Short answer. As of late 2024, the cheapest U.S. metros by median home price include Detroit, Cleveland, Pittsburgh, Memphis, and Buffalo — all with median prices under $200,000 (Zillow Home Value Index, late 2024).
The Almanac will publish full metro-by-metro historical price data in an upcoming release. As of late 2024, the U.S. metros with the lowest median home values include:
- Detroit, MI: ~$80K (city), ~$240K (metro)
- Cleveland, OH: ~$110K (city), ~$220K (metro)
- Pittsburgh, PA: ~$215K metro
- Memphis, TN: ~$195K metro
- Buffalo, NY: ~$240K metro
- Birmingham, AL: ~$235K metro
- St. Louis, MO: ~$235K metro
- Oklahoma City, OK: ~$200K metro
- Indianapolis, IN: ~$235K metro
- Louisville, KY: ~$245K metro
(Approximate figures from public Zillow ZHVI and FHFA HPI; actual late-2024 readings depend on the specific dataset, MSA boundary definition, and snapshot date.)
Caveats
Median price is not the same as affordability. The cheapest cities are often the ones with the weakest local economies, the highest property taxes (Texas, Illinois), or the most disrepair. The most affordable cities by price-to-income ratio tend to be Midwestern mid-sized markets with stable manufacturing and government employment — places like Pittsburgh, Cincinnati, Indianapolis, and Kansas City.
Sources
U.S. Census Bureau Survey of Construction; National Association of Realtors Existing Home Sales report; Freddie Mac Primary Mortgage Market Survey; National Bureau of Economic Research Business Cycle Dating Committee.