If you are looking for the most affordable U.S. cities to buy a home in 2024, you’ve come to the right place. Due to the COVID-19 pandemic, many families are considering relocating to more budget-friendly areas. Detroit is a prime example, boasting some of the cheapest homes in the nation. The median home price in this Michigan city is under $35,000, with even lower prices available in certain neighborhoods. However, Detroit’s economy has faced challenges for decades, including the decline of manufacturing jobs and impacts from the subprime mortgage crisis.

In addition to Detroit, there are other cities where home prices are remarkably low. For instance, Cleveland, Ohio, offers a median home price of around $55,000, making it an attractive option for those on a tight budget. Similarly, Toledo, Ohio, features homes with median prices close to $80,000. Both cities provide excellent opportunities for homebuyers looking to maximize their investment while staying within a reasonable budget. These areas are particularly appealing for those looking to escape the high costs of living found in many other parts of the country.

Cheapest Cities in 2024

There are plenty of other U.S. cities and towns, largely located along the Rust Belt, where home prices have hit extreme lows. Most have hundreds of houses priced below $40,000, according to real estate research firm Zillow.

Not all of these cities necessarily offer the lowest median prices across the country, but they do have some of the cheapest neighborhoods with the most affordable homes. Although Tampa, Florida, has homes that sell for millions of dollars, for example, the foreclosure crisis in the state also means properties are selling for just a few thousand dollars. If you’re willing to invest some sweat equity, homes in these 10 cities are some of the most affordable in the country.

1. Detroit, MI

Detroit is often cited as having some of the lowest median home prices in the nation, a reflection of the economic challenges it has faced over the past several decades. After losing more than half of its population over the last 50 years, the city found itself in dire financial straits, even declaring bankruptcy. This population decline, coupled with the housing crisis, led to a significant tumble in home values. Today, even as the local economy shows signs of recovery, the median home price in Detroit remains remarkably low at $32,600. However, for potential homeowners willing to do thorough research and perhaps rely a bit on luck, investing in Detroit’s housing market could be promising, as prices are gradually beginning to rise. This suggests a potential turnaround, making it an interesting time for real estate investors and residential buyers alike.

2. Buffalo, NY

Buffalo has several neighborhoods where homes can be purchased for less than $40,000, particularly along the city’s east side, as well as northern neighborhoods near the Niagara River. Home prices in the city have recovered unevenly, with some area prices climbing while others are still dropping. In the city itself, the median home price is about $51,000. New York might not be the cheapest state but you have to look at other places besides New York City.

3. Toledo, OH

The average home price in Toledo is a modest $51,200, but in certain neighborhoods, you can find move-in-ready homes for less than $35,000. While the city struggled in the 1980s, Toledo has revitalized its downtown with a minor league baseball stadium and hockey arena and upgraded its riverfront area with walking trails, landscaping, and new restaurants.

4. Cleveland, OH

Home prices in Cleveland have dropped at least 25 percent since the housing market started crashing in 2006. Unlike other areas across the country, the city’s home prices haven’t started turning around yet, with a median price of just under $50,000. That means it’s still a buyer’s market. You can find homes in several neighborhoods that can be purchased for less than $40,000, including Forest Hills, which was part of the former 700-acre estate of oil baron John D. Rockefeller.

5. Tampa, FL

If you want to buy an affordable home in Tampa, now is the time. Some neighborhoods remain still super-cheap, with homes going for much less than the $120,000 median, but prices are rapidly increasing. Home prices in Florida, Clearwater, and Saint Petersburg have risen more than 10 percent over the last year. But there are still plenty of neighborhoods, particularly in the Saint Petersburg area, where homes sell for less than $40,000.

6. Augusta, GA

Best known for hosting the Master’s golf tournament each spring, Augusta is located along the banks of the Savannah River on the border of Georgia and South Carolina. Prices vary widely across the metropolitan area, with some suburbs averaging almost $200,000, while other neighborhoods hit as low as $38,500. The city has a median price of $74,600. $200,000 is extremely cheap compared to other cities like Los Angeles and New York City.

7. Philadelphia, PA

While the median price for a home in Philadelphia is approximately $104,000, it’s possible to find homes in certain neighborhoods at significantly lower prices. The city’s higher median home prices are largely influenced by more upscale neighborhoods, where home prices can reach up to half a million dollars. However, there are numerous neighborhoods where the median home prices are quite affordable, dipping as low as $38,000. These lower-priced areas offer potential opportunities for first-time homebuyers or investors looking for value properties. Moreover, the variation in housing costs across different neighborhoods reflects the diverse economic landscapes and community characteristics within the city.

 8. Youngstown, OH

In the city of Youngstown, the median home price is less than $40,000, so there are plenty of neighborhoods where deals can be found. Having moved on from its days in the 1950s and 60s as “Murdertown, USA,”  when gang activity surged, the city has been revitalizing itself for the past decade with the construction of upscale retail and residential developments, as well as fostering the growth of new technology companies through the Youngstown Business Incubator.

9. Akron, OH

If you want to live in one of the cheapest cities in the United States Ohio is the place. Home prices are low across Ohio, and Akron is no exception. Homes in the city hit a median price of $55,600, and several neighborhoods fall well below that line. The city formerly known for rubber is now known for its plastic industry, even being dubbed the “Polymer Valley.”

10. Lynchburg, VA

The cost of living in Lynchburg is 11.4% below the U.S. average according to 2021 housing reports. The population is right under 85,000 and is home to Liberty University. The good thing about Lynchburg is that unemployment is below the national level.

11. Temple, TX

Temple Texas is 172 miles away from Houston, the biggest Texas city. This city is a hotspot for logistics and distribution companies due to its central location. The cost of living is right under 12.3% below the U.S. average, with a population of 77, 000 residents. The average median household income is $54,028. Groceries stores in and around Temple are also 22% cheaper, which makes it great for families.

12. Morristown, TN

If you want a small city vibe Morristown is the place. Rent and mortgage prices are about 30% lower than the national average, that’s a good deal if you ask me. Morristown residents also pay 20% less for gasoline.

13. Wichita Falls, TX

The cost of living in Wichita Falls is 13.2% below the U.S. national average, making it an affordable place to reside. The United States Air Force is a major employer in the area, contributing significantly to the local economy. The median household income in Wichita Falls is approximately $47,200, and the city experiences an unemployment rate of 5.9%. Known for its hot summers, the average high temperature reaches 98 degrees Fahrenheit in June. This climate characteristic, along with its economic stability and low cost of living, makes Wichita Falls an attractive option for both individuals and families looking for a place to call home.

14. Hattiesburg, MS

Hattiesburg is home to William Carey University and the University of Southern Mississippi. This is no Jackson, Mississippi but the cheaper rent and mortgage make up for it. The cost of living is 13.4% is below the U.S. average, along with a city population of 46,250 as of 2021.

15. Fayetteville, AK

Fayetteville is considered one of the best places to retire. Fayetteville benefits from having the Walmart headquarters a few miles away. The cost of living is 16.9% below the U.S. average and the median household income is $41,900 with an unemployment rate of 5.7%. Fayetteville is home to the University of Arkansas and is also for students and civilians. Rent and mortgages run close to 30% below the national average.

Where is the Cheapest and Nicest Place to Live in the USA in 2024?

The cost of living and the overall quality of life in a particular place can vary widely depending on a variety of factors, such as the local economy, the availability of jobs and housing, the cost of living, and the local climate and amenities. As a result, it can be difficult to identify a single place that is both the “cheapest” and the “nicest” place to live in the United States. That being said, some cities and regions in the United States tend to have lower costs of living compared to others. For example, cities in the Midwest and South tend to have lower housing costs and overall costs of living compared to cities on the East and West Coasts. Some specific cities that have relatively low costs of living and high quality of life include Omaha, Nebraska; Des Moines, Iowa; and Fargo, North Dakota.

It’s important to note that the cost of living and the overall quality of life can vary significantly within a city or region, and what is considered “nice” or “affordable” can be subjective. It is always a good idea to research and compare the costs and amenities of different areas before deciding where to live.

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