The changing economy has made it harder for people to be able to afford buying a house. In spite of the almost unreachable prices in many places, there are a number of cities where the price tags of homes are still reasonable. Interest rates on mortgages are also at an all-time low, making now one of the best times ever to buy a new home. Here are five cities with the lowest house prices where you may still be able to make your dream of owning a home come true.
House prices have been dropping recently, and this is also happening in 13 out of 20 cities. Money.CNN.com reports that three cities, including Atlanta, Detroit and Las Vegas now have home price levels lower than they were in 2000. They have risen the highest in Phoenix, Dallas, Denver and Miami. With prices so low, now may be the best time ever to buy a home.
Michigan Has Two Cities with the Lowest Cost Homes
With the changes in the auto industry in 2008, many people lost their jobs and their homes. This has resulted in many homes now being for sale at the nation’s lowest house prices, says Huffington Post. You can now buy a house in Detroit for as low as $21,000, and you have a lot of choices, too. Another city in Michigan – Flint – offers homes for sale at the next lowest price. Here, you can buy a home for just under $32,000. It is not far from Detroit.
Gary, Indiana Has Low Cost Homes
The city with the third lowest house prices is Gary, Indiana, according to the Huffington Post. Homes there run an average of about $40,000, which is less expensive than many cars on the market today. Gary is located on the very southern end of Lake Michigan, not far from Chicago.
Redford, Michigan Has Low Cost Houses for Sale
A third city in Michigan where you can find some of the lowest housing prices is in Redford. This city is just outside of Detroit and it has also been affected by the problems associated with the auto industry.
Buy Houses Cheap in Warren, Michigan
The city of Warren, Michigan is another place that has been affected by the problems of the auto industry. Many homes are for sale there and you can buy cheap houses for an average price of just under $50,000.
Atlanta Has Seen the Largest Drop in Home Prices
In the past few months, homes in the Atlanta area have seen a drop in prices by as much as 17 percent, says Tim Mullaney at USAToday.com. Although this does not mean that these are the lowest house prices anywhere, it does mean that if you want to buy a home in the Atlanta area, that now is probably about the best time to get a great deal.
The highest home values in the nation often include the places with the highest cost of living. Currently, the places that have the most expensive homes include San Francisco, Honolulu, and Washington DC, says FoxBusiness.com. In some cases, the cost of living is also low in places where homes are not very expensive.