Finding the ideal family home at an affordable price is no longer a fantastical notion reserved for the affluent. Given the current meteoric rise in housing prices across America, owning a home has become an elusive dream for many. With median home values soaring above $1 million in certain areas, the prospect of a 20% down payment alone can be as daunting as scaling Everest.
Yet, hope beckons for those willing to step off the traditional path. While it may seem akin to hunting for a needle in a haystack, fortuitous havens do exist where homeownership is affordable and life is blessed with tranquility.
In its quest to unearth the most promising locales for homebuyers, GOBankingRates conducted a thorough analysis of cities nationwide. Factoring in the crucial criterion of median home values below a quarter-million dollars, the study melded additional metrics such as crime rates, unemployment figures, and overall livability to compile the definitive ranking of cities.
But what about your hometown? Is it featured on this charmed list? Let’s dive in to find out.
50. Bowling Green, Kentucky
- 2022 average home value: $237,894
- Livability score: 73
- Median household income: $43,633
- Unemployment rate: 3.2%
- Percentage of people below the poverty line: 25.0%
- Violent crime rate per 1,000 residents: 3.67
- Property crime rate per 1,000 residents: 38.31
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See: 5 Places in Florida Where Home Prices Are Still Cheap
Top 10 Affordable Cities in the US for Homebuyers in 2022
As the housing market continues to be a rollercoaster ride, prospective homebuyers are meticulously searching for markets that provide both affordability and livability. While metropolitan hubs often monopolize discussions on real estate, several smaller cities are making a compelling case for themselves.
43. Springfield, Illinois
- 2022 average home value: $135,537
- Livability score: 61
- Median household income: $57,596
- Unemployment rate: 3.6%
- Percentage of people below the poverty line: 18.5%
- Violent crime rate per 1,000 residents: 8.38
- Property crime rate per 1,000 residents: 38.12
Springfield, Illinois, known for its historical significance as the home of Abraham Lincoln, ranks as an affordable housing haven for potential homeowners in 2022.
42. Elkhart, Indiana
- 2022 average home value: $185,429
- Livability score: 65
- Median household income: $43,868
- Unemployment rate: 2.5%
- Percentage of people below the poverty line: 19.6%
- Violent crime rate per 1,000 residents: 12.85
- Property crime rate per 1,000 residents: 31.40
Elkhart, Indiana, nestled in the heart of the Midwest, has emerged as an idyllic destination for budget-conscious home seekers.
41. Lubbock, Texas
- 2022 average home value: $195,999
- Livability score: 68
- Median household income: $54,060
- Unemployment rate: 2.9%
- Percentage of people below the poverty line: 19.4%
- Violent crime rate per 1,000 residents: 10.85
- Property crime rate per 1,000 residents: 38.53
Lubbock, Texas, with its warm climate and affordable living costs, has piqued the interest of thrifty house hunters.
40. Lafayette, Louisiana
- 2022 average home value: $202,790
- Livability score: 73
- Median household income: $55,329
- Unemployment rate: 3.1%
- Percentage of people below the poverty line: 19.5%
- Violent crime rate per 1,000 residents: 6.04
- Property crime rate per 1,000 residents: 41.26
Lafayette, Louisiana, offers an alluring blend of affordability and an enviable livability score, making it a hidden gem for prospective homeowners.
39. Topeka, Kansas
- 2022 average home value: $159,014
- Livability score: 61
- Median household income: $50,870
- Unemployment rate: 2.7%
- Percentage of people below the poverty line: 15.2%
- Violent crime rate per 1,000 residents: 7.11
- Property crime rate per 1,000 residents: 45.16
Topeka, Kansas, is emblematic of heartland affordability, presenting an enticing opportunity for those seeking a budget-friendly residential locale.
38. Corpus Christi, Texas
- 2022 average home value: $205,269
- Livability score: 69
- Median household income: $59,993
- Unemployment rate: 4.5%
- Percentage of people below the poverty line: 17.0%
- Violent crime rate per 1,000 residents: 8.79
- Property crime rate per 1,000 residents: 32.65
Corpus Christi, Texas, an affordable coastal gem, serves as a beacon for those in pursuit of economical yet pleasant abodes.
37. Pittsburgh, Pennsylvania
- 2022 average home value: $211,339
- Livability score: 75
- Median household income: $54,036
- Unemployment rate: 3.7%
- Percentage of people below the poverty line: 19.7%
- Violent crime rate per 1,000 residents: 5.98
- Property crime rate per 1,000 residents: 30.02
Pittsburgh, Pennsylvania, has built a reputation as an affordable metropolis, drawing homebuyers seeking urban amenities without breaking the bank.
36. McAllen, Texas
- 2022 average home value: $195,966
- Livability score: 81
- Median household income: $52,422
- Unemployment rate: 6.8%
- Percentage of people below the poverty line: 21.0%
- Violent crime rate per 1,000 residents: 1.82
- Property crime rate per 1,000 residents: 18.27
McAllen, Texas, shines as a paragon of affordability and livability, offering a blissful haven for frugal yet discerning homebuyers.
35. Greensboro, North Carolina
- 2022 average home value: $228,026
- Livability score: 66
- Median household income: $51,667
- Unemployment rate: 3.6%
- Percentage of people below the poverty line: 17.4%
- Violent crime rate per 1,000 residents: 8.86
- Property crime rate per 1,000 residents: 36.0
Greensboro, North Carolina, stands as a testament to the fact that affordability and an agreeable quality of life need not be mutually exclusive, carving out an inviting niche in the housing market for prudent buyers.
The Changing Landscape of Affordable Cities in the U.S.
Armand Bayou in Pasadena, Texas
- 2022 average home value: $206,139
- Livability score: 71
- Median household income: $61,182
- Unemployment rate: 3.9%
- Percentage of people below the poverty line: 17.9%
- Violent crime rate per 1,000 residents: 6.35
- Property crime rate per 1,000 residents: 25.24
Kansas City, Kansas: A City on the Rise
- 2022 average home value: $161,492
- Livability score: 59
- Median household income: $50,707
- Unemployment rate: 2.4%
- Percentage of people below the poverty line: 18.4%
- Violent crime rate per 1,000 residents: 4.72
- Property crime rate per 1,000 residents: 21.54
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Louisville, Kentucky: A Gem in the Heart of America
- 2022 average home value: $224,899
- Livability score: 64
- Median household income: $58,357
- Unemployment rate: 2.7%
- Percentage of people below the poverty line: 15.2%
- Violent crime rate per 1,000 residents: 9.79
- Property crime rate per 1,000 residents: 33.0
Wichita Falls, Texas: Where Opportunity Meets Affordability
- 2022 average home value: $147,753
- Livability score: 75
- Median household income: $50,856
- Unemployment rate: 3.3%
- Percentage of people below the poverty line: 18.5%
- Violent crime rate per 1,000 residents: 5.82
- Property crime rate per 1,000 residents: 31.59
Grand Rapids, Michigan: A City of Renewed Promise
- 2022 average home value: $238,003
- Livability score: 67
- Median household income: $55,385
- Unemployment rate: 3.1%
- Percentage of people below the poverty line: 18.6%
- Violent crime rate per 1,000 residents: 9.82
- Property crime rate per 1,000 residents: 25.81
Lake Charles, Louisiana: Embracing Growth and Diversity
- 2022 average home value: $181,000
- Livability score: 70
- Median household income: $49,913
- Unemployment rate: 3.0%
- Percentage of people below the poverty line: 20.8%
- Violent crime rate per 1,000 residents: 4.69
- Property crime rate per 1,000 residents: 24.24
Read: I’m a Real Estate Agent: 5 Cities Where Homes Will Be the Best Bargains in 2024
Jacksonville, North Carolina: Blending Affordability with Charm
- 2022 average home value: $205,393
- Livability score: 71
- Median household income: $47,483
- Unemployment rate: 3.7%
- Percentage of people below the poverty line: 16.3%
- Violent crime rate per 1,000 residents: 3.76
- Property crime rate per 1,000 residents: 19.09
Killeen, Texas: A City on the Upswing
- 2022 average home value: $213,014
- Livability score: 67
- Median household income: $52,072
- Unemployment rate: 4.0%
- Percentage of people below the poverty line: 15.7%
- Violent crime rate per 1,000 residents: 6.19
- Property crime rate per 1,000 residents: 17.18
Davenport, Iowa: Where Affordability Meets Quality of Life
- 2022 average home value: $160,993
- Livability score: 69
- Median household income: $56,315
- Unemployment rate: 3.7%
- Percentage of people below the poverty line: 15.8%
- Violent crime rate per 1,000 residents: 6.63
- Property crime rate per 1,000 residents: 36.16
Top 25 Affordable Cities to Buy a Home in 2022
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25. Warren, Michigan
- 2022 average home value: $184,946
- Livability score: 70
- Median household income: $55,153
- Unemployment rate: 3.2%
- Percentage of people below the poverty line: 15.3%
- Violent crime rate per 1,000 residents: 5.24
- Property crime rate per 1,000 residents: 15.61
Experience the Charm of Roanoke, Virginia
24. Roanoke, Virginia
- 2022 average home value: $224,331
- Livability score: 75
- Median household income: $48,476
- Unemployment rate: 2.6%
- Percentage of people below the poverty line: 18.4%
- Violent crime rate per 1,000 residents: 4.90
- Property crime rate per 1,000 residents: 38.77
Discover the Hidden Gem of Indianapolis, Indiana
23. Indianapolis, Indiana
- 2022 average home value: $212,980
- Livability score: 65
- Median household income: $54,321
- Unemployment rate: 2.2%
- Percentage of people below the poverty line: 16.4%
- Violent crime rate per 1,000 residents: 7.32
- Property crime rate per 1,000 residents: 35.20
Top 16 Affordable and Safe Places to Live in the United States in 2022
16. Independence, Missouri
- 2022 average home value: $177,135
- Livability score: 71
- Median household income: $53,996
- Unemployment rate: 2.4%
- Percentage of people below the poverty line: 14.3%
- Violent crime rate per 1,000 residents: 5.52
- Property crime rate per 1,000 residents: 35.88
The quaint and historic Independence, Missouri has emerged as one of the top 16 affordable and safe places to live in the United States. With an average home value of $177,135 and a livability score of 71, it offers an inviting environment to prospective homeowners. A median household income of $53,996 and a low unemployment rate of 2.4% contribute to its appeal as an attractive residential destination.
15. El Paso, Texas
- 2022 average home value: $190,159
- Livability score: 74
- Median household income: $51,325
- Unemployment rate: 4.0%
- Percentage of people below the poverty line: 18.3%
- Violent crime rate per 1,000 residents: 2.54
- Property crime rate per 1,000 residents: 12.73
El Paso, Texas, with its average home value of $190,159 and a commendable livability score of 74, offers an affordable and safe living option. Despite a slightly higher unemployment rate of 4.0%, the city presents a median household income of $51,325, maintaining an overall appeal for potential residents.
14. Hamilton, Iowa
- 2022 average home value: $241,626
- Livability score: 74
- Median household income: $50,034
- Unemployment rate: 3.1%
- Percentage of people below the poverty line: 16.4%
- Violent crime rate per 1,000 residents: 4.92
- Property crime rate per 1,000 residents: 31.95
Hamilton, Iowa, excels as a compelling choice for those seeking affordable and safe living, with an average home value of $241,626 and a livability score of 74. The city’s median household income of $50,034, paired with a 3.1% unemployment rate, offers a promising environment for residents.
13. Pensacola, Florida
- 2022 average home value: $234,795
- Livability score: 69
- Median household income: $59,119
- Unemployment rate: 2.3%
- Percentage of people below the poverty line: 15.3%
- Violent crime rate per 1,000 residents: 6.22
- Property crime rate per 1,000 residents: 27.74
Pensacola, Florida, boasts an average home value of $234,795 and a median household income of $59,119, making it an enticing option for those in search of a safe and affordable location. With a low unemployment rate of 2.3%, it presents an excellent prospect for potential residents.
12. Longview, Texas
- 2022 average home value: $200,386
- Livability score: 78
- Median household income: $53,854
- Unemployment rate: 4.0%
- Percentage of people below the poverty line: 18.6%
- Violent crime rate per 1,000 residents: 3.50
- Property crime rate per 1,000 residents: 25.23
Longview, Texas, offers a robust livability score of 78 and an average home value of $200,386, making it an attractive and affordable place to reside. Despite a 4.0% unemployment rate, the city’s median household income of $53,854 portrays it as a feasible living option for individuals seeking safety and affordability.
11. Abilene, Texas
- 2022 average home value: $174,950
- Livability score: 75
- Median household income: $54,493
- Unemployment rate: 3.2%
- Percentage of people below the poverty line: 15.4%
- Violent crime rate per 1,000 residents: 4.78
- Property crime rate per 1,000 residents: 20.68
Abilene, Texas, with an average home value of $174,950 and a livability score of 75, stands out as an affordable and secure residential option. The city’s median household income of $54,493, coupled with a 3.2% unemployment rate, presents a compelling case for individuals or families seeking a safe and budget-friendly location.
10. Amarillo, Texas
- 2022 average home value: $181,193
- Livability score: 73
- Median household income: $55,174
- Unemployment rate: 2.6%
- Percentage of people below the poverty line: 15.8%
- Violent crime rate per 1,000 residents: 7.46
- Property crime rate per 1,000 residents: 33.71
Amarillo, Texas, showcases a relatively low average home value of $181,193 along with a favorable livability score of 73. The city’s median household income of $55,174, in addition to a modest unemployment rate of 2.6%, positions it as an appealing option for those seeking an affordable and secure living environment.
9. Tyler, Texas
- 2022 average home value: $222,562
- Livability score: 70
- Median household income: $58,385
- Unemployment rate: 3.3%
- Percentage of people below the poverty line: 14.9%
- Violent crime rate per 1,000 residents: 4.50
- Property crime rate per 1,000 residents: 26.44
Tyler, Texas, with an average home value of $222,562 and a median household income of $58,385, embodies a compelling residential option. Despite a 3.3% unemployment rate, the city offers a livability score of 70, making it an appealing prospect for individuals or families in search of a safe and budget-friendly dwelling.
8. Norman, Oklahoma
- 2022 average home value: $227,192
- Livability score: 76
- Median household income: $59,866
- Unemployment rate: 2.4%
- Percentage of people below the poverty line: 16.7%
- Violent crime rate per 1,000 residents: 3.17
- Property crime rate per 1,000 residents: 31.23
Nestled in the heart of Oklahoma, Norman presents an average home value of $227,192 and a livability score of 76, emphasizing its allure as an affordable and secure residential site. With a median household income of $59,866 and a modest 2.4% unemployment rate, it represents a prime location for individuals or families pursuing a budget-friendly and safe abode.
Best Affordable Places to Buy a Home
Hampton, Virginia
- 2022 average home value: $233,401
- Livability score: 72
- Median household income: $59,380
- Unemployment rate: 3.0%
- Percentage of people below the poverty line: 14.4%
- Violent crime rate per 1,000 residents: 2.87
- Property crime rate per 1,000 residents: 24.99
Blanketed in economic potential and cultural vibrance, Hampton, Virginia stands as an enticing prospect for homebuyers seeking affordability with a dash of charm. With an average home value of $233,401 and a livability score of 72, this historic city offers a comfortable backdrop for those yearning for quality living at an affordable price. Nestled between the James River and the Chesapeake Bay, Hampton’s blend of economic opportunity and scenic natural beauty make it an exotic oasis in the often arid landscape of budget-friendly home markets. Add in an unemployment rate of just 3.0% and low crime rates, and it’s plain to see why Hampton’s appeal continues to grow.
Des Moines, Iowa
- 2022 average home value: $179,879
- Livability score: 75
- Median household income: $58,444
- Unemployment rate: 2.8%
- Percentage of people below the poverty line: 15.3%
- Violent crime rate per 1,000 residents: 6.32
- Property crime rate per 1,000 residents: 31.89
Amid the heartland of Des Moines, Iowa, lies a treasure trove for prospective homeowners. With an average home value of $179,879 and a livability score of 75, Des Moines offers a harmonious blend of affordability and standard of living. This metropolitan oasis pairs reasonable housing costs with a median household income of $58,444, making it an affordable yet comfortable option for those in search of an idyllic dwelling. Boasting an unemployment rate of just 2.8%, Des Moines showcases that a down-to-earth lifestyle need not be devoid of economic fortitude, offering residents a marriage of value and opportunity.
Lynchburg, Virginia
- 2022 average home value: $216,265
- Livability score: 82
- Median household income: $54,015
- Unemployment rate: 2.9%
- Percentage of people below the poverty line: 17.6%
- Violent crime rate per 1,000 residents: 4.20
- Property crime rate per 1,000 residents: 20.90
Lynchburg, Virginia, a city steeped in southern hospitality and affordability, emerges as a beacon of promise for homebuyers. With an average home value of $216,265 and an impressive livability score of 82, Lynchburg exudes an aura of charm while accommodating budget-conscious buyers. The city’s median household income of $54,015 and low 2.9% unemployment rate offer reassurance to those seeking both financial stability and community allure. With a tapestry of opportunity and tranquility, Lynchburg paints an inviting picture for individuals seeking true value in a home while maintaining a high quality of life.
Greenbay, Wisconsin
- 2022 average home value: $206,384
- Livability score: 70
- Median household income: $55,221
- Unemployment rate: 2.1%
- Percentage of people below the poverty line: 15.4%
- Violent crime rate per 1,000 residents: 4.54
- Property crime rate per 1,000 residents: 15.22
Ah, Greenbay, Wisconsin—nestled along the tranquil waters of Lake Michigan and clothed in a tapestry of lush greenery. With an average home value of $206,384 and a relaxed livability score of 70, this city strikes an alluring balance between affordability and serenity. Boasting a median household income of $55,221 and an employment rate as low as 2.1%, Greenbay cultivates an atmosphere of fiscal stability and communal harmony, with the added bonus of low crime rates. The city beckons forth with a siren song of snug affordability and tranquil charm, making it a locale where potential homeowners can carve out a cozy niche.
Joliet, Illinois
- 2022 average home value: $205,688
- Livability score: 70
- Median household income: $77,373
- Unemployment rate: 4.2%
- Percentage of people below the poverty line: 10.7%
- Violent crime rate per 1,000 residents: 5.05
- Property crime rate per 1,000 residents: 11.51
Enter Joliet, Illinois, a city where affordability mingles with promise. With an average home value of $205,688 and a livability score of 70, Joliet mirrors an enchanting fusion of warmth and value. Despite an unemployment rate of 4.2%, the city presents potential homeowners with a median household income of $77,373, serving as a bedrock of financial security and offering a blueprint for prosperity. Joliet is a canvas where the brushstrokes of community spirit and prudent investment weave together to create an enticing prospect for those in pursuit of a cost-effective dwelling within a nurturing environment.
Fort Wayne, Indiana
- 2022 average home value: $195,509
- Livability score: 75
- Median household income: $53,978
- Unemployment rate: 2.2%
- Percentage of people below the poverty line: 15.5%
- Violent crime rate per 1,000 residents: 2.64
- Property crime rate per 1,000 residents: 23.13
Fort Wayne, Indiana, exemplifies a crucible where affability converges with fiscal prudence. With an average home value of $195,509 and a notable livability score of 75, Fort Wayne beckons forth as an inviting locale for prospective homeowners seeking a harmonious blend of affordability and community allure. The city’s median household income of $53,978 and paltry unemployment rate of 2.2% underscore a landscape where financial stability and communal harmony intertwine, affording residents a harmonious symphony of value and opportunity as they seek to plant roots in a nurturing environment that won’t break the bank.
Cedar Rapids, Iowa
- 2022 average home value: $187,941
- Livability score: 76
- Median household income: $63,170
- Unemployment rate: 3.5%
- Percentage of people below the poverty line: 11.2%
- Violent crime rate per 1,000 residents: 3.41
- Property crime rate per 1,000 residents: 26.78
Ah, Cedar Rapids, Iowa—a locale where affordability intertwines with opportunity, nestled within the bosom of captivating landscapes. With an average home value of $187,941 and a livability score of 76, Cedar Rapids stands as a testament to the notion that cozy affordability need not come at the expense of opportunity and tranquility. Boasting a median household income of $63,170 and an unemployment rate of 3.5%, Cedar Rapids weaves together a narrative where financial stability and communal harmony interweave, crafting a haven for potential homeowners in search of value and aspiration. It’s a place where the American Dream meets fiscal prudence, signifying that a fulfilling, affordable life is not a mere fantasy but a tangible reality.
Joel Anderson contributed to the reporting for this article.
Methodology: In order to find the 50 best places to buy a home for under $250,000, GOBankingRates looked at the 100 most populous cities where home values from Jan. 2022 to Jan. 2023 did not go above $250,000 and had an average during that same period below $250,000 according to Zillow’s Jan. 2023 data. Once these 100 cities were identified, GOBankingRates looked at the following factors: (1) median household income as sourced from the United States Census Bureau’s 2021 American Community Survey; (2) an overall livability score out of 100 sourced from AreaVibes; (3) violent crime rate per 1,000 residents and (4) property crime rate per 1,000residents, both sourced from Neighborhood Scout; (5) Metropolitan Statistical Area unemployment rate from the Bureau of Labor Statistics’ preliminary data for December 2022; (6) percent of population living below the poverty line sourced from the United States Census Bureau’s 2021 American Community Survey; and (7) an annual cost of living expenditures estimate (groceries, healthcare, utilities and transportation), based on the Bureau of Labor Statistics’ 2021 Consumer Expenditure Survey and local cost of living indices sourced from Sperling’s Best Places. All factors were then scored and combined, with the lower score being best, and then ranked to give the final placements. All data was collected on and up to date as of March 9, 2023.
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The 50 Best Places To Buy a Home for Under $250,000
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