Peter Beyer SVP, Finance & Operations | realtors.com
Housing affordability emerged as a key issue in the recent presidential election, with many homebuyers seeking markets that won't strain their budgets. Three Midwest cities, Rockford, IL, Akron, OH, and Canton, OH, have been highlighted for their affordable housing options. These cities ranked No. 4, No. 9, and No. 12 respectively in the October Realtor.com® Hottest Housing Markets report.
The median home prices in these cities are approximately $250,000—$175,000 below the national median of $424,950 recorded in October. "The typical [monthly] mortgage payment, assuming a 10% down payment, would be $1,455 or less in these areas," says Hannah Jones from Realtor.com®. Including tax and insurance costs, the minimum recommended income to afford this payment is about $73,000.
Rockford offers attractions such as free college tuition through the Rockford Promise Northern Illinois University Scholarship Program and employment opportunities in its hospital systems and aerospace industry. "Inventory levels are still low in Rockford," notes David Dale Johnson of Berkshire Hathaway HomeServices Crosby Starck Real Estate.
Akron is appealing due to its climate resilience; only 1.8% of properties face severe natural disaster risks over the next 30 years. "Greater Akron is an exceptional location that blends urban excitement with natural beauty," says Gregg Mervis from the Akron/Summit Convention & Visitors Bureau.
Canton was ranked No.1 last month in the Wall Street Journal/Realtor.com® Housing Market Ranking. According to real estate investor Paul Gabrail: "In terms of ROI...you’ll probably do better in cities like Canton versus bigger cities."
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