Housing Market 2024: 3 Cities the Middle Class Are Moving in Search of Affordability
Written by
Heather Altamirano
Edited by
T. Woods
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The American dream of owning a home is a shaky reality for many middle-class families, and depending on where you live, a middle-class lifestyle might not even be affordable. The average middle-class income falls between $51,558 and $154,590, according to SmartAsset, but with soaring interest rates, inflation and other factors, Americans are getting priced out of many top housing markets, a new study from Creditnews Research found.
“There’s no two ways about it: Housing affordability has worsened significantly since Covid,” said Sam Bourgi, senior analyst at Creditnews Research. “In 2019, middle-class households could comfortably buy a typical home in 91 of the top 100 largest metros. By 2024, that figure had fallen to just 52. Families in the lower middle class can only afford to buy an average home in 7 of the top 100 metros.”
Despite the challenges, there are still areas in the U.S. where middle-class families can find affordable housing and enjoy a high-quality lifestyle. With the median price of a home at $420,800, up nearly 30% from 2019, it’s increasingly difficult to afford a house comfortably, but there are pockets of the U.S. where middle-class families can buy a home and enjoy high-quality living.
1. Dover, Delaware
Dover has a small-town vibe but offers plenty of things to do nearby, including museums, historical sites, and beaches. “The cost of living in Dover, Delaware is 4% lower than the state average and 2% lower than the national average. Dover housing is 12% cheaper than the U.S average, while utilities are about 7% pricier,” per RentCafe.
2. Wichita, Kansas
Wichita’s affordability and diverse job market make the city a desirable location for middle-class families. “The average monthly rent in Wichita is $876, while home prices circle around $334,834,” per RentCafe.
3. Toledo, Ohio
Toledo is famous for baseball, art museums, and the glass and automotive industries. It is also known for being a cheap place to live.
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