As home prices [1] continue to surge across the nation, it’s difficult for buyers looking for a bargain on houses to find their ideal abode. But not in these 10 cities, according to an analysis by Realtor.com [2] where homes can be bought for as little as $100,000 or even less.
For the study [3], the team at Realtor.com looked at cities that had the largest number of single-family homes listed for under $100,000 on Realtor.com in March, in terms of volume.
The study found that while cities in the Midwest and the Rust Belt had many such homes, Chicago, as well as New York City, had affordable finds for bargain hunters too.
With a median home list price of $179,000 and 2,656 homes listed for $100,000 or less, Pittsburg, Pennsylvania topped the list. According to Realtor.com, first-time buyers could purchase a two-story, three-bedroom Colonial home with a yard within the $100,000 range in the Steel City.
Coming in a close second was Motor City, Detroit, with 2,478 homes listed at $100,000 or less. The median home price in the city though was at $245,000. The Realtor.com team also found that many of the homes in the desirable areas that were listed below $100,000 needed substantial renovations after years of neglect.
Look a little beyond Chicago’s city limits and buyers are likely to find affordable homes with a median home list price of $299,000 the study said, ranking Chicago, Illinois or rather its greater metro area around 45 minutes outside the city limits, third on this list. Around 2,397 homes in this area were listed at $100,000 or less.
At 2,227 homes listed at the $100,000 price range and a median home listing price of $207,550, St. Louis Montana was ranked fourth followed by Cleveland, Ohio that rounded off the top five on the list with 1,779 homes listed in the $100,00 range.
Birmingham, Alabama came sixth on this list, followed by New York, New York; Memphis, Tennessee; Philadelphia, Pennsylvania; and Atlanta, Georgia.