Twenty counties where homes are still affordable
Third on the list in Lexington County, South Carolina, a suburb made affordable for young professionals and families due to migration and growing economic opportunity. Home prices have only appreciated 34.4% over the past three years. The median recorded home price is $206,726 and home costs represent only 34% of residents’ income.
After Lexington Country is Madison County, Alabama. MoneyGeek noted that the county is home to Huntsville, recently ranked the best place to live in 2022 by US News. Homes in the county start at a low price to match the low cost of living. The growing job opportunities have also encouraged people to flock there. Home price appreciation since 2019 was recorded at 42.3%, median home prices at $263,726 and home costs as a share of income at 42%.
Rounding out the top five was Marion County, Florida, which saw strong commercial and residential growth and an increase in home construction. His median home price of $218,548 is the result of a 50% appreciation in home prices over the past three years. Housing costs make up 47% of income.
Other affordable real estate markets are: Hidalgo County, Texas; Oklahoma County, Oklahoma; Benton County, Arkansas; Escambia County; Florida; and Tulsa County, Oklahoma. These are followed by Spartanburg County, South Carolina; St. Tammany Parish, Louisiana; Pasco County, Florida; Lubbock County, Texas; Forsyth County, North Carolina; Douglas County, Nebraska; Greenville County, South Carolina; Richland County, South Carolina; Webb County, Texas; and Knox County, Tennessee.
Although house prices have reached near impossible heights, the good news is that house prices are not rising at the same pace everywhere. Affordability is influenced by a region’s cost of living, MoneyGeek noted. Tertiary markets – which typically have less than a million inhabitants and are less well known than primary and secondary real estate markets – hold the dual promise of a growing population and a sustainable low cost of living as a potential solution to the housing affordability crisis buyers are currently facing.