Cleveland, Ohio Named Most Affordable Housing Market in the US – Median Price: $133/sq ft
Finding an affordable home in a desirable city can be a challenging task, especially with the rising cost of housing across the United States. However, for those in Ohio, there is good news. The most affordable housing market in the entire country can be found right here in Cleveland, Ohio.
According to a report from Home Bay, Cleveland has emerged as the most affordable housing market based on the cost per square foot among all US metro cities. Homes in Cleveland boast a median price of $133 per square foot, which is well below the national average of $214. In fact, Cleveland’s $133 per square foot figure ranks at the 50th spot out of 50 US metros, making it even more budget-friendly than cities like Memphis, Tennessee; Pittsburgh, Pennsylvania; and Indianapolis, Indiana.
When it comes to affordable housing markets, the Southern and Midwestern states tend to shine. Home Bay’s report highlights that these regions are generally less expensive than their Northeastern and Western counterparts, even with the overall increase in home prices across the country.
Not only is Cleveland affordable in terms of the cost per square foot, but the median home sale price in the city is also significantly lower compared to the national average. At $248,480, it is nearly $200,000 less than the national average of $443,425. This makes Cleveland an attractive option for those looking for affordable homeownership opportunities.
On the other end of the spectrum, San Jose, California, stands as the most expensive housing market in the US. With a median cost of $845 per square foot and a median home sale price of $1,498,000, San Jose’s housing market is more than triple the national average. This stark contrast showcases the huge disparity in housing affordability across different regions of the country.
If you are in search of an affordable housing market, Cleveland, Ohio should definitely be on your radar. Its low cost per square foot and below-average median home sale price make it an appealing option for those in search of an affordable place to call home. Meanwhile, cities like San Jose serve as a reminder of the challenges faced by those living in expensive housing markets.
Whether you’re a first-time buyer, looking to downsize, or wanting to invest in real estate, it’s important to consider housing affordability. The report from Home Bay offers valuable insights into the most and least expensive US housing markets, providing a comprehensive view of the current conditions.
In conclusion, with Cleveland, Ohio taking the top spot as the most affordable housing market in the US, it’s clear that there are options available for those seeking an affordable place to live. While challenges remain in addressing the overall housing crisis in the country, reports like this shed light on the different housing market landscapes and offer hope for those in search of affordable homeownership opportunities.
