The American Dream of owning a home is rapidly slipping out of reach in several bustling cities across the nation. As property values soar higher and higher, urban centers like San Francisco and New York City transform into unattainable havens for prospective homeowners.
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In light of this, GOBankingRates has pinpointed the metropolitan areas surpassing the national growth average. This crucial insight will illuminate the cities where investing in property now is not just wise but imperative. And if in a decade you find yourself priced out of these enclaves, fret not – there are still affordable housing options elsewhere.
Embracing Mountaintop Views: Knoxville, Tennessee
- Home value – June 2023: $326,331
- Projected growth rate (1 year): 9.8%
Nestled at the foot of the Great Smoky Mountains National Park, Knoxville, Tennessee, stands as a melting pot of cultures that thrives on vibrant festivals and communal celebrations. Home to over 192,000 residents, this eclectic city houses both the prestigious University of Tennessee and the revered Knoxville Ice Bears hockey team.
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Elegance From Athletes to Artists: Athens, Georgia
- Home value – June 2023: $338,432
- Projected growth rate (1 year): 9%
Athens, a bustling college town, reverberates with a distinctive artistic and musical heritage. Home to the renowned University of Georgia, this city nurtures a dynamic music scene that birthed revered bands such as R.E.M. and the B-52s. Its historic architecture, southern hospitality, and cultural kaleidoscope make Athens a magnet for scholars and tourists alike.
The Gulf Coast Gem: Daphne, Alabama
- Home value – June 2023: $344,919
- Projected growth rate (1 year): 8.5%
Daphne, a postcard-perfect city on Mobile Bay’s eastern shoreline, exudes an alluring coastal charm against a backdrop of balmy weather. This picturesque locale seamlessly blends its rich heritage with modern conveniences, evident in its quaint downtown district and lively community gatherings.
Victorian Splendor in Fayetteville, Arkansas
- Home value – June 2023: $327,207
- Projected growth rate (1 year): 8.7%
Fayetteville, home to the esteemed University of Arkansas, holds a unique place in the hearts of many, including former President Bill Clinton and former Secretary of State Hillary Clinton. The couple once called Fayetteville home, and their abode has been transformed into a museum commemorating their time in the city.
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Uncovering the Charms of Tucson, Arizona
- June 2023 Home Value: $349,326
- One-year Projected Growth Rate: 7.6%
Tucson, merely an hour north of the Mexican border, tantalizes with mouth-watering Mexican cuisine showcased along 12th Avenue. A culinary journey awaits in what’s dubbed “The Best 23 Miles of Mexican food.”
Anticipating Escalating Real Estate Costs in Tucson
- Year: 2024
- Projected Home Value: $375,875
- U.S. Median Projected Home Value: $371,336
- Difference in Value: $4,539
- 2033 Projected Home Value: $726,698
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The Allure of Columbia, Missouri
- June 2023 Home Value: $282,941
- One-year Projected Growth Rate: 9.7%
Columbia, the vivacious fourth most populous city in Missouri, showcases rapid growth, with 126,254 residents and the prestigious University of Missouri. It beckons with tantalizing barbecue joints, rich music culture, and intriguing historical spots just a stone’s throw from St. Louis.
Predicting Future Real Estate Costs in Columbia
- Year: 2030
- Projected Home Value: $540,932
- U.S. Median Projected Home Value: $535,756
- Difference in Value: $5,176
- 2033 Projected Home Value: $714,106
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Cherishing the History of Savannah, Georgia
- June 2023 Home Value: $312,007
- One-year Projected Growth Rate: 8.6%
Savannah, steeped in history since 1733, holds the distinction of being the first city in Georgia, named after King George II of England. Modern-day visitors flock to its architectural marvels, vibrant art scene, and eclectic boutiques.
Envisioning Future Real Estate Costs in Savannah
- Year: 2029
- Projected Home Value: $511,851
- U.S. Median Projected Home Value: $504,004
- Difference in Value: $7,847
- 2033 Projected Home Value: $711,972
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Experiencing the Beauty of Panama City, Florida
- June 2023 Home Value: $333,760
- One-year Projected Growth Rate: 7.6%
Panama City dazzles as a stunning beach paradise on the Gulf of Mexico, renowned for its pristine white sandy beaches and sparkling emerald waters. The famous Panama City Beach stretches along the shore, beckoning tourists with its welcoming coastline and family-friendly ambiance. Exciting attractions like Shipwreck Island Waterpark and St. Andrews State Park add variety for outdoor enthusiasts.
Foreseeing Real Estate Cost Escalations in Panama City
- Year: 2027
- Projected Home Value: $447,387
- U.S. Median Projected Home Value: $446,033
- Difference in Value: $1,354
- 2033 Projected Home Value: $694,316
Unveiling the Treasures of Huntsville, Alabama
- June 2023 Home Value: $308,155
- One-year Projected Growth Rate: 8.3%
Nestled in the shadow of John Hunt’s legacy dating back to 1805, Huntsville burgeoned from 180,000 to 215,000 inhabitants from 2010 to 2020. A hub of technological innovation, the city thrives with vital contributions from NASA’s Marshall Space Flight Center and the U.S. Army Aviation and Missile Command.
Predicted Real Estate Expenses in Huntsville’s Future
- Year: 2030
- Projected Home Value: $538,478
- U.S. Median Projected Home Value: $535,756
- Difference in Value: $2,722
- 2033 Projected Home Value: $683,995
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Abode Amidst Chiles: Albuquerque, New Mexico
- June 2023 home value: $324,491
- One-year projected growth rate: 7.4%
In the heart of Albuquerque, with about 565,000 souls, a simple question uncovers the city’s essence – “Red or green?” It’s a query entwined with culinary heritage, where the choice between red and green chiles flavors your New Mexican cuisine. And if you dare to ask for both, simply reply with a smile and say “Christmas.”
Future Luxuries in Real Estate: When It Will Become Too Expensive
- Year: 2031
- Projected home value: $574,430
- U.S. median projected home value: $569,509
- Difference in value: $4,921
- 2033 projected home value: $662,591
Capital Chronicles: Dover, Delaware
- June 2023 home value: $333,032
- One-year projected growth rate: 7.1%
Nestled in history, Dover stands tall as the capital city of Delaware, an abode of resilience with roots tracing back through time. The historic Green, a symbol of continuity, has witnessed epochs come and go. Hosting the Dover International Speedway, this city ignites the passions of NASCAR fans nationwide.
Price Surges Ahead: When It Will Become Too Expensive
- Year: 2030
- Projected home value: $538,285
- U.S. median projected home value: $535,756
- Difference in value: $2,529
- 2033 projected home value: $661,273
Traverse Tranquil Terrain: Deltona, Florida
- June 2023 home value: $342,193
- One-year projected growth rate: 6.6%
Deltona, a serene haven in central Florida, boasts idyllic neighborhoods and natural splendor. Lakes and parks adorn this suburban gem, situated equidistant from the allure of Daytona Beach and the cosmopolitan charm of Orlando.
Forecasting Finances: When It Will Become Too Expensive
- Year: 2031
- Projected home value: $570,596
- U.S. median projected home value: $569,509
- Difference in value: $1,087
- 2033 projected home value: $648,400
Nature’s Bounty: Yakima, Washington
- June 2023 home value: $334,737
- One-year projected growth rate: 6.8%
Embraced by the Yakima Valley, this city blooms with agricultural prominence and natural majesty. Orchards laden with apples, framed by the meandering Yakima River, offer a haven for outdoor enthusiasts amidst a vibrant tapestry of agricultural life.
Contemplate the evolving landscape of real estate affordability as we unveil more cities paving the path to unattainable home prices.
Jake Arky lends his insights to this disclosure.
Methodology: This study by GOBankingRates delves into the future trajectory of the U.S. median home value, projecting a decade forward based on Zillow’s one-year forecast between June 2023-24. Comparing these projections with the 250 largest U.S. metros, those surging past the national median and growth rate within the next 10 years signify “inaccessible” locales. Shedding light on various metros, the study identifies: the year of inaccessibility, projected home values, and the U.S. average projected home values during that period. Compiled and verified on August 8, 2023.
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This article was originally featured on GOBankingRates.com: “In Less Than a Decade, You Won’t Be Able To Afford a Home in These Cities.”
The perspectives expressed herein belong to the author and may not necessarily align with those of Nasdaq, Inc.
