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In Less Than a Decade, Americans Will be Priced Out of These Cities

in Affordability, Daily Dose, Data, Featured, Market Studies, Market Trends, Migration, News, Origination, Real Estate, REO July 18, 2023 1,689 Views

Rising home values and lack of housing inventory can quickly transition a reasonable housing market into expensive metros like the San Francisco Bay Area and New York City. While the idea of affordable housing in an urban center isn’t implausible for plenty of Americans, that’s rapidly changing in many places.

GOBankingRates conducted a study identifying the metro areas that are outpacing the national average for growth, highlighting the cities where homebuyers should purchase a home sooner rather than later.

According to the report, if you end up living in one of these cities in the next decade, other cities with more affordable housing may be a better alternative, as many of these cities will soon be too expensive to inhabit.

The city of Knoxville, Tennessee, is also known as the Marble City.

Knoxville, Tennessee

  • May 2023 home value: $317,809
  • One-year projected growth rate: 9.3%

Knoxville, Tennessee sits at the foothills of Great Smoky Mountains National Park, and is a diverse city known for celebrating its many different ethnicities in festivals and cultural events. This city of over 192,000 people is also home to the University of Tennessee and the Knoxville Ice Bears professional hockey team.

When It Will Become Too Expensive

  • Year: 2026
  • Projected home value: $414,979
  • U.S. median projected home value: $411,247
  • Difference in value: $3,732
  • 2033 projected home value: $773,334

Tucson, Arizona

  • May 2023 home value: $337,011
  • One-year projected growth rate: 7.7%

Tucson is an hour north of the border with Mexico, and it lays claim to some of the best Mexican food in the U.S. Start on 12th Avenue in the city to begin your tour of what is called The Best 23 Miles of Mexican food.

When It Will Become Too Expensive

  • Year: 2025
  • Projected home value: $390,909
  • U.S. median projected home value: $388,335
  • Difference in value: $2,574
  • 2033 projected home value: $707,622

Savannah, Georgia, is home to multiple Revolutionary and Civil War Historical sites.

Savannah, Georgia

  • May 2023 home value: $308,561
  • One-year projected growth rate: 8.1%

Savannah’s history dates to 1733, and it became the first city in the 13th colony, Georgia, which was named for King George II of England. Today, visitors are drawn by its period architecture, art, and boutiques.

When It Will Become Too Expensive

  • Year: 2029
  • Projected home value: $492,374
  • U.S. median projected home value: $488,416
  • Difference in value: $3,958
  • 2033 projected home value: $672,353

Huntsville, Alabama

  • May 2023 home value: $295,356
  • One-year projected growth rate: 8%

The city is named after John Hunt, who settled there in 1805. It grew rapidly from 2010 to 2020, from 180,000 to 215,000 people, and is a bustling area for the technology, space, and defense industries. NASA’s Marshall Space Flight Center and the U.S. Army Aviation and Missile Command are located in Huntsville.

When It Will Become Too Expensive

  • Year: 2025
  • Projected home value: $389,727
  • U.S. median projected home value: $388,335
  • Difference in value: $937
  • 2033 projected home value: $618,627

Albuquerque, is New Mexico’s largest city.

Albuquerque, New Mexico

  • May 2023 home value: $318,842
  • One-year projected growth rate: 7.3%

An estimated 565,000 people live in Albuquerque, and what does it mean if one of them asks you, “Red or green?” You’re being asked whether you want red or green chiles in your New Mexican fare. Reply with “Christmas” if you want both.

When It Will Become Too Expensive

  • Year: 2030
  • Projected home value: $522,124
  • U.S. median projected home value: $517,233
  • Difference in value: $4,891
  • 2033 projected home value: $645,020

To read the full report, including more data, charts, and methodology, click here.

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About Author: Demetria Lester

Demetria C. Lester is a reporter for DS News and MReport magazines with more than eight years of writing experience. She has served as content coordinator and copy editor for the Los Angeles Daily News and the Orange County Register, in addition to 11 other Southern California publications. A former editor-in-chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington, she has covered events such as the Byron Nelson and Pac-12 Conferences, progressing into her freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Texas, Lester is an avid jazz lover and likes to read. She can be reached at [email protected].
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