WHERE TO GO TO FIND CHEAP REAL ESTATE IN THE USA?

 WHERE TO GO TO FIND CHEAP REAL ESTATE IN THE USA?

Are you one of those people who wants to buy a house or apartment to build their assets? You're not alone! In fact, many future homeowners are asking themselves the following question: why should you pay someone else's mortgage payments through rent when you can spend the same amount, or even less, and reap the benefits in the long run?

Of course, if you buy a property in an area where prices are high, you will probably have to make some sacrifices to repay your loan… And rather than living in a metropolitan area where prices are high, why not move away from the exorbitant prices to find cheap real estate in the USA? Invest US informs you!

In Michigan

Detroit

In Detroit, Michigan, the median salary is $36,000. In 2020, the median home price was $59,000. The famous Motor City still tops the list of cities where it's still possible to find affordable real estate. While the median salary and median home price remain low compared to other U.S. cities, it's worth noting that in Detroit, workers only spend about 6% of their monthly income on mortgage payments.

Detroit has certainly suffered some blows over the years. Its once-glorious auto industry is no longer what it once was, and its population has fled to the suburbs, fueled by racism and the rundown neighborhoods left behind during the Great Recession. Nevertheless, Detroit has shown it can bounce back, and in recent years, it has seen a resurgence.

Detroit is home to renowned companies like General Motors and Quicken Loans. Technology is also omnipresent, with Microsoft, Google, and LinkedIn, to name a few.

In Ohio: Cleveland, Toledo

Cleveland

Cleveland doesn't just market itself as an affordable city; it's also a young city. In fact, the median age in Cleveland is around 36, slightly lower than the median age in the United States. One of the things that attracts Americans and foreigners to Cleveland is its vibrancy. Located on the shores of Lake Erie, Cleveland offers excellent entertainment, water sports, and other aquatic activities.

Cleveland also caters to nature lovers, with a vast network of nature reserves surrounding the city. Cleveland Metroparks is a system that spans over 450 km of hiking, biking, and equestrian trails. It also features picnic areas, conservation areas, golf courses, and fishing spots.

While entertainment is one of Cleveland's biggest draws, it's not the only one. The city's economy is stable, and even growing. A new public-private partnership between the State of Ohio, three hospitals, and two universities, the Cleveland Innovation District, promises to create some 20,000 jobs over the next 10 years.

Toledo

Also in the state of Ohio, Toledo is ideally located. On the west coast of Lake Erie, this city is only an hour's drive from Detroit and just two hours from Cleveland. It takes about four hours to get from Toledo to Chicago.

Toledo suffered the brunt of a sluggish economy in the 1980s. Nevertheless, it has taken every possible step to ensure a better future. The Federal Reserve Bank of Cleveland reports that Toledo experienced the strongest job growth in the construction sector (6.4% from March 2018 to March 2019). Additionally, financial services saw employment growth, growing faster than the rest of the state and across the United States.

Bowling Green and the University of Toledo offer students more than 30 colleges and universities within a 55-mile radius of the city.

Major employers located in Toledo include Owens Corning, Toledo Clinic, and HCR Manor Care.

In Tennessee

Memphis

It's not just Eddy Mitchell who has taken a shine to this Tennessee city! Some 650,000 people live in Memphis, with a median age of around 34. Located on the Mississippi Delta, Memphis promises a new technological boom.

Memphis is a city where entrepreneurs don't hesitate to invest. As a result, it surpasses its national counterparts in terms of capital investment. This growing tech scene is notable for the presence of FedEx, the Tennessee state government, and the U.S. government—three of the region's largest employers.

Memphis is also home to artists who, deeply rooted in the city, rival anyone from anywhere else. Synonymous with blouses, rock 'n' roll, and, of course, inseparable from Elvis Presley, Memphis remains, above all, the cradle of American music. There are still plenty of opportunities to buy affordable real estate there.

In Maryland

Baltimore

Johns Hopkins University and Northrop Grumman are among the major employers that also make Baltimore famous. The latter, Northrop Grumman, is now one of the world's largest weapons manufacturers and military technology suppliers. It's also worth noting that nearly 2 out of 10 employees in Baltimore work for the federal, state, and local governments.

Located less than an hour's drive from Washington, D.C., Baltimore is the choice of many Americans who work in the capital, commuting between Baltimore and D.C. while paying significantly less for the same or even better standard of living.

In New York

Rochester

Rochester is a city in the United States that's worth considering for finding affordable real estate. This situation is unlikely to last, as in 2020, Rochester was among the cities with the greatest rebound in terms of return on investment for sellers (49.9%).

Rochester is also the choice of many people looking to move out of Manhattan to find affordable real estate.

Among the largest employers in the city of Rochester are the university and its medical center, which employs more than 30,000 people.

Buffalo

The city of Buffalo has undergone a significant transformation over the past 10 years. Restaurants, entertainment venues, activities, and events continue to be created. This city, known for its harsh winters, is synonymous with fun and energy.

In New York State, if you're looking for cheap real estate, Buffalo is an affordable place to be. It's about a seven-hour drive northwest of Manhattan to reach this city, which is also the largest city in upstate New York. It has a population of just under 300,000 and was once home to the state's millionaires. Today, the median price of a home in Buffalo is listed at $184,000, compared to $340,000 for the same property across the U.S.

In Wisconsin

Milwaukee

Located on the west shore of Lake Michigan, Milwaukee is primarily known for its brewing heritage. In fact, the city was first home to famous breweries before becoming what it is today. Illustrious American breweries Schiltz, Pabst, and Miller are among the giants that have chosen to settle there. Today, the values revolving around beer are dear to Milwaukeeans, as is the baseball team that pays homage to it: the Brewers.

There are now about thirty breweries in the area surrounding Milwaukee. However, healthcare dominates Milwaukee's economy. The metropolitan area has nearly 600,000 residents, three-quarters of whom are employed by healthcare companies. These include Aurora Care, Acension Wisconsin, and Froedtert Health.

Anyone looking for cheap real estate in the USA, and especially those looking to escape the most expensive metropolitan areas like Chicago, should head further north, to Milwaukee, to find median prices halved!

In Alabama

Montgomery

Montgomery, Alabama, boasts relatively low median property taxes at $512 per year. In addition to very low taxes, Montgomery offers excellent career opportunities thanks to its vibrant aerospace industry.

Montgomery is home to renowned companies, including Boeing, Northrop Grumman, the U.S. Department of Defense, and Lockheed Martin, to name a few. The automotive industry is another major sector in Montgomery, with Hyundai, among others, projecting the creation of several hundred jobs in 2021.

In Kansas

Kansas City

In the Midwest, Kansas City is a must-visit location if you're considering buying affordable real estate in the United States. The median home price is around $200,000, and if you work in the healthcare industry, it's a prime location for hiring companies in Kansas City. In fact, the University of Kansas Hospital and the University of Kansas Medical Center employ over 10,000 people.

In Kansas City, manufacturing and transportation also occupy a prominent place, mainly due to the city's geographic location and available space.

Of course, the cities listed in this article aren't the only places where you can find affordable real estate in the USA. Other cities also deserve your attention, such as Indianapolis, Jacksonville, Laretto, and St. Louis. If you're looking for affordable real estate in the USA, contact a team that will be able to advise you.

Also read on our site: Where to settle in the USA