Canton tops US affordable housing markets amid changing buyer preferences

America's top affordable housing market is currently Canton, Ohio, according to the latest Wall Street Journal/Realtor.com Housing Market Ranking. Known as "America’s Playing Field," Canton is celebrated for its connection to football as the birthplace of the NFL and home to the Pro Football Hall of Fame. The city offers a median home price of $259,000, which is significantly lower than the national median of $425,000.

Homes in Canton spent an average of 32 days on the market in September, indicating a faster selling pace compared to the national average. Paul Gabrail, an Ohio real estate investor who grew up in Canton, states that “competition is lower in the Canton real estate market, which means less people driving up prices.” He describes Canton as having "a very reasonable cost of living" and being "a quiet place to live."

Canton attracts homebuyers from larger cities like Akron and Cleveland and even from more distant urban centers such as Washington, DC, and New York City. The Wall Street Journal/Realtor.com ranking evaluates metro areas based on factors like real estate demand, housing stock, median days on the market, climate risks, unemployment rates, wages, and regional price parities.

Ohio features prominently in this ranking with five cities making it into the top 20 markets. Danielle Hale, chief economist at Realtor.com says that “the Midwest is the most affordable of the U.S. regions," which draws buyers who are mindful of their budgets.

Rockford, Illinois stands out for having the lowest home prices among these markets with a median list price of $223,000. Conversely, Worcester, Massachusetts had one of the highest median home list prices at $525,000.

Climate change has also influenced buyer preferences with recent hurricanes highlighting risks associated with certain areas. The Midwest region sees lower climate risks overall. Hale notes that this “gives buyers more peace of mind when taking on a home purchase,” with only 2.7% of properties in Canton facing severe or extreme climate risk over the next 30 years.

The top 20 housing markets are dominated by regions from the Midwest and Northeast. Hale mentions that "buyers continue to flock to areas like these where they can get considerable bang for their buck."

Below is a list of some cities featured in this ranking:

1. Canton, OH - Median home list price: $259,000

2. Akron, OH - Median home list price: $230,000

3. Milwaukee, WI - Median home list price: $390,000

4. Manchester, NH - Median home list price: $563,000

5. Kalamazoo, MI - Median home list price: $360,000

These findings suggest a trend toward more affordable housing options within regions perceived as having lower economic burdens and reduced environmental risks.