The cheapest homes in the U.S. are not necessarily foreclosures. According to Forbes Magazine, a number of variables should be considered in order to make a truly “cheap” home purchase. The process can be long and complex, but the end result is worth it.
How Locations Are Selected
The U.S. Office Of Management And Budget (OMB) has divided America into 380 sub-sections to facilitate statistical data collection. The list is analyzed on a regular basis using data from Moody’s Analytics. Grocery costs and health care expenses are among the factors evaluated to determine which areas are more expensive for residents. Once the numbers are tallied, take a look below the surface.
Cheap homes mean nothing if the people living there are not happy and do not feel safe. Violent crime rates, job opportunities. salary information and the cultural landscape of an area are important as cost. The following cities are just a few with relatively cheap home prices:
Spokane, Washington: Located five hours from Seattle and two hours from the Canadian border, a number of residents work in the high-tech and biotech industries.
Modesto, California: Home to a thriving arts community, this Northern California town is one hour away from Yosemite National Park.
Ogden, Utah: Listed as one of the best places to raise a family, Ogden has historic buildings and Weber State University.
Minneapolis-St. Paul, Minnesota: Twin Cities that are home to 19 Fortune 500 company headquarters. Coming in second to Chicago, the area boasts one of the largest economies in the Midwest.
Ann Arbor, Michigan: Home to the University of Michigan, Ann Arbor has been a hub of political activity, from civil-rights to anti-war rallies.
Fort Worth, Texas: Seen as a gateway to the American West, the city has started promoting its Cowboy heritage.
Knoxville, Tennessee: Inhabited since 1000 Before Common Era (BCE), the city is home to the University of Tennessee and a thriving arts community.
Durham, North Carolina: The largely Democratic city has an active political scene. Having Duke University in your court does not hurt.
Worchester, Massachusetts: The second largest New England city is considered the hub of Massachusetts. Small businesses, medical and financial industries shape the local economy.
Manchester, Massachusetts: This coastal town has a population of 5,228 people. The area started as a fishing village and became popular once a local poet built a summer house there in 1845.