Where Are the Most Affordable Suburbs?By RISMedia Staff
With home prices remaining high, especially in cities across the U.S., potential homeowners may consider taking a look at suburbs for more affordable options. According to a new report from Point2, some suburbs boast prices per square foot up to 65% lower compared to the main city.
Point2’s new report analyzes the prices and living space in 777 suburbs (within a 30 mile driving distance) compared to the 20 most expensive cities they orbit. The report found that overall, the price per square foot of living space is lower in 603 of the 777 suburbs. Key highlights:
“In some of the most desirable cities in the nation, the outlook is grim. Inflation and higher costs of living are affecting everyone, but the current financial conditions are simply bludgeoning home seekers. However, suburbs may still provide the silver lining that all aspiring homebuyers are looking for,” said Andra Hopulele, a Senior Real Estate Writer at Point2 and author of the report. “Different people have different opinions when it comes to the suburb. Whether they are organic developments or artificial creations, suburbs are urban extensions that are seen as affordable ‘bedroom communities,’ emblems of urban sprawl or, on the contrary, enclaves of luxury and status,” continued Hopulele. “But, for home seekers and aspiring homebuyers, a suburb's appeal comes from its more affordable housing options, promise of more space and more privacy. And, at a time when affordability is truly becoming a keyword in homebuyers' vocabulary, these affordable suburbs might make the difference between fulfilling one's homeownership dreams or simply continuing to hope.” For the full report, click here. |
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