Owning a home for under $200,000, being able to live comfortably on a single income, or saving for retirement while earning less than $100,000 a year may seem like a long-gone American dream. But in the heartland of America and even on the East Coast, certain real estate markets are heating up as the American dream finds new life.
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While homebuyers have long dreamed of the sunny magic of California or the seasonal charm of the East Coast, astronomically high real estate prices can mean saving for more than a decade before you can afford a home.
Instead, savvy homebuyers are focusing on the heartland of the country. And the number one market? According to a Wall Street Journal/Realtor.com real estate market ranking, it’s Fort Wayne, IN. The mid-sized city in northeast Indiana, 18 miles west of Ohio, 50 miles south of Michigan and within 300 miles of Chicago, Cincinnati, Detroit and Milwaukee, is known by the nickname Summit City.
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Homes costing less than $200,000 are in high demand and sell quickly. There are usually multiple offers and bidding wars can even occur. But if you could pay even $250,000, you would be above the average home price of $235,101 in Fort Wayne.
When evaluating the housing market, they don’t just look at property prices. They also consider the overall economy, amenities, and the housing market. When you move somewhere, you have to consider the community, amenities, schools, and overall economy.
Overall, these areas are characterized by a combination of strong homebuyer demand, rapid home sales, and significant price growth over the past year, with the economy and infrastructure expected to sustain this growth.
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Fort Wayne also offers excellent employment opportunities with major employers and a low unemployment rate of just 3.3%, lower than the national rate of 4.1%, according to the Bureau of Labor Statistics. Major employers include regional healthcare, e-commerce, and an auto assembly plant.
Fort Wayne scores highly for affordability, short commutes, safe communities, and low cost of living. But it’s not alone on the list. While many of the top 20 are in the Midwest, the rural East Coast boasts impressive performance in states like Ohio, Wisconsin, and Michigan.
Manchester, New Hampshire, ranks 4th. The unemployment rate is 2.5% and the median home price is just under $600,000. But New Hampshire also has no state income tax and Manchester is just over an hour from Boston, making it an easy commute for a lucrative career in Boston.
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Burlington, Vermont, is number six on the list with an extremely low unemployment rate of just 1.7%. Median home prices are above the national average at $559,000, but the charming community, proximity to major East Coast cities, and lower cost of living make it a great choice.
Other major cities on the East Coast include Springfield and Worcester in Massachusetts, Portland, Maine, and Hickory, North Carolina.
The remaining top five spots are in the Midwest. Canton and Akron, Ohio, take second and third place, while South Bend, Michigan, rounds out the top five. Not surprisingly, median home prices in all Midwest cities are well below the national average.
In Canton or Akron, you can buy a home for a median price of just $255,000 or $265,000, respectively. Proximity to larger cities, beautiful state and national parks, and safe communities make these Ohio cities a place to live your American dream.
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This article “Fort Wayne beats coastal hotspots: $200,000 homes spark bidding wars in America’s largest market” originally appeared on Benzinga.com
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