STATEN ISLAND, NY — Housing prices are climbing to exorbitant levels across the country — and around the block — ever since the start of the coronavirus (COVID-19) pandemic.
Staten Island is no exception, as prices of homes have soared here in recent years. And buying a house on Staten Island right now may be harder than ever, with the inventory of available homes for sale plummeting, making an affordable dream home even more elusive.
But there are a few metropolitan areas in the country where home prices remain affordable, according to a recent study reported by Stacker.com.
In June 2022, the median home price for active listings in the United States reached $450,000 — a new record and an increase of 17% over 2021 — according to home listings data from Realtor.com.
Locally, throughout the first six months of 2022, the median sales price for a home on Staten Island was $655,000, according to the Staten Island Board of Realtors (SIBOR).
That number is 11.2% higher than the median average price of $589,000 through the first six months of 2021, 17% higher than the $560,000 in 2020 and 20.2% higher than the $545,000 in 2019, SIBOR data shows. That has many Islanders wondering just how much money they need to make to afford a home here. And, on Staten Island, home buyers late in July continue scramble to find homes in a ruthless market.
However, the market may be starting to normalize, as the Federal Reserve raises interest rates and more people are putting their home on the market, real estate experts say, causing an increased supply. And many are priced out of the market, lowering demand.
Looking beyond New York City, Stacker recently examined listings data on Realtor.com to find the least expensive metropolitan areas in the United States in which to buy a home in June 2022. Analysis was limited to the 250 largest metropolitan areas, which include the central city and its surrounding suburbs.
Midwestern states, including Illinois, Ohio and West Virginia, which once hosted thriving manufacturing communities, now top the list of leading affordable cities. Here’s a look at the top 10:
#10. Champaign, Illinois
- Median listing price in June: $179,950
- Change from a year ago: -4.0%
Champaign is best known as a college town surrounding the University of Illinois campus.
#9. Davenport, Iowa
- Median listing price: $176,450
- Change from a year ago: 17.7%
Davenport was founded along the Mississippi River in the 1830s. Today, Davenport’s historic hotels support tourism, with visitors and residents enjoying the Vander Veer Botanical Park and the Freight House Farmers Market.
#8th. Canton, Ohio
- Median listing price: $174,950
- Change from a year ago: -9.7%
Canton has one of the highest crime rates in the state of Ohio, studies show, which is one reason why it might have low real estate prices.
#7. Toledo, Ohio
- Median listing price: $169,900
- Change from a year ago: -2.9%
Toledo’s historic Old West End neighborhood is home to late-Victorian and Edwardian style homes. It currently hosts many homes with below-market prices compared to other cities in the country.
#6. Saginaw, Michigan
- Median listing price: $164,900
- Change from a year ago: 15.8%
It has walkable streets, several parks and a low cost of living, so Saginaw is an appealing location for first-time homebuyers.
#5. Springfield, Illinois
- Median listing price: $164,900
- Change from a year ago: 32.0%
As the capital of Illinois, Springfield is known for its rich history and is home to the 16th President, Abraham Lincoln.
#4. Peoria, Illinois
- Median listing price: $157,250
- Change from a year ago: 33.9%
In 2021, people who bought homes in Peoria were able to get reasonably sized houses at an affordable cost, Stacker.com reported.
#3. Charleston, West Virginia
- Median listing price: $151,430
- Change from a year ago: 8.2%
Charleston has a small-town feel, with cafes, grocery stores and restaurants.
#2. Youngstown, Ohio
- Median listing price: $146,750
- Change from a year ago: 8.5%
Youngstown was known as the epicenter of steel production in the US, but when the steel industry declined during the 1970s, residents were left with bleak job prospects.
#1. Terre Haute, Indiana
- Median listing price: $143,950
- Change from a year ago: 13.0%
Terre Haute is known as a college town, home to Indiana State University. It boasts affordable real estate and a many nearby recreational activities.
‘THE HOUSING SQUEEZE’
With real estate prices skyrocketing on Staten Island, many buyers are feeling the crunch of finding their dream home. In an ongoing series, titled “The Housing Squeeze: Inside Staten Island’s Real Estate Surge,” we dive into various topics, including just how high prices are going to go, who is buying in this hot market, rising interest rates and what it takes to afford a home in the borough these days.
STORIES IN THE SERIES:
‘Fear of missing out’: As buyers scramble for a home in ruthless market, is Staten Island in a real estate bubble?
How rising mortgage rates are impacting ‘unprecedented’ Staten Island housing market
Who is buying a home on Staten Island? Despite high prices, everyone from investors to newlyweds.
SI real estate market: High demand and low inventory make securing that dream home a challenge
With NYC rent prices rocketing, affordable apartments becoming scarce on Staten Island
A call for NYC property tax reform: Are Staten Islanders overtaxed relative to home values?
How much do you need to earn to afford a home on Staten Island?
How 3 couples are working to navigate competitive Staten Island real estate market