Mortgage rates continue to climb and many predict this will lead to cooling housing markets across the country as buying a home becomes less affordable. If you’re house hunting and have the flexibility of working remotely, there are still major urban centers where you can buy a house for less than $225,000. We describe some of the most attractive below. (See the lowest mortgage rates you might qualify for here.)
If you want to be in the Northeast: Philadelphia
Located about 97 miles south of New York City, Philadelphia is close enough to Manhattan that some people commute between the two cities every day. However, Philadelphia has a lot to offer on its own. Best known as the place where the US Constitution was written in 1787, Philadelphia is a thriving metropolis with state-of-the-art museums including the Philadelphia Museum of Art and the Barnes Foundation, as well as the Walnut Street Theatre, the oldest continuously operating theater. in the USA. Spend your weekends in the plethora of cultural spaces and parks along the Delaware River, including the Cherry Street Pier and the newly opened Delaware River Trail. Philadelphia is full of options for foodies, including Vernick Food & Drink, which is run by a chef trained by Jean-Georges Vongrichten and Morimoto, which highlights Japanese cuisine. Even better, real estate is still relatively affordable in Philadelphia. For less than $225,000, you can buy this three-bedroom in a neighborhood near the Delaware River, or this newly renovated townhouse across from a playground.
Average value of a house: $235,953
Cost of life: 1.2% above the US average
If you want a city surrounded by natural beauty: Louisville, Kentucky
Known as the home of the Kentucky Derby and the birthplace of Muhammad Ali, Louisville is also home to Old Louisville, the largest district of Victorian architecture in the United States. Located on the Ohio River about 100 miles southwest of Cincinnati, Louisville is surrounded by great natural beauty, including Fairmount Falls and the Jefferson Memorial Forest, the largest municipal urban forest in the United States. Spend your weekends strolling past the stately Victorian homes of Old Louisville, visiting local bourbon distilleries, or catching a game with the Louisville Bats, the area’s minor league baseball team. Sample local specialties including the Hot Brown Sandwich and Mint Julep at any of the city’s 2,500 restaurants, including Seviche and the James Beard-named Holly Hill Inn. A $225,000 budget will give you plenty of options, including this brand new three-bedroom home, this spacious three-bedroom brick home on a corner lot, or this newly remodeled home with a detached garage.
Average value of a house: $232,705
Population: 246 161
Cost of life: 11.6% below the US average
See the lowest mortgage rates you could qualify for here.
If you have a family: Indianapolis, Indiana
Indianapolis has all the perks of a major metropolis – professional sports teams, a convention center, the Indianapolis Zoo – at a fraction of the cost of coastal cities. Perhaps best known for hosting the annual Indianapolis 500, the city is also home to White River State Park, which features an amphitheater and 250 acres of green space, as well as the Indianapolis Museum of Art and the Indianapolis Children’s Museum, which is the largest children’s museum. in the world. Keep Indianapolis Beautiful, a non-profit organization, works to transform the city’s vacant lots into green spaces for the community. The 8-mile shared-use Indianapolis Cultural Trail offers a bike-sharing program and takes you through the city’s eight cultural districts, where they can stop for a meal at Milktooth, which was chosen as the one of the best new restaurants by Bon Appétit Magazine in 2015. A budget of $225,000 will buy a spacious three-bedroom house or this newly renovated cottage in a historic neighborhood.
Average value of a house: $227,543
Population: 882 039
Cost of life: 16.5% below the US average
If you want a small-town feel in a big city: Greensboro, NC
Located in the Piedmont Triad, which also includes Winston-Salem and High Point, Greensboro is roughly equidistant between the Blue Ridge Mountains and the beaches of the Atlantic Ocean, which means that if you’re moving to the city , you’ll have plenty of options for weekend outings. Named for Revolutionary War General Nathanael Greene, Greensboro was established as the center of the textile industry in the United States in the 19e century. There are plenty of attractions in the city, including the Greensboro Science Center, Greensboro History Museum, Greensboro Coliseum Complex, and the International Civil Rights Center & Museum. Perhaps most famous for its barbecue restaurants, including Mac’s Speed Shop and Stamey’s Barbecue, Greensboro is also home to a thriving culinary scene that includes eateries such as Don Japanese and Machete. A budget of $225,000 will buy you this newly remodeled three-bedroom home or this spacious three-bedroom ranch with a large backyard and garage.
Average value of a house: $242,389
Population: 298 263
Cost of life: 16.1% below the US average
See the lowest mortgage rates you could qualify for here.
If you want to stay in New York but don’t have money in New York: Albany, New York
Capital of New York State, Albany is a 400-year-old city located on the banks of the Hudson River. Famous – and infamous – the place around which New York state politics revolves, the city also has a lot to offer residents, including the Egg, an eye-catching architectural marvel that serves as a center for the performing arts, and the Albany Institute of History. and Art, which has many important Hudson River School paintings in its collection. The city is about a three-hour drive north of Manhattan; an hour’s drive from Lake George, which offers many outdoor recreational activities; and nearby Saratoga Springs, home to a racetrack and the Baseball Hall of Fame in Cooperstown. Albany’s dining scene includes restaurants that showcase local food and produce, including Yono’s Kitchen Table and Restaurant. Albany may be one of the last frontiers in the Hudson Valley where you can find affordable real estate, including this timeless four-bedroom home with a generous porch, and this charming three-bedroom with good bones and a large attic.
Average value of a house: $268,179
Cost of life: 5.4% below the US average
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