The best housing markets to find homes under $300K in the US

August 14, 2024

Via Yahoo Finance with host Brad Smith: See video here.

The best housing markets to find homes under $300K in the US

Housing affordability remains a critical challenge in today's real estate market, especially for first-time buyers. But how can you ensure you're finding the most affordable home? Which regions should you consider Kinloch Partners Co-founder and CEO Bruce McNeilage joins Wealth! to share his insights on affordable housing markets.

McNeilage highlights the Southeast and Midwest as prime regions for affordable homes. He notes that in these areas, spacious 4 to 5-bedroom houses can be purchased for under $300,000, adding that "they're plentiful, there's not a shortage of them." The key factors contributing to affordability in these regions, according to McNeilage, are lower land and labor costs, which "adds up to an affordable house.

Despite these pockets of affordability, McNeilage predicts a nationwide increase in home prices due to ongoing market pressures. "The demand is there and the supply is there, it's just getting people approved for a mortgage. Some of the builders are doing a great job buying down those rates to 5%, but we need affordable mortgages," he explains.

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Renting a houses is becoming increasingly popular, particularly due to factors like rising housing prices and the preference for the flexibility of renting over buying. This trend is driven by both individual choices and shifts in the housing market. Here's why renting houses is gaining traction: Rising Housing Costs: The cost of buying a home, including mortgage rates and property taxes, has become a significant barrier for many, leading them to consider renting as a more affordable option. Market Imbalance: In many areas, the demand for homes exceeds the supply, making it difficult and costly to find a suitable property. This imbalance can push more individuals into the rental market. Flexibility and Lifestyle: Renting offers more flexibility than buying, allowing individuals to move more easily for work, family, or other personal reasons. Renting can also provide a lifestyle that's less focused on long-term property ownership and maintenance. Shift in Preferences: A growing number of people, particularly younger generations, are prioritizing experiences and flexibility over the long-term commitment and financial burden of home ownership. Built-to-Rent Communities: Developers are building entire communities of single-family homes specifically for renters, further signaling the growing demand for this type of housing. Increased Inventory: The rental market has seen an increase in available properties, making it more attractive to renters who may have previously been hesitant due to limited options. Lower Maintenance Costs: Renters don't have to worry about maintenance, repairs, or property taxes, which can be significant expenses for homeowners. In conclusion, the factors mentioned above contribute to the increasing popularity of renting houses, especially in the context of a challenging housing market and evolving consumer preferences.