Published on 20 Apr 2024 on Insider Monkey via Yahoo Finance
In this article, we will be covering the 20 affordable, promising cities to buy real estate in 2024. If you wish to skip our detailed analysis, you can move directly to the 5 Affordable, Promising Cities to Buy Real Estate in 2024.
US Real Estate Affordability: A Brief Recap
The US housing market has long been subjected to a serious housing crisis. On October 20, 2023, CNN reported that home sales hit a 13-year low in September 2023. A large proportion of would-be buyers were unable to attain a home due to soaring interest rates in addition to highly-priced houses. The monthly payment on an average-priced home required 40% of the median household income which resulted in affordability concerns.