Posted 06/12/2018

by Aly J. Yale

Aly J. Yale is a mortgage and real estate writer based in Houston. Connect with her at AlyJYale.com or on Twitter

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Under-$100K homes aren’t unicorns; here’s where to find them

under-$100K homes

Aly J. Yale

The Mortgage Reports Contributor

$100,000 home havens

The nation’s median home price might sit around $200K, but in some cities, buyers can find a home at half that. In fact, according to a new analysis, 10 U.S. cities are downright havens for under-$100K homes, with Pittsburgh leading the pack.

Verify your new rate (Jun 20th, 2018)

Seeking a steal

According to data from Realtor.com, Pittsburgh has the most under-$100,000 listings in the entire nation, with over 2,600. And at $179,950, the median home price in the area isn’t that much higher either.

Detroit comes in at No. 2, with nearly 2,500 listings under $100,000. Many of the homes are fixer-uppers, according to experts, but that’s OK. The city’s on the upswing, and many investors are seeing two to three times their investment upon selling.

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Nearby Chicago took the No. 3 spot with 2,397 under-$100K homes. Most of these affordable properties likely lie in the outlying communities on the outskirts of town.

Other cities that boast plenty of under-$100,000 properties include St. Louis; Cleveland; New York; Memphis, Tennessee; Birmingham, Alabama; Philadelphia; and Atlanta.

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Know what you’re getting into

It’s important buyers be aware of what they’re getting with a home priced under $100K. In some areas, the home may be move-in ready, but in others, it could require serious work or compromise on quality.

As Danielle Hale, Realtor.com’s chief economist, puts it, “Bargains definitely exist, but buyers should go in with their eyes open. In some of those areas, $100,000 can buy a pretty decent home that maybe needs a little bit of updating. In others, it might be a home that needs an awful lot of work and might be in not-yet-up-and-coming neighborhoods.”

Verify your new rate (Jun 20th, 2018)

Get today’s mortgage rates

Considering buying an under-$100K home in one of these affordable cities? Shop around and see what mortgage rates you qualify for today.

Verify your new rate (Jun 20th, 2018)

Aly J. Yale

The Mortgage Reports Contributor

Aly J. Yale is a mortgage and real estate writer based in Houston. Connect with her at AlyJYale.com or on Twitter

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

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2018 Conforming, FHA, & VA Loan Limits

Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)