Audrey
Post-pandemic rent raise and the average inflation rate of 8% in 2022 made it challenging for prominent city residents to pay for necessities. As a result, buyers and renters started to shift towards suburbs and counties near city centers where living doesn’t cost an arm and a leg. Suburbs’ popularity skyrocketed as they opened the door to financial freedom thanks to affordable schooling, healthcare, food, and maintenance costs.
Here go 5 locations near bustling cities where you can find your dream home without breaking the bank:
1. Cloverdale, Montgomery (Alabama)
Have you ever imagined finding a single-family home within the capital of a state starting from $109,900? Cloverdale, which lies in the Alabama capital Montgomery, gives easy access to downtown offices while residents live in historic houses with European charm. Cloverdale-Idlewild is only 1 mile from Alabama State University- making it a top choice for students and educators searching for cost-efficient housing.
US citizens spend most of their budget on housing( mortgage or rent) and living expenses (grocery, utilities, transportation, etc). The living and housing costs at Montgomery are 13% and 28% below the national average, respectively. Hence, Cloverdale ensures comfortable and economical living while enjoying the perks of a big city: events, nightlife, and amenities.
2. Hazel Park, Oakland County (Michigan)
Unlike the cold Northern region of MI, where the mercury drops as low as 3°F, Hazel Park falls in the South and has a pleasant climate (16°F-82°F). Hence, the residents don’t have to pay thousands for snow shoveling, roof damage, heating, insulation, and pipe refitting. The community provides downtown Detroit’s facilities as it is only 15 minutes away, yet, the house prices start from $129,900.
Hazel Park is perfect for living alone or raising a family for its low crime rate (Violent and property crimes were 0.4 and 1.2 instances per 1,000 residents in 2023) and a job growth rate of 1.6%. Since the state has a rich history of agricultural goods, the price of food and groceries is 4% lower than the national average. Residents can buy fresh produce -dairy, meat, cherries, Niagra grapes, apples- at a fraction of the other region’s pricing.
3. Fairlawn, Cleveland (Akron).
Summit County’s living cost is 11.4% less than the U.S. average, while the house prices are far below the national average- single home and condo prices start from $239,900 and $145,000, respectively. Considering the tax rates -the lowest County sales tax in the State and the lowest property tax among Ohio’s large urban counties, no corporate income or profits tax. The city’s Fairlawn community is a hotspot for businessmen. The residents of Fairlawn get a jumpstart on the business as the operational cost is 10%, and industrial property rent is 33% lower than the national average.
The housing benefits, community programs for seniors, and living costs attracted many retirees who wanted to stay near nature through -parks and nature programs- and the downtown simultaneously. Also, Fairlawn’s median commuting time of 21.4 minutes and economic development through the “Elevate Greater Akron” program ensures the young professional stays employed.
4. Central City, Salt Lake City (Utah) healthcare
Central City proves the name right by being the center of Salt Lake City, where you can easily access all the necessary locations. This walkable and bikeable neighborhood provides an active and healthy lifestyle for people of all ages. Central City promotes better health for the residents through medical costs (2% down from the national average) and healthcare insurance coverage, which 61% of the UT employers cover.
Three hospitals from the Top 50 healthcare in the US (Intermountain Medical Center, the University of Utah medical center, and Primary Children’s Hospital) are in the region. So, retirees and young families with children prefer the Central City neighborhood. In this modest community, where utilities are 9% lower than the national average, you can buy a condo for $199,900.
5. Chelsea, Suffolk County (Boston)
Boston-known for its strong economy and employment center- saw a 9.4% and 15.1% growth in single-family homes and townhouses, respectively- making it quite pricey for many prospective homebuyers. However, don’t give up on finding a home in the Boston area, as you can find affordable condos in the Chelsea neighborhood with prices starting from $255,000 at $307 price/sqft.
The easy access to public transportation and proximity to downtown Boston (15 minutes drive) lets the young professionals find a high-paying job downtown. Also, the City of Chelsea provides a “First Time Homebuyer Down Payment Assistance Program” for individuals wanting to use the property as a residence. The deferred payment loan with 0% interest releases up to $10,000 to help with the downpayment or more manageable mortgage payments.
Upon seeing the price hikes in the housing market, millennials and Gen Zs are giving up on buying their own home. Suburbia homes provide everything a cramped apartment in a big city can’t- spacious living space, close-knit community, nature, safety, and savings for the future.
