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The average home value in the U.S. is now over $350,000, but there are still desirable places where you can find homes for less. GOBankingRates spoke with Colten Claus, an associate broker with 8z Real Estate in Colorado Springs, Colorado, about where he would buy property with a budget of $250,000.
“With a budget of $250,000, finding the right place to move for both lifestyle and investment purposes can be challenging, especially in today’s real estate market,” he said. “However, there are several areas across the U.S. where this budget can still go far, offering both a desirable quality of life and potential for good investment returns.”
Here are a few areas Claus would consider.
San Antonio, Texas
- Average home value: $257,711
“San Antonio offers a rich cultural heritage, vibrant culinary scene and lower cost of living compared to other large Texas cities,” Claus said. “It’s also known for its friendly community and mild winters.”
In addition to being a desirable place to live, it’s a smart place to buy an investment property.
“The city has a growing job market, particularly in the tech and healthcare sectors, driving demand for housing,” Claus said.
Pittsburgh
- Average home value: $227,329
“Known for its strong sense of community, Pittsburgh boasts a wealth of cultural amenities, including museums, theaters and parks,” Claus said. “It has also been cited for its high livability due to affordable living costs.”
Homes are affordable now, but values are likely to rise in the coming years.
“With several top universities and a burgeoning tech scene, Pittsburgh’s real estate market presents a good investment opportunity, especially in up-and-coming neighborhoods,” Claus said.
Omaha, Nebraska
- Average home value: $278,352
“Omaha offers a blend of urban and rural charm with a strong job market, good schools and a family-friendly environment,” Claus said. “It’s also noted for its arts and culinary scenes. The city’s consistent economic growth and stable real estate market also make it an attractive option for investors.”
Knoxville, Tennessee
- Average home value: $350,151
Although the average home value in Knoxville is $350,000, you can still find appealing properties with a $250,000 budget.
“Knoxville is appealing due to its proximity to the Great Smoky Mountains, vibrant arts scene and overall low cost of living,” Claus said. “It’s also home to the University of Tennessee, which adds a youthful energy to the city.”
Knoxville has become a hot market, so it’s a great place to buy now if you want to sell for a profit down the line.
“The real estate market in Knoxville has been steadily growing, making it a promising area for property investments,” Claus said.
Tulsa, Oklahoma
- Average home value: $200,036
“Tulsa is becoming increasingly popular for its downtown revitalization, cultural attractions and friendly community,” Claus said. “The city also offers a generous incentive program for new residents under its Tulsa Remote initiative. With affordable housing and incentives for new residents and businesses, Tulsa presents a unique opportunity for real estate investment.”
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