There’s never been a better time to buy real estate. With interest rates hovering around historic lows, now is a great time to increase your wealth through property acquisition or finally make the move to a new location with the peace of mind that property is now incredibly affordable. That being said, there are still going to be locations that are more affordable than others. Recently, real estate franchise Coldwell Banker released its Home Listing Report for 2016, detailing the most expensive and most affordable housing markets in America. While cities in California topped the most expensive list — and made up the first 12 results — with some four-bedroom houses costing north of $2 million, there are cities scattered throughout the country that are more likely to fall within your given price range. If you’re looking to invest in real estate, or you’re just hoping to move to a new place, consider some of the most affordable housing markets in America.
1. Detroit, Michigan
Although many still view Detroit as a dying city, this perception couldn’t be further from the truth. The city of Detroit is on the rise, and as startups and businesses move to the city for its lucrative real estate prices, those costs will begin to rise, so don’t delay. For a four-bedroom home, the average cost is about $64,000, and Detroit households, on average, make approximately $26,000 a year.
2. Jamestown, New York
Named in 1815 after James Prendergast, its founder, Jamestown is a city located in Western New York state. For its residents, the average household income is just over $26,000 a year, with a four-bedroom house costing just about $73,000.
3. Utica, New York
The tenth largest city in New York in terms of population, Utica is home to slightly more than 62,000 residents. Located in Oneida County at the heart of New York State, a four-bedroom home costs an average of $93,000, with the average household bringing in $31,000 each year.
4. Scranton, Pennsylvania
If you’ve ever watched the American version of the hit sitcom, The Office, then you’re probably familiar with Scranton, the Electric City and the site location for the show. Scranton got its ‘Electric City’ nickname because the first electrically operated trolley system in America was developed there. If you decide to move here, the average household income is about $37,500 with your standard four-bedroom house costing just shy of $105,000.
5. Cleveland, Ohio
Located on the shores of Lake Erie, Cleveland is a major metropolis in the state of Ohio. The average four-bedroom home cost is $73,000, with the median household bringing in $26,000 a year.
6. Wilkes Barre, Pennsylvania
Home to Wilkes University and King’s college, this Northeastern Pa. city is located not too far from lucrative sister city Scranton. The average household income clocks in at $31,000, and $94,500 will buy you a four-bedroom home.
7. Park Forest, Illinois
This city, found south of Chicago, is the smallest of all the cities on this list with a population just shy of 22,000. It is home to the Illinois Philharmonic Orchestra, with the average household income just around $48,000 and a four-bedroom home costing $78,000.