6 Cities Where Millennials Can Afford To Buy a Home Without Breaking the Bank
Written by
G. Brian Davis
Edited by
Jenna Klaverweiden
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Are you a millennial looking to achieve the American dream of homeownership?
That dream proves far more attainable in some places than others. Steer clear of overpriced coastal cities like San Francisco, with its average home value of $1,295,237 and opt for the following inland gems instead.
Also see how much money millennial homebuyers are making.
Detroit
- Average home value: $78,746
- Median days on market: 26
While Detroit doesn’t boast the best weather on this list, it does offer all the amenities of a major metropolitan city. From museums and art galleries to major league sports franchises and a full spectrum of dining and nightlife, Detroit has it all.
It won’t break the bank either, with a median home price in the five digits. You’ll be hard-pressed to find another city of Detroit’s size and amenities at that price point.
Cleveland
- Average home value: $116,316
- Median days on market: 11
While Cleveland’s housing market is hotter than Detroit’s at the moment, millennial homebuyers can score outstanding deals on homes here.
Like Detroit, Cleveland features all the amenities of a major city, including sports teams. “Cleveland has a great local economy with plenty of job opportunities,” said Adam Hamilton, real estate investor and founder of REI Hub. “Ohio as a state also has one of the most stable housing economies in the country, which is a major plus.”
Wichita, Kansas
- Average home value: $200,127
- Median days on market: 8
Despite a relatively hot housing market at the moment, homes remain affordable in Wichita.
The city offers small-town charm with some big-city amenities, such as museums, art galleries and theaters, and Wichita has plenty of outdoor recreation along the Arkansas River.
Wichita also enjoys a strong job market, especially in aviation, healthcare and manufacturing.
Pittsburgh
- Average home value: $243,074
- Median days on market: 7
Another large city with major league sports teams and all the other amenities you’d expect, Pittsburgh remains a bargain.
“With a healthy job market rooted in tech, education and healthcare, Pittsburgh is the perfect blend of economic opportunity and affordable housing,” explained Cameron Walker of Clever Offers. “For millennials with cosmopolitan taste but small-town budgets, Pittsburgh offers unparalleled bang for your buck.”
Kansas City, Missouri
- Average home value: $251,631
- Median days on market: 6
As with Pittsburgh, Detroit and Cleveland, you can’t beat the combination of amenities and affordability in Kansas City.
Over the last two decades, it feels like Kansas City grew up while nobody was looking. Dining and nightlife options have exploded, along with its arts and entertainment.
Walker argued Kansas City is ripe for young buyers to set down roots without overextending themselves financially. “It’s gaining attention for its low cost of living, edgy culture and appealing down payment assistance programs,” Walker said.
San Antonio
- Average home value: $256,441
- Median days on market: 34
Unlike many of the other cities on this list, San Antonio has been flooded with new inventory over the last three years. That’s created a cool housing market, with the average listing sitting for 34 days before going under contract. That’s double the national average of 17, which gives buyers a strong negotiating edge.
Phil Green, real estate investor and CEO of I Buy SD, recommended San Antonio for millennials looking for full amenities at bargain prices. “Homebuyers can enjoy the wonderful food scene and no state income tax,” he said.
If you like the idea of Texas living but want an even larger city, check out Houston. The average home costs just slightly more at $270,409.
Editor’s note: All average home values and median days on the market figures were sourced from Zillow.
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