Mortgage rates continue to rise and many are predicting this will lead to a slowdown in housing markets across the country as home buying becomes less affordable. If you are looking to buy a home and have the flexibility of working remotely, there are still major urban centers where you can buy a home for less than $225,000. Below we present some of the most attractive ones. (Here are the lowest mortgage rates you may qualify for.)
If you want to be in the Northeast: Philadelphia
Located about 97 miles south of New York, Philadelphia is close enough to Manhattan that some people commute between the two cities every day. But even on its own, Philadelphia has a lot to offer. Best known for being the place where the U.S. Constitution was written in 1787, Philadelphia is a thriving metropolis with cutting-edge museums including the Philadelphia Museum of Art and the Barnes Foundation, and the Walnut Street Theatre, the oldest continuously operating theater in the U.S. Spend your weekends exploring the Delaware River’s wealth of heritage sites and parks, including the Cherry Street Pier and the recently opened Delaware River Trail. Philadelphia has many options for foodies, including Vernick Food & Drink, run by a Jean-Georges Vongricht trained chef, and Morimoto, showcasing Japanese cuisine. Best of all, Philadelphia real estate is still relatively affordable. For less than $225,000 you can buy this two bedroom home in a neighborhood near the Delaware River or this recently renovated townhouse across from a playground.
Average home value: $235,953
cost of living: 1.2% higher than the US average
If you are looking for 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 Victorian architectural district in the United States. Located on the Ohio River about 100 miles southwest of Cincinnati, Louisville is surrounded by plenty of natural beauty, including Fairmount Falls and Jefferson Memorial Forest, the largest municipal forest in the United States. Spend your weekends strolling past the stately Victorian mansions of Old Louisville, taking a tour of the local bourbon distillery, or watching a game with the minor league baseball team, the Louisville Bats. Sample local specialties like the hot brown sandwich and mint julep at one of the city’s 2,500 restaurants, including the James Beard-nominated Seviche and the Holly Hill Inn. A budget of $225,000 gives you many options including this brand new three bedroom home, this spacious three bedroom brick home on a corner lot, or this recently renovated home with a detached garage.
Average home value: $232,705
cost of living: 11.6% lower than the US average
Check out the lowest mortgage rates you can qualify for here.
If you have a family: Indianapolis, Indiana
Indianapolis offers all the advantages of a large metropolis – professional sports teams, a convention center, the Indianapolis Zoo – at a fraction of the price of coastal cities. Perhaps best known for hosting the annual Indianapolis 500, the city is also home to White River State Park, which includes an amphitheater and 250 acres of green space, as well as the Indianapolis Museum of Art and the Children’s Museum of Indianapolis, the largest children’s museum in the city World. Keep Indianapolis Beautiful, a non-profit organization, works to convert the city’s vacant lots into green space for the community. Featuring a bikeshare program, the 8-mile shared Indianapolis Cultural Trail takes you through all eight of the city’s cultural districts, where you can stop for a meal at Milktooth, selected by Bon Appetit Magazine as one of the top new restaurants Year 2015. On a budget of $225,000 you can buy a spacious three bedroom home or this newly renovated cottage in a historic neighborhood.
Average home value: $227,543
cost of living: 16.5% lower than the US average
If you’re looking for a small-town feel in a big city: Greensboro, North Carolina
Located in the Piedmont Triad, which also includes Winston-Salem and High Point, Greensboro sits roughly equidistant between the Blue Ridge Mountains and Atlantic Ocean beaches, meaning that if you settle into the city, you’ll find plenty Opportunities for weekend trips. Named for Revolutionary War General Nathanael Greene, Greensboro was founded in the 19th centuryth Century. There are many attractions in the city including the Greensboro Science Center, the Greensboro History Museum, the Greensboro Coliseum Complex and the International Civil Rights Center & Museum. Perhaps best known for its grill restaurants, including Mac’s Speed Shop and Stamey’s Barbecue, Greensboro is also home to a burgeoning culinary scene that includes restaurants like Don Japanese and Machete. On a budget of $225,000 you can buy this recently renovated three bedroom home or spacious three bedroom ranch with a large yard and garage.
Average home value: $242,389
cost of living: 16.1% lower than the US average
Check out the lowest mortgage rates you can qualify for here.
If you want to stay in New York but don’t have money for New York City: Albany, New York
Albany, the capital of the state of New York, is a 400-year-old city on the banks of the Hudson River. Famous – and infamous – as the center of New York state politics, the city also has a lot to offer its residents, including the Egg, a striking architectural marvel that serves as a performing arts center, and the Albany Institute of History and Art, which includes 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 numerous outdoor recreation activities; and near Saratoga Springs, home to a racetrack and the Baseball Hall of Fame in Cooperstown. Albany’s culinary scene includes restaurants that highlight local food and produce, including Kitchen Table and Yono’s Restaurant. Albany is perhaps 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 well-boned three-bedroom home with a large loft.
Average home value: $268,179
cost of living: 5.4% below the US average
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