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Housing boom expected in these 4 affordable cities
Is the home price spike a negative economic sign?
FOX Business’ David Asman and Jackie DeAngelis, FOX Business contributors Gary B. Smith and Jonas Max Ferris and Democratic political commentator Capri Cafaro discuss whether or not the uptick in home prices in affordable areas is concerning.
While some cities battle with an exodus of residents amid rising living costs – including high taxes – it appears prospective homebuyers have begun to seek out new areas where living costs are more affordable.
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According to a new report by real estate brokerage firm Redfin, four of the real estate markets seeing the largest growth in home sales and searches from out-of-town buyers also have low building costs. All four are located in states with either low – or no – state income taxes, from Washington to North Carolina and Florida.
The search for affordability has presented itself in other recent trends in the housing market.
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As previously reported by FOX Business, the metro areas that saw the biggest price gains in January were many of the most affordable in the country, thanks to increased competition for properties.
The median home-sale price for the month, across the entire country, was $306,400.
As previously reported by FOX Business, inventory was expected to remain tight throughout 2020. In fact, according to a forecast from Realtor.com, the total number of available homes for sale could even hit a record low – particularly in the first-time buyer’s market.
Competition in the entry-level market was expected to lift prices.
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But here’s a look at the four affordable cities attracting the most out-of-town homebuyers, according to Redfin, which are primed for growth over the next decade.