Accept

We use cookies in order to save your preferences so we can provide a feature-rich, personalized website experience. We also use functionality from third-party vendors who may add additional cookies of their own (e.g. Analytics, Maps, Chat, etc). Read more about cookies in our Privacy Policy and Terms of Service. If you do not accept our use of Cookies, please do not use the website.

Header Image

February 19th, 2018

February 19 2018
February 19 2018

 

5 rising U.S. cities where homeownership is affordable

Those not living in overpriced coastal cities are familiar with the conversation; a friend from New York or San Francisco visits, comments on a charming home, and then freaks when they realize that it costs a fraction of even the lowest-priced property back home. They may even bookmark the listing on Zillow, only to forget about it by the time they get back to their tiny apartment.

But it doesn’t have to be that way.

Plenty of midsize, oft-overlooked U.S. cities get dismissed out of hand, despite having booming tech industries; walkable, exciting downtowns; shorter commutes; and thriving cultural scenes. They’re livable, dynamic, and, better yet, don’t require insane down payments or seven-figure mortgages. So-called second-tier cities offer more opportunity and affordability than many expect.

To create this list (which appears in no particular order), Curbed consulted a number of reports and experts—representing the Urban Land InstituteRCLCO Real Estate Advisors, and American Planning Association—then checked their suggestions against a number of data points, including job growth, home value, and millennial population growth.

 

1.Madison, Wisconsin

By the numbers: 26.8 percent millennial population, 1.9 percent unemployment

Median home price: $273,600

Population: 252,551

 

2.Richmond, Virginia

By the numbers: 23.6 percent millennial population, 3.6 percent unemployment

Median home price: $258,900

Population: 223,170

 

3.Des Moines, Iowa

By the numbers: 23.6 percent millennial population, 2.6 unemployment

Median home price: $198,200

Population: 215,472

 

4.Chattanooga, Tennessee

By the numbers: 22.1 percent millennial population, 3.4 percent unemployment

Median home price: $178,100

Population: 177,571

 

5.Omaha, Nebraska

By the numbers: 23.8 percent millennial population, 2.8 percent unemployment

Median home price: $179,000

Population: 446,970

*Source: Curbed.com