You don’t have to be rich to feel rich
Shut the door on your tiny apartment.
Home prices are soaring across the country. Data released this week from real estate analytics firm ATTOM Data Solutions found that median home prices across that nation are now above pre-recession levels — and the median home in the U.S. is now worth more than $200,000 according to Zillow. What’s more, in 44% of the 108 markets that ATTOM examined, home prices had hit an all-time high.
So, is now the time to sell? Maybe. ATTOM found that home seller profits have hit a 10-year high with the average seller raking in $51,000.
That $51,000 could literally pay for 50% of a huge house in some cities. Data released this week from personal finance site SmartAsset found that $100,000 can buy you a 2,000-plus-square foot home in some cities. Here’s are five cities where your real estate dollar may stretch furthest:
“The Motor City has suffered ever since large chunks of the automobile industry drove out of town. They left Detroit with a declining population, a rising unemployment rate and a glut of unfilled housing,” SmartAsset explains of Detroit’s housing market. “Although things are on the up and up more recently, with incomes rising faster than rents, home prices are still low.” Detroit homes often go for a little over $35 per square foot, according to SmartAsset.
One option: This 3,200 square foot brick home (pictured above on Zillow), which is listed at $109,400 (though we imagine you can get that price down to an even $100,000). It boasts four bedrooms, three bathrooms and an adorable tile fireplace.
The capital of Mississippi comes in second on SmartAsset’s list with prices at a little over $40 per square foot. This three-bedroom, two-bathroom 2,400-square-foot pad — listed at just under $100,000 on Zillow — might be an option.
“A Dayton resident who managed to save up $100,000 to splurge on a home, could buy quite a large one. We estimate that in Dayton, where average homes are worth $42.58 per square foot, you could buy a 2,348 square foot home with $100,000,” SmartAsset notes. Opt for this 2,600-sq-ft Victorian, listed on Zillow, with four bedrooms and two bathrooms and you’ll still have $25,000 left to spend to renovate.
Nearby Cleveland also offers big bang for your real estate buck with $100,000 being able to buy you a 2,316 square foot home, SmartAsset estimates. Plus, “home values also appear to be rebounding, making homes in Cleveland a better investment. From 2014 – 2015, the median home values in Cleveland rose slightly from $65,900 to $66,200. This may signal the end of declining property values in Cleveland.” One option: This 4,300 square foot home with six bedrooms, listed at $89,000 on Zillow.
“The average home here costs about $49.67 per square foot, so $100,000 could buy you 2,013 square feet of home.,” SmartAsset notes. Added bonus: Birmingham offers low property taxes, the authors reveal. This four-bedroom, two-bath pad can be had for $60,000, as listed on Zillow.
© 2017 Dow Jones & Company, Inc. All Rights Reserved