and a lower-than-average cost of living. With its charming neighborhoods and vibrant downtown, it’s an attractive option for those seeking affordable homes without sacrificing amenities.
Metro median list price: $286,000
Home Affordability Worsening
Cities like Miami and Tampa are abundant with condos, townhomes, and row houses, while those in pursuit of single-family homes might find their dream in Texas, with promising prospects in Dallas, San Antonio, and Houston as per the report by Realtor.com.
Shelter Consumer Price Index (CPI) has now been above 5% for 24 consecutive months, the longest period of elevated housing inflation since the early 1980s.
For a third month in a row, inflation came in higher than expected and mortgage rates as per Freddie Mac are at 6.88% for a 30-year fixed rate.
With inflation persisting at elevated levels and mortgage rates on the rise, the road ahead remains uncertain for prospective homebuyers.
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The 9 States Taxing Social Security in 2024 and the 2 That Just Stopped
As 2023 tax filing season draws to a close, retirees across the nation are adjusting their financial plans for 2024, but a crucial detail could drastically alter the landscape of retirement living: the taxing of Social Security benefits. While many bask in the belief that their golden years will be tax-friendly, residents in nine specific states are facing a reality check as their Social Security benefits come under the taxman’s purview. Conversely, a wave of relief is set to wash over two states, marking an end to their era of taxing these benefits. This shift paints a complex portrait of retirement planning across the U.S., underscoring the importance of staying informed of the ever changing tax laws. Are you residing in one of these states? It’s time to uncover the impact of these tax changes on your retirement strategy and possibly reconsider your locale choice for those serene post-work years. Here are the 9 states taxing social security benefits.
The 9 States Taxing Social Security in 2024 and the 2 That Just Stopped
Retire Abroad and Still Collect Social Security? Avoid These 9 Countries Where It’s Not Possible
Dreaming of retiring to a sun-drenched beach or a quaint village? Many Americans envision spending their golden years abroad, savoring the delights of new cultures and landscapes. However, an essential part of this dream hinges on the financial stability provided by Social Security benefits. Before packing your bags and bidding farewell, it’s crucial to know that not all countries play by the same rules when it comes to collecting these benefits overseas. Here are the nine countries where your dream of retiring abroad could hit a snag, as Social Security benefits don’t cross every border. Avoid living in these countries so your retirement plans don’t get lost in translation.
Retire Abroad and Still Collect Social Security? Avoid These 9 Countries Where It’s Not Possible
5 States with Most Debt Signal Potential Tax Hikes, While 5 States Enjoy Fiscal Freedom
State debt has surged to unprecedented levels, posing significant challenges for residents. When a state accumulates more debt than revenue, it often leads to financial insecurity, necessitating budget cuts and potential tax hikes. Consequently, consumers may grapple with soaring living expenses and disproportionate debt-to-income ratios. In a bid to unravel this fiscal conundrum, World Population Review delves into the nation’s debt landscape by examining government debt across various U.S. states.
5 States with Most Debt Signal Potential Tax Hikes, While 5 States Enjoy Fiscal Freedom
What SECURE Act 2.0 Means for Your Future Retirement Plan
Three years on from the groundbreaking SECURE Act, which revolutionized America’s retirement landscape for the first time in a decade, the SECURE Act 2.0 sequel legislation aims to widen the gateway to retirement plans and benefits, introducing pivotal changes like automatic enrollment in select workplace pensions, increased catch-up contributions for the seasoned workforce, and extended retirement saving opportunities for part-time employees. Moreover, it promises to bolster individuals’ ability to set aside emergency funds, ensuring swift access in times of need, marking another significant stride toward securing a more financially stable future for all. Here are some of the key provisions.
What SECURE Act 2.0 Means for Your Future Retirement Plan
Nearly a Million People Risk Losing Over $1 Billion in Unclaimed 2020 Tax Refunds If They Don’t Act by May 17
Tick tock, the clock is counting down for nearly a million Americans who stand on the brink of losing out on a staggering sum of over $1 billion in unclaimed tax refunds from 2020. With the May 17 deadline looming, it’s a race against time to secure what’s rightfully yours.
John Dealbreuin came from a third world country to the US with only $1,000 not knowing anyone; guided by an immigrant dream. In 12 years, he achieved his retirement number.
He started Financial Freedom Countdown to help everyone think differently about their financial challenges and live their best lives. John resides in the San Francisco Bay Area enjoying nature trails and weight training.
Here are his recommended tools
M1 Finance: John compared M1 Finance against Vanguard, Schwab, Fidelity, Wealthfront and Betterment to find the perfect investment platform. He uses it due to zero fees, very low minimums, automated investment with automatic rebalancing. The pre-built asset allocations and fractional shares helps one get started right away.
Personal Capital: This is a free tool John uses to track his net worth on a regular basis and as a retirement planner. It also alerts him wrt hidden fees and has a budget tracker included.
Streitwise is available for accredited and non-accredited investors. They have one of the lowest fees and high “skin in the game,” with over $5M of capital invested by founders in the deals. It is also open to foreign/non-USA investor. Minimum investment is $5,000.
Platforms like Yieldstreet provide investment options in art, legal, structured notes, venture capital, etc. They also have fixed-income portfolios spread across multiple asset classes with a single investment with low minimums of $10,000.
