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Looking for a Starter Home? Try This Georgia City

Home prices are still on the rise, including in Georgia. 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, a new study discusses the cheapest starter homes in America. So, what's the No. 1 cheapest? 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. The No. 1 city in America with the cheapest starter homes is Detroit. The average starter home price, as of August 2023, in Detroit is just $83,500. Why? CNBC states, "A few reasons contribute to lower homes prices in Detroit, including 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." Find the full list here. As for Georgia, a recent report from Redfin.com states that the most affordable place to buy a home in Georgia is Albany. There, the median home price is $145,000. So much lower than that national median of $431,000. [select-listicle listicle_id="1056893" syndication_name="jobs-that-pay-over-100k-without-a-degree" description="no"]

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