Everything is expensive right now, including homes. Potential homebuyers have to deal with rising mortgage interest rates and inflation as well as fewer options at the moment. Some people who might have been in a position to buy a home a few years ago are now priced out of the market.
At a time when the cost of buying a home is going up, there are some cities where it is not as expensive. Here is what to know.
George Ratiu is the manager of economic research for Realtor.com.
“Many of the metro areas seeing median list price declines have seen an [influx] of smaller homes come to market, which carry lower price tags. At the same time, several of the cities have unemployment rates, which, while still historically low, are above the national level. [This indicates] that buyers may face steeper affordability challenges from rising mortgage rates.”
The cities with the least expensive homes are not the ones where the cost of homes is falling the most. If you couldn't afford a home in Los Angeles before, that probably hasn't changed. It is useful to know which metropolitan areas are bucking the national trend.
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