The areas that have seen the most growth are near downtown and Corktown, where people are moving in from other parts of the country to invest in low-cost housing. When we look at the median salary for someone with a bachelor’s degree, $42,972, and the median home listing price of $59,000, Detroit is incredibly affordable. Median listing price year-over-year growthĭetroit takes the blue ribbon for the largest gains in home prices between 20, rising 27.6%. Best Mortgage Lenders For First-Time Homebuyers.
Mortgage Calculator: Estimate Your Monthly House Payments.10 Most Affordable Cities To Buy A Home.We looked at areas with some of the highest price gains year-over-year that are still affordable for people who recently earned a bachelor’s degree. Approximately 42 million Americans owe on student loans, according to the Brookings Institution. For college graduates carrying around an extra debt burden, getting the most value out of your home might be even more critical.Ĭurrently, there’s about $1.5 trillion in outstanding student debt, coming in second place (after mortgages) in the largest type of household debt Americans carry. Like any investment, it’s essential to know that perhaps the biggest purchase of your life has growth potential. Many would-be homebuyers are looking outside of their current (read: expensive) city for something affordable and maybe even profitable in today’s hot seller’s market.
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