Choose your destination carefully.
Location, location, location – if the property experts are to be believed then this is one of the most important factors in the decision making process involved in buying a property. However, while you might look at views and transport, local amenities and jobs it’s often the location cost that has the biggest part to play.
Most people need to borrow money in order to buy a home and even though there has been an increase in parents helping out their offspring with guarantor loans it can still be a struggle to raise the money needed for a first home.
And, when it comes to how much it costs to buy a first time property in the US, there are some significant differences from one city to another. So where are the cheapest places to buy in the US?
If you’re looking to get the very best deal when it comes to property then Cleveland is a smart choice. The average property price for a first time buyer here is $132,400, which is well below the national average of $196,500. Cleveland is an old centre of US manufacturing and is currently undergoing major redevelopment, including the $65 million Neighborhood Transformation Initiative.
Way down south is Dallas, Texas, which is currently one of the most affordable places in the whole of America for those looking to get onto the housing ladder. Here the average property price comes in at around $205,300. While this is somewhat pricier than some other US locations, it’s still significantly less than the national average.
Another industrial heartland going through some changing times, Detroit is also where you’ll find some incredibly good value property for US homebuyers. The average cost of buying a property in the city is $138,700, which is a bargain compared to much more expensive locations elsewhere, such as New York and Miami. Detroit has a population of well over 600,000 making it the most populous city in the whole of the state.
Tampa sits near the Gulf of Mexico and has a reputation for cultural richness and, of course, Busch Gardens. It’s great value for US homebuyers looking for warm weather and low average house prices. If you choose to buy in Tampa then you’re looking at an average of $183,300, more than $100,000 less than the average cost of getting onto the property ladder right across the US.
Indianapolis sits in the East North Central region of the US, located in the state of Indiana. It is the third most populous city in the Midwest region and ranks 15th in the whole of the country. It also represents great value for US homebuyers who are looking to make a property purchase, as the average price here is $137,300.
San Antonio, Texas
Another Texan location that has great appeal to US homebuyers looking for value is San Antonio. There are many historic spots in the city but for those looking for modern attractions, the average property price of $158,500 for first time buyers will have great appeal.
Las Vegas, Nevada
Given the amount of cash that flows into Las Vegas it might be surprising to think of it as an affordable place to live. Nevertheless it is an appealing option for homebuyers with the average property costing around $219,200.