The US real estate market has been experiencing a severe housing crisis for many years. On October 20, 2023, CNN reported that home sales reached their 13-year low in September 2023. Rising interest rates and soaring housing prices have made it impossible for most prospective buyers to purchase a home. Monthly payments for an average-priced home require 40% of median household income, raising concerns about affordability.
The New York Times reported that the aforementioned affordability crisis continues. U.S. real estate prices have increased by more than 60% over the past decade. At the same time, a quarter of US renters tend to spend more than half of their income on housing.
On the other hand, the housing loan situation remains tense. Mortgage interest rates had fallen to the mid-6% range by mid-January, but are starting to rise again. On April 18, CNBC reported that the average interest rate on a 30-year fixed mortgage exceeded 7% on April 1, the highest level since mid-November 2023. Mortgage rates are expected to remain high, and the same holds true for homebuyers and homeowners, potentially extending the period before mortgage rates decline.
Look at the 5 affordable, promising cities to buy real estate in 2024.
5. Kingsport
- 1 year price increase: 11.1D
- Average home price: $221,217
Since March, the year-over-year increase in home prices in Kingsport is 11.1%. The average home price in the city is $221,217.
4. New Haven
- 1 year price increase: 11.2D
- Average home price: $351,560
The city of New Haven is located in New Haven County, Connecticut. Average real estate prices in the city are low, but real estate prices have been rising since 2023.
3. Syracuse
- 1 year price growth: 11.2D
- Average home price: $214,358
Syracuse is one of the most affordable and promising cities for real estate investment. Since March, real estate prices in the city have increased by 11.2%.
2. Rockford
- 1 year price increase: 11.8D
- Average home price: $180,258
Rockford is another city where prices increased by 11.8% between 2023 and 2024. Additionally, the average home price in the city is currently $180,258.
1. Hartford
- 1 Year Price Growth: 12.5D
- Average Home Price: $343,635
Hartford Ranks Top 20 Most Affordable Up-and-coming Cities to Buy a Home in 2024 It has been. As of March: The average home price in the city is just $343,635, and real estate prices have increased by 12.5% over the past year.
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