There are plenty of other U.S. cities and towns, largely located along the Rust Belt, where home prices have hit extreme lows. Most have hundreds of houses priced below $40,000, according to real estate research firm Zillow.
Not all of these cities necessarily offer the lowest median prices across the country, but they do have some of the cheapest neighborhoods with the most affordable homes.
Although Tampa, Fla., has homes that sell for millions of dollars, for example, the foreclosure crisis in the state also means there are properties selling for just a few thousand dollars.
If you’re willing to invest some sweat equity, homes in these 10 cities are some of the most affordable in the country.
It’s no surprise that the lowest median home prices in the nation can be found in certain parts of Detroit. The city is basically in bankruptcy after losing more than half of its population over the past 50 years.
When the housing crisis arrived, Detroit was already in trouble, and home prices tumbled further. Even today, with the economy starting to recover in earnest, the city’s median home price is just $32,600.
While purchasing a home in Detroit takes a lot of research and a little luck, prices are on the upswing.
Buffalo has a number of neighborhoods where homes can be purchased for less than $40,000, particularly along the city’s east side, as well as northern neighborhoods near the Niagara River.
Home prices in the city have recovered unevenly, with some area prices climbing while others are still dropping. In the city itself, the median home price is about $51,000.
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