3 of the Cheapest Places to Buy a House (That We Would Invest In)

On The Market

BiggerPockets

News, Investing, Business, Education

4.8 • 820 Ratings

🗓️ 21 October 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Housing affordability in America is the lowest it’s been in forty years. Every year, there are fewer and fewer affordable places to buy a house, and many of the cities that used to be affordable have become so popular that they’re now the pricey ones. Are there any affordable housing markets left, and if so, which ones should investors pay the most attention to? We did a new data analysis on American housing markets to bring the exact list to you today. Austin Wolff, our own BiggerPockets market intelligence analyst, spent some time analyzing housing markets that not only have job, population, and wage growth but also have affordable home prices perfect for investors. Today, he’s sharing this new list, along with some of the least affordable housing markets that are nearly impossible to break into without millions of dollars. But is America the only country suffering from a stubborn unaffordability crisis? Many of the top economies are also feeling the sting of high inflation, limited real wage growth, and strong home price appreciation. But are we doing better or worse than many of the top developed countries? We’re sharing those stats, too! In This Episode We Cover America’s affordable housing crisis explained, and whether it’s going to get better or worse Most affordable housing markets with job, population, and income growth Comparing American home prices vs. other top economies’ home prices The least affordable real estate markets with the highest home-price-to-wage ratios The single most affordable city in the United States that could be an excellent investing market And So Much More! Links from the Show Join the Future of Real Estate Investing with Fundrise Join BiggerPockets for FREE Find an Investor-Friendly Agent in Your Area Dave's BiggerPockets Profile Kathy's BiggerPockets Profile These Are the 10 Most Affordable Markets To Invest in During 2024 Bankrate’s 2024 Home Affordability Report Why Trump and Harris Aren’t Talking About the $1.8 Trillion Deficit Austin's BiggerPockets Profile Grab Dave’s Book, “Real Estate by the Numbers” Jump to topic: (00:00) Intro (02:36) Why Affordability Matters (04:59) Most Unaffordable Period Ever? (08:00) How Does America Compare? (12:23) Least Affordable Markets (15:09) Most Affordable (Growing!) Markets (24:35) Will Affordability Improve? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/on-the-market-262 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	According to a 2024 bank rate survey, a whopping 78% of aspiring homeowners in the U.S.
0:07.5	say they can't afford a home. And nearly half of Americans cannot afford a $250,000 home,
0:14.9	which is well less than the national average. And this housing affordability challenge often gets framed as a crisis,
0:22.7	and in a lot of ways it is. It can feel really enormous and often insurmountable. But today,
0:28.9	we're going to use some original research we've done here at Bigger Pockets to shine a light on
0:34.3	some of the U.S. markets that are still affordable.
0:42.2	Okay. shine a light on some of the U.S. markets that are still affordable. Hey, everyone, it's Dave.
0:43.8	Welcome to On the Market for today's conversation about affordability, why it's important,
0:49.1	and what markets are still affordable.
0:51.3	We have two great experts for you.
0:53.8	First is, of course, Kathy Fecky,
0:56.3	who I think we share a love of affordable markets, Kathy. That's something that unites our
1:02.2	market analysis. So thanks for being here today. This is my favorite topic, finding affordable
1:07.0	markets that are right on the verge of growing. And to help Kathy and I, we're going to be bringing on BiggerPockets own market intelligence
1:15.4	analyst.
1:16.0	His name is Austin Wolf.
1:18.4	If you haven't heard, he was on a show a couple of weeks ago just talking about housing
1:22.0	supply.
1:22.8	And his whole job is to understand the housing market.
1:25.3	And when he finds something really cool, he comes on the podcast and talks about it.
1:29.0	And so that's what we're going to be doing today.
1:31.7	Specifically, Austin's going to share with Kathy and I and all of you the metrics he uses to
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.