10 Most Affordable Cities To Buy A Home

It might seem impossible to find a cheap home in the U.S., considering that the median sales price for an existing home in September was $470,600.

In addition to rising home prices, high mortgage rates have caused homebuyers' monthly housing costs to increase by hundreds or even thousands of dollars.

As a result, the real estate market is rapidly cooling, with buyers generally postponing purchases and sellers being pushed to lower their asking prices in order to stay out of the market.

Read also: Can't Beat 'Em? Retail Investors Now Backing Institutions Competing For Control Of The Single-Family Rental Market

The slowdown isn't occurring everywhere, according to Realtor.com NWSA. In some markets, home values are so low that they partially shield buyers from the effects of rising mortgage rates.

In order to determine which metropolitan regions had the lowest median home price per square foot, Realtor.com examined listing data from the 100 largest cities.

Here are the 10 most affordable cities to buy a home in, right now.

1. Youngstown, Ohio

• Median home list price per square foot: $95
• Median home list price: $149,900
• 2. Scranton, Pennsylvania
• Median home list price per square foot: $124
• Median home list price: $225,000

3. Syracuse, New York

• Median home list price per square foot: $130
• Median home list price: $217,250

4. Wichita, Kansas

• Median home list price per square foot: $134
• Median home list price: $304,475

5. Jackson, Mississippi

• Median home list price per square foot: $138
• Median home list price: $299,000

6. Little Rock, Arkansas

• Median home list price per square foot: $141
• Median home list price: $298,873

7. Indianapolis, Indiana

• Median home list price per square foot: $144
• Median home list price: $300,000

8. McAllen, Texas

• Median home list price per square foot: $144
• Median home list price: $270,000

9. Columbia, South Carolina

• Median home list price per square foot: $146
• Median home list price: $308,900

10. Augusta, Georgia

• Median home list price per square foot: $150
• Median home list price: $311,575

If this is still more than you want to spend on an investment property right now, Benzinga has more options for you. Here’s how to invest as little as $100 in a rental property (or more, depending on your appetite) to earn passive income.

To read about the latest developments in the industry, check out Benzinga's real estate home page.