Real estate investor Grant Cardon appeared on “Fox & Friends” and claimed that now is the worst time in life to buy a house.
U.S. home prices have been soaring since the pandemic began and show no signs of slowing, with ordinary Americans increasingly shut out of the housing market and many would-be buyers giving up on finding an affordable home years ago.
The average home price has risen 47.1% since 2020, with the median sales price hitting $394,000 in recent years, according to the latest data from Redfin. Meanwhile, high interest rates and insurance costs are exacerbating the homebuying crisis, pushing the cost of buying a home to a new record.
The housing affordability crisis in the United States has been worsening for years. (Steve Forst/Newsday RM via Getty Images/Getty Images)
Not long ago, it was common for prospective homebuyers to find homes priced at $200,000, but that’s becoming much harder: Over the past few years, the percentage of homes sold in that price range has fallen from roughly half of all sales to less than a quarter of sales in 2023, according to Realtor.com.
Home foreclosures on the rise again nationwide
With that in mind, real estate companies have conducted research to find where the most affordable housing still remains, at least for now.
Here are the U.S. cities with the most homes available for under $200,000: According to Realtor.com:
1. Lauderdale Lakes, Florida
Average list price: $149,350
Number of properties under $200,000: 239
Percentage of properties under $200,000: 85%
2. Lauderhill, Florida
Average List Price: $175,000
Number of properties under $200,000: 404
Percentage of properties under $200,000: 70%
3. Akron, Ohio
Akron, Ohio downtown skyline. (iStock/iStock)
Average list price: $138,600
Number of properties under $200,000: 214
Percentage of properties under $200,000: 70%
Least affordable cities for homebuyers
4. Detroit
Average list price: $90,000
Number of properties under $200,000: 1,586
Percentage of properties under $200,000: 64%
5. Rochester, New York
Average list price: $161,194
Number of properties under $200,000: 213
Percentage of properties under $200,000: 68%
6. Niagara Falls, New York
Aerial photo of Niagara Falls, New York. (iStock/iStock)
Average list price: $114,500
Number of properties under $200,000: 98
Percentage of properties under $200,000: 80%
Explaining why Americans are struggling to buy a home: ‘It’s stifling on all fronts’
7. Albany, Georgia
Average List Price: $104,000
Number of properties under $200,000: 245
Percentage of properties under $200,000: 64%
8. Lansing, Michigan
Aerial photo of Lansing, Michigan. (iStock/iStock)
Average list price: $143,950
Number of properties under $200,000: 133
Percentage of properties under $200,000: 68%
9. Rockford, Illinois
Average list price: $164,950
Number of properties under $200,000: 153
Percentage of properties under $200,000: 66%
10. Cleveland
Cleveland sunset. (iStock/iStock)
Average list price: $135,475
Number of properties under $200,000: 512
Percentage of properties under $200,000: 61%
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FOX Business’ Megan Henney contributed to this report.
