During the pandemic, surging demand for housing — coupled with limited supply — sent home values soaring. Now, with mortgage rates at historic highs, millions of Americans are priced out of the market. According to the latest estimates from the National Association of Homebuilders, 103.5 million U.S. households cannot afford a median priced home. (Here is a look at the 50 U.S. cities with the cheapest rents.)

Between early 2020 and mid-2022, the list price of a typical American home rose by over 50%. As of April 2024, the latest month of available data from Realtor.com, the median list price in the U.S. was $429,950, only slightly below the all-time high of $449,000 reported in June 2022. While home values have fallen in the last two years, lower prices have been more than off-set by higher borrowing costs. The average interest rate on a 30-year fixed mortgage is now nearly 7%, up from less than 3% as recently as October 2021.

These market conditions have forced many prospective buyers to reevaluate what they can afford, and often, to settle for smaller homes. Still, housing prices are subject to a number of factors that can be isolated from broader market trends — and location is one of them. Even in the current seller’s market, there are parts of the country where even a modest budget can be enough for a reasonably sized, single-family home.

Using metro area-level data from Realtor.com, 24/7 Wall St. identified the U.S. housing markets where a dollar goes the furthest. Metro areas are ranked on the median list price per square foot in April 2024. Only places with at least 100 actively listed homes were considered. Cities with data outside of the typical margin of error were excluded from analysis. In the case of a tie, the city with the lower overall median list price ranks higher.

In each of the 37 cities on this list, the typical home is listed for less than $120 per square foot. For context, most homes nationwide are listed for at least $230 per square foot. Median home prices in these places range from $235,900 down to $111,450 — or 45% to 74% less than the national median.

These cities are disproportionately concentrated in the Midwest and the South. Meanwhile, no cities in the West rank on this list, and the only Northeastern cities are in New York and Pennsylvania. (Here is a look at how big a house $200,000 can buy in each state.)

Why It Matters

Widely seen as a cornerstone of the American dream, homeownership has also historically been a reliable means of building wealth. However, rising home values and borrowing costs have priced large segments of the population out of the market in recent years. The state of the housing market is not only impacting individuals and families, but also the broader economy. Residential investment accounts for as much as 5% of U.S. gross domestic product, and since mid-2020, the volume of new home sales in the U.S. has fallen by 33%.

37. Rockford, IL

• Median list price per square foot in April 2024: $119
• 1-yr. change in median list price per square foot: +7.0%
• Median list price in April 2024: $234,925
• Typical size of a listed home in April 2024: 1,931 sq. ft.
• Number of properties on the market in April 2024: 219 homes

36. Danville, VA

• Median list price per square foot in April 2024: $119
• 1-yr. change in median list price per square foot: +6.7%
• Median list price in April 2024: $190,112
• Typical size of a listed home in April 2024: 1,574 sq. ft.
• Number of properties on the market in April 2024: 161 homes

35. Binghamton, NY

• Median list price per square foot in April 2024: $117
• 1-yr. change in median list price per square foot: +6.3%
• Median list price in April 2024: $202,225
• Typical size of a listed home in April 2024: 1,785 sq. ft.
• Number of properties on the market in April 2024: 210 homes

34. Saginaw, MI

• Median list price per square foot in April 2024: $117
• 1-yr. change in median list price per square foot: +14.7%
• Median list price in April 2024: $174,925
• Typical size of a listed home in April 2024: 1,473 sq. ft.
• Number of properties on the market in April 2024: 223 homes

33. Enid, OK

• Median list price per square foot in April 2024: $116
• 1-yr. change in median list price per square foot: +-3.0%
• Median list price in April 2024: $235,900
• Typical size of a listed home in April 2024: 1,921 sq. ft.
• Number of properties on the market in April 2024: 163 homes

32. Laurel, MS

• Median list price per square foot in April 2024: $116
• 1-yr. change in median list price per square foot: +15.8%
• Median list price in April 2024: $228,250
• Typical size of a listed home in April 2024: 1,945 sq. ft.
• Number of properties on the market in April 2024: 154 homes

31. Anniston-Oxford, AL

• Median list price per square foot in April 2024: $116
• 1-yr. change in median list price per square foot: +14.8%
• Median list price in April 2024: $207,400
• Typical size of a listed home in April 2024: 1,750 sq. ft.
• Number of properties on the market in April 2024: 203 homes

30. Youngstown-Warren-Boardman, OH-PA

• Median list price per square foot in April 2024: $116
• 1-yr. change in median list price per square foot: +12.9%
• Median list price in April 2024: $179,950
• Typical size of a listed home in April 2024: 1,679 sq. ft.
• Number of properties on the market in April 2024: 638 homes

29. Salem, OH

• Median list price per square foot in April 2024: $114
• 1-yr. change in median list price per square foot: +15.5%
• Median list price in April 2024: $174,450
• Typical size of a listed home in April 2024: 1,556 sq. ft.
• Number of properties on the market in April 2024: 157 homes

28. St. Joseph, MO-KS

• Median list price per square foot in April 2024: $114
• 1-yr. change in median list price per square foot: +5.5%
• Median list price in April 2024: $170,100
• Typical size of a listed home in April 2024: 1,572 sq. ft.
• Number of properties on the market in April 2024: 148 homes

27. Poplar Bluff, MO

• Median list price per square foot in April 2024: $112
• 1-yr. change in median list price per square foot: +6.0%
• Median list price in April 2024: $199,075
• Typical size of a listed home in April 2024: 1,645 sq. ft.
• Number of properties on the market in April 2024: 181 homes

26. Terre Haute, IN

• Median list price per square foot in April 2024: $112
• 1-yr. change in median list price per square foot: +16.0%
• Median list price in April 2024: $179,900
• Typical size of a listed home in April 2024: 1,681 sq. ft.
• Number of properties on the market in April 2024: 293 homes

25. Beckley, WV

• Median list price per square foot in April 2024: $111
• 1-yr. change in median list price per square foot: +4.3%
• Median list price in April 2024: $178,225
• Typical size of a listed home in April 2024: 1,652 sq. ft.
• Number of properties on the market in April 2024: 164 homes

24. Corning, NY

• Median list price per square foot in April 2024: $109
• 1-yr. change in median list price per square foot: +13.7%
• Median list price in April 2024: $209,450
• Typical size of a listed home in April 2024: 1,786 sq. ft.
• Number of properties on the market in April 2024: 119 homes

23. Duncan, OK

• Median list price per square foot in April 2024: $108
• 1-yr. change in median list price per square foot: +15.9%
• Median list price in April 2024: $221,224
• Typical size of a listed home in April 2024: 1,837 sq. ft.
• Number of properties on the market in April 2024: 115 homes

22. Wheeling, WV-OH

• Median list price per square foot in April 2024: $108
• 1-yr. change in median list price per square foot: +8.4%
• Median list price in April 2024: $165,625
• Typical size of a listed home in April 2024: 1,628 sq. ft.
• Number of properties on the market in April 2024: 242 homes

21. Huntington-Ashland, WV-KY-OH

• Median list price per square foot in April 2024: $107
• 1-yr. change in median list price per square foot: +5.3%
• Median list price in April 2024: $199,600
• Typical size of a listed home in April 2024: 1,762 sq. ft.
• Number of properties on the market in April 2024: 472 homes

20. Springfield, IL

• Median list price per square foot in April 2024: $107
• 1-yr. change in median list price per square foot: +2.5%
• Median list price in April 2024: $198,675
• Typical size of a listed home in April 2024: 1,733 sq. ft.
• Number of properties on the market in April 2024: 199 homes

19. Parkersburg-Vienna, WV

• Median list price per square foot in April 2024: $106
• 1-yr. change in median list price per square foot: +5.9%
• Median list price in April 2024: $222,500
• Typical size of a listed home in April 2024: 2,170 sq. ft.
• Number of properties on the market in April 2024: 122 homes

18. Weirton-Steubenville, WV-OH

• Median list price per square foot in April 2024: $106
• 1-yr. change in median list price per square foot: +20.6%
• Median list price in April 2024: $150,000
• Typical size of a listed home in April 2024: 1,533 sq. ft.
• Number of properties on the market in April 2024: 196 homes

17. Bluefield, WV-VA

• Median list price per square foot in April 2024: $104
• 1-yr. change in median list price per square foot: +4.6%
• Median list price in April 2024: $196,225
• Typical size of a listed home in April 2024: 1,917 sq. ft.
• Number of properties on the market in April 2024: 166 homes

16. Sunbury, PA

• Median list price per square foot in April 2024: $104
• 1-yr. change in median list price per square foot: +12.3%
• Median list price in April 2024: $162,450
• Typical size of a listed home in April 2024: 1,652 sq. ft.
• Number of properties on the market in April 2024: 117 homes

15. Altoona, PA

• Median list price per square foot in April 2024: $103
• 1-yr. change in median list price per square foot: +11.0%
• Median list price in April 2024: $153,550
• Typical size of a listed home in April 2024: 1,656 sq. ft.
• Number of properties on the market in April 2024: 174 homes

14. Charleston, WV

• Median list price per square foot in April 2024: $102
• 1-yr. change in median list price per square foot: +6.8%
• Median list price in April 2024: $156,043
• Typical size of a listed home in April 2024: 1,607 sq. ft.
• Number of properties on the market in April 2024: 318 homes

13. Cumberland, MD-WV

• Median list price per square foot in April 2024: $101
• 1-yr. change in median list price per square foot: +7.2%
• Median list price in April 2024: $165,000
• Typical size of a listed home in April 2024: 1,600 sq. ft.
• Number of properties on the market in April 2024: 178 homes

12. Muncie, IN

• Median list price per square foot in April 2024: $101
• 1-yr. change in median list price per square foot: +15.5%
• Median list price in April 2024: $148,550
• Typical size of a listed home in April 2024: 1,640 sq. ft.
• Number of properties on the market in April 2024: 151 homes

11. Pottsville, PA

• Median list price per square foot in April 2024: $100
• 1-yr. change in median list price per square foot: +19.1%
• Median list price in April 2024: $147,925
• Typical size of a listed home in April 2024: 1,579 sq. ft.
• Number of properties on the market in April 2024: 193 homes

10. Burlington, IA-IL

• Median list price per square foot in April 2024: $100
• 1-yr. change in median list price per square foot: +11.4%
• Median list price in April 2024: $147,450
• Typical size of a listed home in April 2024: 1,484 sq. ft.
• Number of properties on the market in April 2024: 102 homes

9. New Castle, PA

• Median list price per square foot in April 2024: $99
• 1-yr. change in median list price per square foot: +33.3%
• Median list price in April 2024: $154,900
• Typical size of a listed home in April 2024: 1,480 sq. ft.
• Number of properties on the market in April 2024: 134 homes

8. Peoria, IL

• Median list price per square foot in April 2024: $98
• 1-yr. change in median list price per square foot: +5.1%
• Median list price in April 2024: $149,925
• Typical size of a listed home in April 2024: 1,619 sq. ft.
• Number of properties on the market in April 2024: 444 homes

7. Ogdensburg-Massena, NY

• Median list price per square foot in April 2024: $97
• 1-yr. change in median list price per square foot: +14.9%
• Median list price in April 2024: $162,500
• Typical size of a listed home in April 2024: 1,590 sq. ft.
• Number of properties on the market in April 2024: 203 homes

6. Carbondale-Marion, IL

• Median list price per square foot in April 2024: $94
• 1-yr. change in median list price per square foot: +9.2%
• Median list price in April 2024: $137,975
• Typical size of a listed home in April 2024: 1,599 sq. ft.
• Number of properties on the market in April 2024: 293 homes

5. Meridian, MS

• Median list price per square foot in April 2024: $92
• 1-yr. change in median list price per square foot: +17.7%
• Median list price in April 2024: $175,000
• Typical size of a listed home in April 2024: 1,951 sq. ft.
• Number of properties on the market in April 2024: 146 homes

4. Fort Madison-Keokuk, IA-IL-MO

• Median list price per square foot in April 2024: $85
• 1-yr. change in median list price per square foot: +-2.9%
• Median list price in April 2024: $125,000
• Typical size of a listed home in April 2024: 1,444 sq. ft.
• Number of properties on the market in April 2024: 128 homes

3. Decatur, IL

• Median list price per square foot in April 2024: $84
• 1-yr. change in median list price per square foot: +6.6%
• Median list price in April 2024: $159,950
• Typical size of a listed home in April 2024: 1,855 sq. ft.
• Number of properties on the market in April 2024: 132 homes

2. Johnstown, PA

• Median list price per square foot in April 2024: $82
• 1-yr. change in median list price per square foot: +20.0%
• Median list price in April 2024: $111,450
• Typical size of a listed home in April 2024: 1,477 sq. ft.
• Number of properties on the market in April 2024: 163 homes

1. Pine Bluff, AR

• Median list price per square foot in April 2024: $74
• 1-yr. change in median list price per square foot: +-2.0%
• Median list price in April 2024: $142,450
• Typical size of a listed home in April 2024: 1,788 sq. ft.
• Number of properties on the market in April 2024: 159 homes

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