4 Shockingly Cheap Real Estate Markets

Purchasing real estate isn’t easy. There are a lot of factors to consider including what kind of property you’re looking for, how you’re going to secure financing, and where you want to buy. Whether you’re selling your house and looking for a new place to live, or you’re searching for an investment property, location is key. Unfortunately, in the last few years, many American cities like New York and Los Angeles have become completely unaffordable to the majority of the population.

However, that doesn’t mean there aren’t cities where you can find a great property for a great price. The real estate market is changing rapidly meaning new opportunities are opening up in markets you might never have considered.

Here are four shockingly cheap real estate markets that would be perfect for your next real estate investment.

Detroit, Michigan

Nicknamed “Motor City” for its once-thriving automotive industry, Detroit has seen a lot of change over the last few years. Domestic manufacturing has taken a huge hit, and as a result, so has the city itself. For many years, Detroit was seen as a declining metropolis faced with the task of reinvigorating itself. Real estate prices hit rock bottom.

Now, Detroit is back on the upswing and is beginning to reaffirm itself as a cultural and economic American landmark. While still not back to its former glory, real estate is still extremely affordable in Detroit. Many see its real estate market as a great opportunity for growth since its economy is improving while its median property value remains relatively low compared to other cities with similar populations.

Pittsburgh, Pennsylvania

Pittsburgh is a bigger city with a small-town feel. Home to national banks and Fortune 500 companies, Pittsburgh has emerged as so much more than a city known for its steel industry. It’s also become a destination for sports, music, and great food.

Considering its proximity to other large urban areas, and its economic success, Pittsburgh is relatively affordable. Its cost of living is also distinctly lower than nearby cities like Philadelphia making this a great place to relocate if you’re looking like in a city cheaply. It also has a booming rental market if you’re looking for a property strictly for investment purposes.

Baltimore, Maryland

Rich in history, but inexpensive to live in, Baltimore is a fantastic place to own a property. Baltimore was formerly known for manufacturing, however since domestic manufacturing has dwindled, the city has set its sights on the service industry. Divided into many distinct neighborhoods, Baltimore is perhaps most famous as the home to John Hopkins Hospital and John Hopkins University.

Despite its fame for academia and medicine, Baltimore is extremely affordable with one of the lowest median property values of any major American city. With ample inventory and a low cost of living, buying a property in Baltimore might just be a great low-cost real estate investment.

Cleveland, Ohio

Arguably Ohio’s cultural center point, Cleveland isn’t just a great city for a road trip or a work trip. It’s also a great place to invest in real estate. With the cost of living much lower than the average American cost of living, real estate is very affordable, and the rental market is hot. If you’re looking for great value and a quicker return on investment, look no further than Cleveland.

Conclusion

Every market is distinct and ever-changing, even markets in close proximity to each other. Before investing in a new real estate market, make sure you’re not just judging where it’s at, but also where it's trending towards.