It can be quite challenging to find affordable housing. According to a recent report from Realtor.com, the percentage of homes available for purchase under $200,000 has decreased significantly in the past decade, going from half of all sales to just 21% of all home sales. Meanwhile, the national median listing price for homes has risen by almost 40% since 2019.
For the majority of Americans who already own homes, the location plays a crucial role in determining the value of their property. When searching for a new home with a limited budget, prospective buyers may find themselves restricted to certain areas within the United States. However, there is some positive news as Realtor.com has discovered that the inventory of smaller and more affordable homes has increased.
Hannah Jones, a senior economic analyst at Realtor.com, highlighted in the report that cities like Albany (Georgia) offer excellent value for homebuyers due to lower living costs and a growing inventory of affordable homes. She further emphasized that the South is experiencing a significant surge in affordable housing options.
