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10 cities where home buyers actually have a chance of scoring an affordable home in 2023

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Downtown Chattanooga, Tennessee.Chattanooga lies along the Moccasin Bend of the Tennessee River and is known for Ruby Falls, a 145-feet tall underground waterfall.

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  • Housing affordability in the US sank to a 10-year low last November.
  • However, there are certain metro areas where homeownership is much more attainable.
  • Realtor.com has ranked the top places where homebuyers can still get a good deal in 2023.

Are higher housing costs holding you back from purchasing a home?

That wouldn’t be surprising considering that US housing affordability fell to a 10-year low, the National Association of Home Builders announced in November. In cities across the country, especially in pandemic boomtowns like Austin, Phoenix, and Bozeman, where each saw an influx of remote workers and robust population growth in the last couple of years, elevated home prices are truly terrifying potential homebuyers

But despite the record high sale prices and equally steep mortgage rates in 2022, there are still some cities in the United States where the average earner can afford a home.

By scraping economic and housing data to predict the growth of home prices and sales in 100 of biggest US metros, Realtor.com ranked the top places where people can still buy an affordable home in 2023. According to their methodology, this year’s homebuyers can expect reasonable deals in cities like Hartford, Connecticut and El Paso, Texas, both of which avoided much of the intense buyer competition and rapid home price growth seen in other parts of the country during the pandemic. At a time where the typical home is priced near $400,000, a good indicator of a housing market’s health is the balance between home sales and price growth. 

However, just because a city may be relatively affordable compared to others doesn’t mean that it’s the perfect fit for everyone. When buying a home it’s also important to consider the cost of living, as well as access to jobs, schools, healthcare and food. Read on to see if any of these metro areas meet the mark:

10. Toledo, OhioAn aerial view of Toledo, Ohio.Toledo is a large midwestern port city that is renowned for its glass industry.

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November 2022 median home price: $161,000
Forecasted 2023 home sales change: +4.2%
Forecasted 2023 home price change: +6.7%
Forecasted 2023 combined sales and price change: +10.9%

9. Chattanooga, TennesseeDowntown Chattanooga, Tennessee.Chattanooga lies along the Moccasin Bend of the Tennessee River and is known for Ruby Falls, a 145-feet tall underground waterfall.

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November 2022 median home price: $397,000
Forecasted 2023 home sales change: +2.9%
Forecasted 2023 home price change: +8.2%
Forecasted 2023 combined sales and price change: +11.1%

8. Columbia, South CarolinaDowntown Columbia, South Carolina.Columbia, the capital city of South Carolina, is home to the University of South Carolina and the second largest city in the state.

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November 2022 median home price: $300,000
Forecasted 2023 home sales change: +7.7%
Forecasted 2023 home price change: +3.6%
Forecasted 2023 combined sales and price change: +11.3%

7. Grand Rapids-Wyoming, MichiganHartford, Connecticut, at sunset.Grand Rapids, which is well-known for its numerous breweries and quality of beers, sits along the Grand River and is less than an hour away from Lake Michigan.

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November 2022 median home price: $358,000
Forecasted 2023 home sales change: +1.6%
Forecasted 2023 home price change: +10.0%
Forecasted 2023 combined sales and price change: +11.6%

6. Augusta, GeorgiaBroad Street in downtown Augusta, Georgia.Augusta, home to golf’s prestigious Masters Tournament, stands on the banks of the Savannah River.

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November 2022 median home price: $319,000
Forecasted 2023 home sales change: +6.2%
Forecasted 2023 home price change: +5.7%
Forecasted 2023 combined sales and price change: +11.9%

5. Buffalo-Cheektowaga, New YorkResidental buildings in Buffalo, New York.Buffalo, New York, was once an industrial heavyweight but has been experiencing renewed investment and development in recent years.

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November 2022 median home price: $240,000
Forecasted 2023 home sales change: +6.3%
Forecasted 2023 home price change: +6.0%
Forecasted 2023 combined sales and price change: +12.3%

4. Worcester, MassachusettsThe city of Worcester, MassachusettsDue to its central location in Massachusetts, Worcester is recognized as the ‘Heart of the Commonwealth.’

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November 2022 median home price: $447,000
Forecasted 2023 home sales change: +2.5%
Forecasted 2023 home price change: +10.6%
Forecasted 2023 combined sales and price change: +13.1%

3. Louisville, KentuckyDowntown Louisville, Kentucky.Home to the annual horse racing tournament the Kentucky Derby, Louisville is located along the Ohio River and is one of the Midwest’s largest cities.

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November 2022 median home price: $290,000
Forecasted 2023 home sales change: +5.2%
Forecasted 2023 home price change: +8.4%
Forecasted 2023 combined sales and price change: +13.6%

2. El Paso, TexasAn overview of El Paso, Texas.El Paso, Texas is nestled in the Rio Grande Valley on the Mexico-United states border, and home to military base Fort Bliss

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November 2022 median home price: $291,000
Forecasted 2023 home sales change: +8.9%
Forecasted 2023 home price change: +5.4%
Forecasted 2023 combined sales and price change: +14.3%

1. Hartford-West Hartford, ConnecticutDowntown Hartford, Connecticut.Hartford, which sits on an estuary known as the Long Island Sound, is the capital of Connecticut and among America’s oldest cities.

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November 2022 median home price: $372,000
Forecasted 2023 home sales change: +6.5%
Forecasted 2023 home price change: +8.5%
Forecasted 2023 combined sales and price change: +15.0%

Read the original article on Business Insider
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