This Pennsylvania City Tops the U.S. for Cheap Starter Homes
Home prices are still on the rise, including in Pennsylvania. However, they aren’t going up as much as they were in the past few years. Higher mortgage rates have slowed the market a little, but there is still more demand than supply for homes. So, buying a home is still quite expensive. It may even seem like a pipe dream to some. So, as house prices continue to increase, the idea of a starter home might seem more and more unattainable. That said, one Pennsylvania city has among the cheapest starter homes in America, according to a new study.
CNBC.com has a new story about highlighting 15 American cities with the cheapest starter homes. They note that “there are 15 major U.S. cities where starter homes can be found for under $230,000, on average, according to a recent analysis by painting services company Five Star Painting.” That’s in comparison to the median price for a home in the U.S., which is a whopping $431,000, according to the latest U.S. Census Bureau data. So, what’s a starter home? “Starter homes commonly refer to relatively modest houses that are affordable for first-time homebuyers, or more generally, homebuyers with lower incomes,” CNBC.com notes.
In this study, CNBC also used Redfin data. Based on Redfin real estate listings of the 50 largest U.S. cities, one Pennsylvania city is actually great for those wanting a starter home. It has the No. 13 cheapest starter homes in the entire U.S. That city is Pittsburgh. The average starter home price, as of August 2023, there is $214,589. If you’re wondering, No. 1 in America for cheap starter homes in Detroit. CNBC states it’s because of “a declining population and relatively high number of distressed home sales, which is when an owner is forced to sell their home, usually because they can’t afford the mortgage payments.” No. 2 is Cleveland at $109,650. Find the full list here.
