Housing affordability, or the lack thereof, emerged as a key issue in last week’s presidential election, and many homebuyers continue to look for markets that won’t strain their budgets.
But here’s some promising news: Three affordable Midwest markets—Rockford, IL, Akron, OH, and Canton, OH—have secured top spots in the top 20 of Realtor.com®’s October Hottest Housing Markets report, was ranked no. 4, no. 9, and no. 12, respectively.
These cities have median home prices around $250,000, $175,000 lower than October’s median home price of $424,950. The Midwest has consistently ranked in the top 20 hottest markets since February 2022, thanks to its budget-friendly prices — and hefty monthly mortgage payment savings.
“Typical [monthly] The mortgage payment, assuming a 10% down payment, would be $1,455 or less in these areas,” says Hannah Jones, senior economic research analyst at Realtor.com®, in her report.
“Including tax and insurance costs, the recommended minimum income to afford this payment is approximately $73,000, which is about 10% less than the national median household income,” Jones adds.
As of February 2022, the Midwest has consistently ranked among the hottest markets, and it’s easy to see why.
Beyond the attractive price range, Rockford, Akron and Canton offer quality living and convenient proximity to major cities.
Read on to find out why this trifecta of cities appeals to so many budget-minded homebuyers.
Median list price: $242,000
Homebuyers are flocking to Rockford, and one reason is free college tuition.
All students who live in Rockford, attend Rockford public schools and maintain a 3.0 GPA are eligible to attend Northern Illinois University tuition-free through the Northern Illinois University Rockford Promise Scholarship Program.
In addition, the region hosts several hospital systems, a thriving aerospace industry, and a strong manufacturing workforce, which attracts even more home hunters.
“Inventory levels are still low in Rockford,” says local real estate agent David Dale Johnson, of Berkshire Hathaway HomeServices Crosby Starck Real Estate. “Some areas of the Rockford market still see full prices or larger offers. Bidding wars still occur when homes are priced appropriately and in good condition.”
Rockford is located 90 miles southwest of Milwaukee and 90 miles northwest of Chicago.
“Many buyers are migrating from the Chicago area and its surrounding suburbs,” says Johnson.
It doesn’t hurt that homes in the Rockford area are about 28% less than in Chicago, where the typical home cost $340,000 in October.
And the Rockford market could become even more competitive now that the presidential election is over.
“It seems like sellers and buyers tend to hang around for the three months leading up to the election and then make their decision to move,” says Johnson.
Median list price: $228,000
Climate resilience is a major reason why buyers are drawn to Akron. Only 1.8% of Akron properties are at severe or extreme risk of experiencing a natural disaster within the next 30 years.
“Greater Akron is an incredible place that blends urban excitement with natural beauty,” says Gregg Mervis, president and CEO of the Akron/Summit Convention and Visitors Bureau.
The town has scenic hiking trails, a fantastic culinary scene, and great shopping at local, one-of-a-kind stores.
“Greater Akron is jam-packed with fun for everyone,” says Mervis, who lists the Akron Zoo, Akron Art Museum and Akron Civic Center as must-sees.
Homes in the area spent just 36 days on the market in October, 22 days less than the national average.
“High demand and tight inventory conditions increase property views, increasing competition for homes in the hottest markets and leading to faster home sales,” says Jones.
Median list price: $252,000
Last month, Canton was ranked no. 1 in the Wall Street Journal/Realtor.com® housing market rankings.
What makes Canton so desirable? According to Ohio real estate investor Paul Gabrail, who grew up in Canton, one of the area’s biggest draws is the low cost of living.
Many home buyers look for Canton properties from nearby larger cities like Akron and Cleveland.
“As you get closer to Cleveland going north, the cost goes up significantly,” Gabrail explains.
Canton, known as “America’s Playground,” is the birthplace of the NFL and is home to the Pro Football Hall of Fame, “which gets a lot of national exposure,” Gabrail says.
For real estate investors looking for a new housing market, Canton is a safe bet, he says.
“In terms of ROI, if you can buy a property at a relatively low price as the country’s income rises, you’ll probably do better in cities like Canton versus larger cities in the West like Los Angeles,” he says. he.
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