Don’t let rising home prices steal your joy. While mortgage rates have increased slightly from their rock-bottom levels at the onset of the pandemic, they still remain around historic lows. Low rates keep affordability high; many prequalified buyers are happy to learn that they can afford more than they expected.
Getting prequalified before you start hunting for a house is helpful. The reason why? Early prequalification will alert you (and your loan officer and your realtor) to the price range you can afford to purchase in.
Within the past year, the typical home value in the United States has risen to $320,662. Let’s say you prequalify for a mortgage in this price range, using the example of $350,000. Depending on where you live, this sizable sum could get you a humble home or a large suburban space. It all depends on region, location, and current market values.
US home prices can fluctuate greatly from market to market. And even in the same market too. While this can seem daunting, the good news is that home price appreciation is starting to plateau. Though prices won’t decelerate, the appreciation rate is expected to slow to as little as 5.1 percent.
Whether you’re a prequalified house-hunter or still in the browsing stage, let’s explore what’s possible. (And if you need a leg-up, take a look at these 11 cities that will pay you to live there.)
How much house can you get for $350,000?
If you’re hunting for a new home, here’s a sample of what $350,000 looks like across various states:
1. Chicago, IL.
Chicago, like most major cities, has been affected by our nationwide inventory shortage. But fortunately, the market is starting to stabilize. Do some digging, and you might find an updated 2,400 square-foot American Foursquare home with a cozy front porch and a double lot. All for $349,900.
2. Colorado Springs, CO.
Are the mountains calling you? You’re not the only one. Situated about an hour south of Denver, Colorado Springs, also known as the Olympic City, has recently been named number six out of USA News’ 150 Best Places to Live. Here, you may nab an adorable three-bedroom ranch home with mountain views for just $342,000.
3. Detroit, MI.
What can you get for $350,000 in Motor City? Probably a lot more than you bargained for. Detroit is hailed for its affordable cost of living. House-hunt here, and you might see a substantial – and historical! — six-bedroom, 3,134 square-foot colonial home within your price range.
4. Greensboro, NC.
With beautiful scenery, a low cost of living, and a rich history, the word about Greensboro is starting to get out. But don’t worry, there’s still time. Home prices remain relatively affordable, with potential to find a fully renovated six-bedroom, three-bath house for $350,000.
Want to see what’s going on with your loan anywhere, anytime? Download LoanFly to get started.
5. Houston, TX.
Everything’s bigger in Texas — including its real estate possibilities. Large, updated homes are the rule and not the exception in many areas of Houston, a fast-growing metropolis close to the Texas coast. If you want a big backyard with an in-ground pool, you can get it for $340,000. It may even come with a newly updated kitchen and stainless steel appliances.
6. Los Angeles, CA.
While Los Angeles has never been accused of being affordable, it does have something for everyone. You may even be able to find a home for $350,000 with luck, patience, the help of an aggressive agent, and low expectations for square footage. A quaint 665 square-foot condo with an on-site pool in Paramount is one example.
7. Louisville, KY.
In years past, Louisville has been ranked among the nation’s cheapest places to live. House-hunting in Kentucky’s biggest city, home to the Kentucky Derby, could stretch your real estate dollars. Think a three-bedroom standalone patio home in an exclusive neighborhood, walkable to nearby shops and restaurants, for only $349,900.
8. New York, NY.
Like LA, you’ll be hard-pressed to find a spacious house in the Big Apple for $350,000. But if you’re flying solo, a junior one-bedroom on the Upper Eastside might suffice. With an inarguably prime location, this 400 square-foot apartment will run you $349,000.
9. Philadelphia, PA.
Philadelphia has also been grappling with a historic housing shortage. But more inventory is slowly becoming available. Right now, you could snag a renovated five-bedroom with a waterfall island and eat-in kitchen home for exactly $350,000. There’s plenty of room for a home gym or home office space.
10. Portland, OR.
Picturesque and pretty darn quirky, Portland can be an affordable place to live, depending on where you look. Stay flexible in your search radius, and you may uncover a charming 1,544 square-foot, one-story home in a fairly walkable neighborhood for just $350,000.
Before you start house-hunting, remember:
Browsing listings is the fun part. But keep in mind that what you see on popular housing search engines may not always be what you get. This information isn’t updated in real-time, and the home valuations are also based on property tax records. To get the most accurate reflection of homes within your price range, get prequalified, and then get in touch with your realtor.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources are deemed reliable but not guaranteed.