While the median sales price for new single-family homes was $400,500 in February, according to the U.S. Census Bureau, real estate news and research site ResiClub found that the average forecast from its latest roundup expects U.S. home prices to rise 2.38% in 2024.
That means if your budget tops out at $500,000 then you’ve still got plenty of options on where to put down roots. But that sum buys far more in some places than it does in others. Purchasing the right home in the right place is about a lot more than just the average price per square foot.
Using data from Zillow, the U.S. Census Bureau, the Bureau of Labor Statistics and Sperling’s Best Places, GOBankingRates identified the 25 best cities to buy a home in that price range, including how each city’s cost of living compares to national and state averages.
With those factors and others in mind, here’s a look at the 25 best places to buy a home for less than $500,000.
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