10 of the Cheapest Housing Markets in the US
The US housing markets are finally starting to turn around. Asking prices and home values are rising but not in all the markets across the country. As the real estate market becomes more brisk, house price listings are constantly changing in different areas. The latest Coldwell Banker report on lists the following 10 housing markets as the lowest priced.
1. Niagra Falls, New York is on the list. It is a bustling tourism destination but high unemployment rates keep its economy down. The market here remains low with the average price of houses standing at about $61,000. According to the report, a standard four bedroom house with two baths averages at about $260 in mortgage payments.
2. Riverdale, GA is another area where the housing markets are yet to see significant improvement. Like other towns in Atlanta, Riverdale which is 15 miles on the south side of Atlanta in the Southern Crescent of Clayton County has a high number of foreclosures is keeping home values down. The average list price currently stands at $61,618.
3. Coolidge in Arizona is also yet to see any real improvement in their housing markets. It is hoped that plans for construction projects such as a private prison will create jobs which will see the economy and the real estate come up again. Meanwhile, the average list price is $69,083.
4.College Park, a metro town in Atlanta was going strong for the last decade until recession brought the economy and home values down. The average price of a home in this area near Hartsfield -Jackson Atlanta currently stands as $72, 477.
5. Detroit, The Motor City, also took a hard hit by the recession, At the moment, the average list price is $73,363. With the improvement being seen at in the auto industry and the up swing in the Big Three, the outlook is positive.
A National Association of Realtors report indicates that Detroit-Warren-Livonia Mich., has the cheapest housing markets in America. Q1 data indicates that the median rate here is $53,100 which is a decline of 2.8 percent from 2011.
6. Hastings, Florida is another area whose housing markets are yet to pick up. Often referred to as the potato capital of Florida, this is a small town with a population only 756 that whose main economic activity is agriculture, Located on the south of St.Augustine near the east coast of Florida, the average list price here is $74,910 with a median household income of $42,028.
7. Cleveland is also on the list of the cheapest US housing markets. It is well located in an area that made it a manufacturing hub in the 1960s before it took a turn to the service industries such as legal, financial and health care services. Cleveland Clinic, which is one of the best hospitals in the country is located here. Another notable Cleveland corporate is Sherwin-Williams. However, a turnaround is yet to be seen in the the real market estate with house listing prices averaging $ 76,042.
8. In the heart of the granite quarrying town of Georgia is Lithonia. It is a small suburban town in the southeast of Atlanta. The median household income here is $67,839 and the average list price is $ 77,385. It is hoped that measures that are being taken to revive local businesses will do the same for the housing markets here.
9. Another area that is grappling with the effects of the recession is Trotwood on the northwestern side of Dayton, Ohio. A sluggish economy and possible closure of the post office are adding onto the problem of job shortages that have pushed the housing markets here down as demand for houses stay low. House price listings currently average $77, 445 while median household income stands at $ 43, 087.
Another part of Ohio that this report takes note of is Toledo where median prices currently average $78.600. This is a decline of 2.3 percent from the previous year.
10. Sioux City in Iowa is also yet to make enough improvement to get off the cheapest US housing market list. Also known as Siouxland, it is located along the shores of Missouri River and it is a hub for business and tourism in the region that serves southeast South Dakota, northwest Iowa and northwest Nebraska.
In 2011, Forbes ranked the city and surrounding metropolitan area 15th on the list of Best Small Places for Businesses and Careers. There is reason to believe that the $ 80.152 average list price and the housing markets in the region will soon pick up.
The US housing markets are currently a mixed bag. In other areas like Honolulu, the market is booming with a median price of no less than $ 602,300. With the revival that has started in 2012, perhaps most if not all markets will once again be on an even keel.
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