Realtor.com reviewed data for the largest metropolitan areas in the United States to find emerging housing markets that offer a lower cost of living and thriving economies that are not too crowded.
What is the current state of the housing market? Lawrence Yun with the National Association of Realtors joined LiveNOW from FOX's Josh Breslow to discuss the latest., the fall is shaping up to offer little relief, with today’s buyers still facing high housing prices amid elevatedThe Wall Street Journal and Realtor.
Topeka Kansas was named the highest-ranking emerging market for the first time in the history of the analysis. According to Realtor.com, "Topeka offers home shoppers the amenities of a Capitol city at a more affordable price point." The area is home to the Kansas State Capitol, multiple large employers and the state’s largest Wal-Mart distribution center.
The typical home for sale in Topeka was listed for $250,000 in September, a 42% discount compared to the national median. However, the popularity of the market kept upward pressure on prices, which rose 8.7% year-over-year in September.The housing market has not yet made significant strides towards affordability and as a result, Realtor.com said Fall 2023’s emerging markets leaned heavily on outright or relative affordability.
These mid-sized metros are 46% smaller, on average than the top 300 US metro areas. These less-congested areas also see commute times 5.4% lower than the national average. But these smaller markets are not just desirable for lower prices and quick commutes, they also boast a stronger-than-average job market. On average, the unemployment rate is 3.2% in these markets, 0.4 percentage points lower than the 300-metro average, the data revealed.
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