3 Affordable Housing Hot Spots in the Most Expensive US Metros
Written by
Heather Altamirano
Edited by
Nicholas Morine
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
As the cost of living, rent hikes, and soaring property taxes continue to skyrocket across the nation’s most popular cities, it might be tempting to pack up and leave. But before you head to a new city, try scouting out places in the suburbs around the location you want to live in.
Here are three affordable housing hot spots in (or at least adjacent to) the most expensive cities, offering a glimmer of hope for those seeking affordable housing in these otherwise costly areas.
Crestwood Village, New Jersey
With the high demand for housing and limited inventory, it’s no surprise that New York City is one of the world’s most expensive places to live. If you want to be close to NYC but don’t want to pay the hefty price tag, try Crestwood Village. Located in New Jersey, the commute to the city is an hour and a half, and there are four commuting options (according to Rome2Rio): bus, train, taxi, or car.
- NYC median household income: $76,607 per the United States Census Bureau.
- NYC median home price: $732,100 per the Census Bureau.
- NYC average rent: $3,769 monthly (one bedroom, 602 square feet). “This is 149% higher than the national average rent price of $1,516/month,” per Apartments.com.
- Crestwood Village median household income: $37,214 per the Census Bureau.
- Crestwood Village median home price: $171,301 per Zillow.
- Crestwood Village average rent: $1,383 (one bedroom, 767 square feet) per Realtor.com.
Diamond Head-Kapahulu, Hawaii
Tropical weather, incredible scenery, and beautiful beaches are just a few reasons people love living in Honolulu, Hawaii, but paradise comes at a high price. “The cost of living in Hawaii averages 46% higher than the rest of the U.S., according to SoFi, but you can still find affordable housing near Oahu’s largest city. Diamond Head-Kapahulu is a mere 10-minute commute, and you’ll get the big-city feel without the costly prices.
- Honolulu median household income: $99,816 per the Census Bureau.
- Honolulu median home price: $625,000 per Redfin.
- Honolulu average rent: $1,976 per the Census Bureau.
- Diamond Head-Kapahulu median household income: $82,721 per Point2.
- Diamond Head-Kapahulu median home price: $551,971 per Extra Storage Space.
- Diamond Head-Kapahulu average rent: $1,413 per Extra Storage Space.
Lemon Grove, California
Like every other major city in the Golden State, San Diego is expensive. According to Payscale, the cost of living in the Southern California city is “44% higher than the national average.” However, surrounding suburbs are affordable — like Lemon Grove, which is just a 30-minute drive to the city.
- San Diego median household income: $98,657 per the Census Bureau.
- San Diego median home price: $783,300 per the Census Bureau.
- San Diego average rent: $2,271 (one bedroom 648 square feet) “This is 50% higher than the national average rent price of $1,516/month, making San Diego one of the most expensive cities in the US,” per Apartments.com.
- Lemon Grove median household income: $77,833 per the Census Bureau.
- Lemon Grove median home price: $593,200 per the Census Bureau.
- Lemon Grove average rent: $1,692 per the Census Bureau.
More From GOBankingRates
