3 Reasons Why the Midwest Is the Best Place to Buy a House Right Now
Make more money and spend less in these popular Midwestern cities.
The real estate market is hot and there are plenty of good reasons to start looking for a home in 2021. Mortgage rates are still relatively low and rental rates are likely to rise in the near future. If more people are vaccinated, there is a good chance the housing stock will increase.
If you’re wondering where to look, the Midwest is arguably the best place to buy a home. Here’s why.
1. Some of the lowest average house prices
If you look at average house prices by state, most of the Midwest falls on the very low end. Even Minnesota – the most expensive state in the Midwest – is below the national average with an average home value of $ 266,887. The median home price in Iowa is only $ 155,781.
You can imagine cornfields and towns with a main road when you think of this part of the country. But not only rural areas and small towns offer an affordable housing market. The median house value in Chicago is $ 249,152, while Indianapolis is just $ 153,159.
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2. Higher quality of life
Many of the Midwestern cities have a better quality of life than some of the busier metropolitan areas on the east and west coasts. This is especially true when considering how far your money will go in the Midwest.
You don’t have to worry as much about stressful traffic and long distances as you would in more densely populated areas. Additionally, as the Midwest is more prevalent, you are more likely to find spacious homes with yards at a reasonable price.
There are also plenty of areas in the Midwest with excellent schools, beautiful scenery, and lots to do. Chicago was ranked 6th on our list of the most socially conscious cities. Minnesotans have the highest average credit scores in the United States. Believe it or not, Des Moines, Iowa was ranked # 7 on the US News & World Report’s list of the best places to live in the US for 2020-2021. Ann Arbor, Michigan grabbed # 12.
3. Low cost of living coupled with high salaries
If you lean towards the city, the Midwest has plenty of cities with high salaries and low cost of living. We have listed 10 cities where the median household income significantly exceeds the average cost of living. At the top of the list are cities like Des Moines, Iowa; St. Paul and Minneapolis, Minnesota; Joliet, Illinois; and St. Louis, Missouri.
Even if you look at the top 10 cheapest cities with high salaries, low cost of living nationally, the Midwest is still pervasive – Des Moines, St. Paul, and Minneapolis all cut the cut. Des Moines has the lowest unemployment rate of any city on this list and is also the cheapest city to live in. St. Paul and Minneapolis residents earn nearly 22% more than the national median household income.
Whether you’re looking to save money or get your mortgage further, the Midwest is an excellent place to start your house hunt. From Chicago to Iowa, you are sure to find something that suits you.