Michigan Has One of the Best Cities to Buy a Home on an Income of $65,000 of Less
The American dream is to buy a home, whether you’re in Michigan or anywhere else across the country. If you really want to buy a home and have a household…
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The American dream is to buy a home, whether you're in Michigan or anywhere else across the country. If you really want to buy a home and have a household income of $65,000 or less, perhaps that dream has seemed out of reach the past few years. But, the good news is that a new study looks at 10 cities that are the best places to buy a home with a household income of $65,000 or less, and one is in Michigan.
The study comes from RocketHomes.com. They state, "When it comes to choosing a city to put down roots, there are many factors at play. Those may include the surrounding neighborhoods, culture and entertainment amenities, school districts, job opportunities and outdoor offerings. While all of these are important when deciding on a next locale, there is one that may be most essential of all – whether one can comfortably afford to live there."
They add that Rocket HomesSM teamed up with BestPlaces.net to discover some of the best places to buy a home on a $65,000 household income, including both small towns and bigger cities. There's something for everyone on this list.
One Michigan city made the cut. Lansing, Michigan, came in at No. 10 on the tally. The city's median home price is $222,711. Of the city, Rocket Homes says, "The City of Bridges surrounds the point where the Ohio River, Allegheny River and Monongahela River converge, providing ample opportunity for water recreation and enjoyment. That includes fishing, kayaking, rowing and boating." They add that, "Michigan’s capital city has a cost of living that’s 21.4% lower than the national average, making it an affordable place to live. Along with being friendly to budgets, Lansing is also friendly to its residents and visitors alike, priding itself on being a welcoming and inclusive community. One way it achieves this is by creating sensory-friendly events, attractions, programs and shows for neurodiverse people and families." Find the full list of choice cities here.
Housing costs are coming down a bit, largely because interest rates have been on the rise all year, but it's still a pretty expensive time to purchase a home. If you're looking to purchase a house, as it turns out, two Michigan cities have been ranked among the hottest housing markets in the U.S. The reason they're so hot, according to the report, is because they are more affordable than many other areas of the country.
Realitor.com has put together a list of the 20 hottest housing markets in America, based on the latest housing report. The study notes that the latest tally of the hottest housing markets are largely also very affordable markets, which is why they are so popular. "Pricey western markets have been replaced with more affordable markets in the Northeast and Midwest, which account for 17 of the 20 hot markets," the report states. "Overall, 16 of August’s hottest markets had median listing prices below the national median. The average listing price for the 20 hottest markets was $332,000 in August, 23.6% lower than the national median, the biggest gap between the metrics since August 2021. Overall, 13 states were represented on our list of top 20 hottest housing markets in August as buyers spread out to find affordable metro areas."
They also add that cost wise, prices are finally falling a little bit. Chances are, they'll fall more in the coming months. "The median national home price for active listings has finally showed signs of slowing, falling to $435,000 in August, up 14.3% year-on-year," the study states.
The states featured in Realtor.com's top 20 list this month are Connecticut, Indiana, Massachusetts, Maine, Michigan, North Carolina, New York, New Hampshire, Ohio, Pennsylvania, Rhode Island, Tennessee and Wisconsin. So, which Michigan cities made the cut? Read on for the full list of the 12 top hottest housing markets in the U.S., and find the full study with additional information here.
Top 12 Hottest Housing Markets in the U.S.
This list is via Realtor.com. The data is from August and September 2022.
12. Kingsport-Bristol-Bristol, Tenn.-Va.
Median Listing Price If Active Within Period: $289,900
Median Days On Market: 35
Viewers per Property vs US: 2.7
11. Reading, Pa.
Median Listing Price If Active Within Period: $264,950
Median Days On Market: 32
Viewers per Property vs US: 1.8
10. Springfield, Mass.
Median Listing Price If Active Within Period: $344,900
Median Days On Market: 33
Viewers per Property vs US: 1.9
9. Fort Wayne, Ind.
Median Listing Price If Active Within Period: $295,000
Median Days On Market: 29
Viewers per Property vs US: 1.8
8. Worcester, Mass.-Conn.
Median Listing Price If Active Within Period: $449,900
Median Days On Market: 30
Viewers per Property vs US: 1.8
7. Monroe, Mich.
Median Listing Price If Active Within Period: $245,950
Median Days On Market: 32
Viewers per Property vs US: 2.1
6. Portland-South Portland, Maine
Median Listing Price If Active Within Period: $550,000
Median Days On Market: 34
Viewers per Property vs US: 2.7
5. Burlington, N.C.
Median Listing Price If Active Within Period: $375,000
Median Days On Market: 27
Viewers per Property vs US: 1.8
4. Springfield, Ohio
Median Listing Price If Active Within Period: $167,400
Median Days On Market: 30
Viewers per Property vs US: 2.2
3. Rochester, N.Y.
Median Listing Price If Active Within Period: $225,450
Median Days On Market: 23
Viewers per Property vs US: 2.1
2. La Crosse-Onalaska, Wis.-Minn.
Median Listing Price If Active Within Period: $349,650
Median Days On Market: 27
Viewers per Property vs US: 2.2
1. Manchester-Nashua, N.H.
Median Listing Price If Active Within Period: $483,450
Median Days On Market: 27
Viewers per Property vs US: 3.2
