The 10 Most Affordable Places for Homebuyers

Housing prices soared during the COVID-19 pandemic, and interest rates climbed not long thereafter. That double-whammy has undoubtedly hit many would-be homebuyers hard.

If you are seeking more affordable housing options, a recent report from WalletHub is for you. The finance website compared 300 cities of various sizes to determine which were most affordable. Its analysis looked at 10 metrics including housing affordability, maintenance affordability, cost of living and real estate taxes.

According to their findings, these are the most affordable U.S. cities for homebuyers.

10. Palm Bay, Florida

Total affordability score out of 100 given by WalletHub: 69.1

It’s a mixed bag in Palm Bay. While housing prices have been predicted to decline, an earlier study from Inspection Support Network found that the city has some of the highest HOA fees in the country. Still, if you want to live in a sunny locale, this might be a community worth considering.

9. Springfield, Illinois

Total affordability score out of 100 given by WalletHub: 69.12

Springfield is the capital of Illinois, a state known as the Land of Lincoln. Centrally located in the state, this community has an important place in U.S. history, and if you buy a home here, it could become part of your own personal history as well.

8. Yuma, Arizona

Total affordability score out of 100 given by WalletHub: 69.45

Yuma is another sunny spot to consider for affordable living. In fact, the city boasts of 310 days of sunshine each year and plenty of outdoor, cultural and historical sites to keep you busy.

7. Pittsburgh, Pennsylvania

Total affordability score out of 100 given by WalletHub: 70.08

It probably surprises no one that many of the most affordable cities for homebuyers can be found in the so-called Rust Belt, that middle section of the country where manufacturing and industry made their mark before declining. But don’t dismiss cities like Pittsburgh, which have plenty of outdoor and family activities to enjoy.

6. Warren, Michigan

Total affordability score out of 100 given by WalletHub: 70.21

Michigan is well-represented on this list, starting with the city of Warren. Located in the Detroit metro area, this suburb is “the city that cares,” according to its mayor.

5. Akron, Ohio

Total affordability score out of 100 given by WalletHub: 70.3

You’ll find Akron just south of Cleveland, and the city has more than just affordable housing. It also has plenty of museums, art, music venues and dining opportunities. Plus, it can lay claim to Ohio’s only national park: Cuyahoga Valley National Park.

4. Detroit, Michigan

Total affordability score out of 100 given by WalletHub: 70.91

Forget the images of burned-out buildings and vacant lots. There is more to Detroit than the stereotypes. In “the D” — as it is sometimes called — you’ll find everything from beautiful parks to professional sports and a vibrant nightlife. The city also offers recreational sports programs, Block Clubs and other ways for residents to get involved and meet their neighbors.

3. Toledo, Ohio

Total affordability score out of 100 given by WalletHub: 70.97

Located along the northern border of Ohio and the western edge of Lake Erie, Toledo offers everything you would expect to find in a community where more than 600,000 people live in the greater metro area. In addition to plenty of recreational opportunities, the city is home to several Fortune 500 companies.

2. Flint, Michigan

Total affordability score out of 100 given by WalletHub: 71.35

If you’ve only ever heard of Flint because of its water crisis, then you may have missed that the community is also home to festivals, farms and the miles-long Flint River Trail. According to the WalletHub report, Flint is the most affordable small city in the nation for homebuyers.

1. Montgomery, Alabama

Total affordability score out of 100 given by WalletHub: 71.37

Topping the overall list is the medium-sized city of Montgomery, Alabama, which is more than just an affordable place to live. According to the city, it is also Alabama’s safest city and happiest city. Plus, it has plenty of sunny days, athletic events and a vibrant riverfront.