Amid a growing sense of disillusionment among first-time buyers, a glimmer of hope emerges: A handful of small cities across the US still have many affordable homes available to middle-income earners — a segment teeming with prospective first-time homebuyers.
Some cities in Ohio, particularly, are a sweet spot, according to data from the National Association of Realtors and realtor.com. An analysis from the companies shows that among the 100 largest US metropolitan areas, three cities in Ohio — Youngstown, Akron, and Toledo — have the most homes affordable to middle-income buyers.
In Youngstown, buyers earning at least $75,000 can afford to purchase 72% of listings, while those in Akron and Toledo can afford to buy 61%. In each of these cities, the median home listing price for all kinds of homes, not just starter homes, is more than $300,000 below the national median of $445,000, as of June, according to data from realtor.com. The median home price in Akron is $125,000, in Youngstown it is $119,900, and in Toledo it is $120,000.
"Youngstown is a weaker market in terms of home values," Ian Beniston, who has been the executive director of the Youngstown Neighborhood Development Corporation for 14 years, previously told Insider. "Since housing is much more affordable here at all times, your money can definitely go further here."