Some cities aren’t slowing down much when it comes to housing costs, which may have an effect on your future plans.
If you’re thinking about changing cities or states in the next few years, here are some of the cities you may want to avoid in order to save money and stick to a budget.
Home prices in Worcester slowed a bit in September compared to August, according to real estate website Redfin, with the median home price of $385,000. That’s a 4.1% increase compared to a year earlier.
Florida home prices have gone up so much in recent years that retirees are already being priced out of the market, particularly as remote workers move in. That’s true of places like Lakeland where the median home price sits at $317,700, a 10.3% increase from last year.
Bakersfield may not be as expensive as other cities in California, but that could be driving prices up faster than different areas due to its relative affordability.
The median home price in Bakersfield was $379,000 in September, which is 8.3% higher in September 2022 compared to September 2021.
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Atlantic City, New Jersey
Living on the Jersey shore comes with a cost. While the median home price was $212,500 in September, it represents a whopping 51.8% price increase from a year earlier. That kind of rise could price out potential residents who wait too long to buy into the market.
Madison may be considered a college town in the Midwest, but prices are hot for potential buyers. The median cost of a home was $355,200 in September, marking a 6% increase compared to a year earlier, according to Redfin.
Buyers from more expensive West Coast cities like Los Angeles, Seattle, or San Francisco are moving to Tucson for more affordable houses or to retire.
But that influx is pushing prices higher with a median home price of $329,000, which is a 9.7% increase from September 2021 to September 2022.
Idaho Falls, Idaho
Idaho Falls has seen an increase in housing prices in the past year. A median home price there is $473,000, which is 2.6% higher than a year ago, according to Redfin.
But the number of newly listed homes is down 29.7% in September compared to a year earlier, which could bring extra pressure and higher costs to the market.
The rising costs of housing in this Midwest town may make it unaffordable in the coming years. The median cost of a home in Minneapolis was $332,750 in September, a 2.4% increase compared to September 2021.
However, the city has seen a five-year increase of 28% compared to when the median home price was $241,645 in September 2017.
Make sure you bring a good chunk of change with you if you want to move to Boulder. The median home price in the city is a whopping $965,000, an 11% increase in the median cost of a home in September 2022 compared to a year earlier.
The home of Disney World may not be the happiest place on earth for potential homebuyers. The median home price in the area was $361,000 in September, a 15.3% increase compared to a year earlier, according to Redfin.
Homes currently sell in 17 days in Orlando with an average of three offers per sale.
You may already be priced out of the housing market if you want to move to Austin. The median home there costs $563,212, which is a 2.6% increase in September compared to a year earlier.
An increase of homebuyers from outside of the state from places like California may have led to an increase in demand.
Eugene has become a popular destination for homebuyers, particularly those from more expensive states like California and Texas. That may have pushed housing prices up, with the median home price around $510,000 in September, a 16.2% year-over-year increase.
Las Vegas, Nevada
Las Vegas continues to grow, which is reflected in the cost of homes. The median home price in the city is now at $404,750, a 10.6% increase in September compared to September 2021. The median home price five years ago was only $240,000, according to Redfin.
Myrtle Beach, South Carolina
It may be nice to live on the beach, but it’s going to cost you. The median home price in Myrtle Beach is $289,000, which represents a whopping 25.7% increase in the past year.
The city has become a hot destination for residents from East Coast cities who want to move somewhere warmer or a place to work remotely.
Nashville has seen growth in recent years, which is reflected in its increasing housing market. The city’s median home price was $445,700 in September, representing a 17.3% increase in cost from a year earlier.
Nashville has also seen a 19.7% decline in the number of homes sold, which may be putting extra pressure on costs going up with less supply available.
If you’re looking to move to a new city, there are plenty of options to choose from. Remember to do your research before you decide where you want to live so you aren’t buying near the top of the market.
And don't forget to keep an eye out for emerging cities that may continue to grow at a rate faster than a more affordable option.
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