Recently, interest rates have reached their highest levels in 20 years, exacerbating the shortage of housing supply and contributing to a steep rise in listing prices. Consequently, homeownership has become increasingly elusive for many. This trend is not unique to any region; it’s a global phenomenon. In the United States, the average home value has surged by a staggering 37% since 2020, reaching $417,700.
Realtor.com has unveiled a list of the top 10 places in New York where one can own their first home without breaking the bank. This annual report aims to guide first-time homebuyers towards markets that offer affordable real estate prices while maintaining a high quality of life.
While these locales span major regions nationwide, they share a common characteristic: proximity to bustling urban centers offering abundant job opportunities and entertainment options. Situated conveniently close to major cities, these areas facilitate easy commuting and a fulfilling daily lifestyle. For these reasons, they have garnered attention as desirable places to live.
The first place introduced by Realtor.com is the town of Irondequoit, home to a population of 51,000 and situated in the suburbs of Rochester, New York. This area, nestled by Lake Ontario, boasts an average listing price of just $187,000. The company predicts that the value of this metro area will outpace any other market on the list, with a projected growth of 10%. The unemployment rate in this area stands at 3.6%, similar to the national average of 3.7%.
The second city featured on Realtor.com’s list is Benton, Arkansas, inhabited by 35,000 residents. Positioned approximately 25 miles southwest of Little Rock, the state capital, Benton presents an average home listing price of $197,500. This valuation shows only marginal deviation from Irondequoit, the frontrunner. Anticipations suggest a 3% increase in prices within this locale. The estimated average commute time is 25 minutes, while the unemployment rate mirrors that of Irondequoit, resting at 3.6%.
Winterset, located in the Des Moines metro area of Iowa, secures the third position with a median home listing price of $269,400. This valuation places it prominently among the top-ranking locales. Projections suggest that its worth will escalate by nearly 10% compared to the broader metro area. Noteworthy is Winterset’s status as the birthplace of actor John Wayne, commemorated by a dedicated museum. It stands out as one of the top three markets boasting the highest number of businesses per thousand inhabitants, a metric deemed by Realtor.com as indicative of the “vibrancy and cultural richness” of the region.
Newington, located in the Hartford suburbs of Connecticut, secures the fourth position with a median home price of $290,294. Council Bluff in Iowa ranks fifth with a median home price of $200,000. Notably, Council Bluff boasts the lowest unemployment rate among the ten cities listed, standing at 2.8%. This underscores its convenience as a relocation destination.
For this report, Realtor.com considered over 2,700 markets within the largest metro areas nationwide, ranking them based on affordability, investment growth, purchase options or inventory, commute times, and available amenities. Four of the total are in the Northeast, while three are in the South and Midwest regions, respectively. Unfortunately, opportunities to purchase homes at affordable prices were not found in the West. Although relatively lesser-known in New York, these areas present promising opportunities for locals. These insights could prove beneficial if you are considering purchasing your first home in New York.
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