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In the latest Worldwide Cost of Living report by the Economist Intelligence Unit
(EIU), three US cities secured spots in the top 10 most expensive cities globally. New York, which shared the top spot last year with Singapore, came in third in the new list, while Singapore retained its place at the top, joined by Zurich, Switzerland. Veuer’s Maria Mercedes Galuppo has the story.
10 Best & Affordable US Cities To Buy A Starter Home
In the 1960s, the median size of a single-family home in the U.S. Was roughly 1,500 square feet. Most homes built then were "starter homes" because they were affordable and ranged from 1,200 to 2,000 square feet (around three bedrooms). Starter homes are ideal for young adults or young couples who want to own property but don't need a ton of space or are perhaps looking to break into the real estate investment market.
Nearly six decades later, the median single-family home has grown to 2,287 square feet as of March 2023. And there's been a decline in starter home construction since 2008, while existing homes have shot up in price, causing millennials to pay much more for a home than previous generations.
Although there's a scarcity of starter homes across the country, there are still plenty of starter homes in certain U.S. Cities. This Old House rounded up the best cities to buy a starter home based on price, availability, income, and comparable rent while factoring in quality-of-life factors such as dining, entertainment, and crime rates. Check out our findings and review the methodology section below for more details on data collection.
These 10 cities are the best places in the U.S. To buy a starter home based on our analysis. These cities scored the highest after being ranked on cost and lifestyle factors, including the average cost of a starter home, mortgage as a percentage of income, availability of restaurants and entertainment establishments, and crime rates.
If affordability is top of mind as a prospective homebuyer, the Midwest is an excellent place to start. These 10 cities are the most affordable places to purchase a starter home, with the lowest mortgage-to-income percentage. The average starter home price as shown is determined by the median value across the bottom third of priced homes in the area (fifth to 35th percentile).
Buying a home has plenty of advantages (and disadvantages). A starter home isn't necessarily intended to be your forever home, so it may come with a few more considerations.
Homeownership is a top goal for many Americans for good reason—there are many benefits to buying your first home. Let's review the top three advantages to buying a starter home:
The most attractive feature of a starter home is (presumably) that it will cost you less because of its modest size or less popular location. Buying a more affordable home allows you to become a homeowner without waiting years to save up a hefty down payment.
A smaller home also means it will require less furniture and upkeep, which will save you money on overall housing costs.
2. You can build home equity.You won't ever get back all that money you spend on rent. But with monthly mortgage payments, your housing expenses are helping you build home equity (the difference between your home's value and the mortgage). Think of it as building up your net worth.
Depending on your situation, it may be beneficial to use your home equity from your starter home to purchase your "forever home" down the line. This can be especially true if you plan to keep your starter home as a real estate investment.
Real estate investment is rising, with the market expected to hit $30.5 billion by 2031. If you're one of the 34% of Americans who believe real estate is the best long-term investment opportunity, buying a starter home is a good way to get started. When it's time to move into your forever home, you can rent out your starter home or try to sell it for a profit.
Your starter home will most likely not be your dream home—and that's the point. Buying a starter home should be less stressful than a forever home because your first home doesn't have to "check all the boxes." It should be just big enough for your family and able to meet all your needs, not your wants. A starter home is a perfect opportunity to experience homeownership and learn what features you want (and don't want) in your future forever home.
While buying a starter home is a sound financial investment for many, it can spell disaster for others. Before you start shopping, consider the following disadvantages of buying a starter home:
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