Millennials would have a cheaper path to homeownership if they left the big cities behind in favor of more affordable digs in places such as Chattanooga, Tenn. (iStock)
New York’s just not affordable, or so goes the cry of many young professionals living in the city who want to buy rather than rent.
But never fear, there are other options — if you’re willing to leave the Big Apple.
A reporter at real estate website Curbed, Patrick Sisson, compiled a list of five up-and-coming metropolises across America that offer a cheaper path to homeownership.
(The median home price in the New York metro area, by the by, is $419,100, according to the most recent data from Realtor.com.)
Sisson canvassed real estate and urban planning experts and examined data points like job growth (good), unemployment (low) and millennial population (big).
He found that the following five cities are ideal for aspiring homeowners with more modest means: Madison, Wis. (median home price: $273,600); Richmond, Va. ($258,900); Des Moines, Iowa ($198,200); Chattanooga, Tenn. ($178,100) and Omaha, Neb. ($179,000).
The median home in Madison, Wis., goes for $273,600 — much less than the $419,100 new homeowners would pay for the median home in New York. (iStock)
Don’t write them off as subpar, Sisson warns.
“Plenty of mid-size, oft-overlooked U.S. cities get dismissed out of hand, despite having booming tech industries; walkable, exciting downtowns; shorter commutes; and thriving cultural scenes,” he writes.
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“They’re livable, dynamic, and, better yet, don’t require insane down payments or seven-figure mortgages. So-called second-tier cities offer more opportunity and affordability than many expect.”