If you are in the search for a new home outside your current state, it's important to know which housing market suits your financial capability the best. With housing shortages, a rising cost of living and expensive prices for homes, many potential buyers rather move to more affordable markets.
To come up with the top 10 most affordable housing markets, we ranked each city by the median home price and average monthly rent.
1. Fayetteville, Arkansas
Fayetteville is an area for higher education, culture and commerce. The nearby area includes headquarters for companies like Walmart and Tyson. Fayetteville is also home to the prestigious University of Arkansas. This Arkansas community is a beacon of friendliness where people wave and interact with each other.
- Median home price: $182,508
- Median monthly rent: $750
2. Raleigh-Durham, North Carolina
The Raleigh and Durham areas are popular for their research, technology and college rivalries. They are home to young, diverse, educated and welcoming people. The region known as the Triangle is thriving with solid job growth and a high quality of life. This area is home to huge tech companies IBM and Cisco as well as the prestigious colleges Duke, NC State and University of North Carolina.
- Median home price: $219,466
- Median monthly rent: $947
3. Salt Lake City, Utah
Popular for its five national parks of more than 900 acres and its world-class ski resorts, Salt Lake City allows residents to enjoy the city in both warm and cold climates. Job opportunities are rising, and the city is attractive to new residents due to entertainment such as professional sports.
- Median home price: $280,894
- Median monthly rent: $925
4. Colorado Springs, Colorado
Colorado Springs offers a low cost of living, a low unemployment rate and numerous options for entertainment. Popular schools such as the United States Air Force Academy and the University of Colorado are big attractions for students and personnel in the military. Along with the development of fresh homes, there are quality schools and attractions to accommodate new residents.
- Median home price: $255,233
- Median monthly rent: $1,013
5. Boise, Idaho
Boise is the recreationalist's paradise. Its downtown district is thriving with new buildings emerging and construction taking place. Boise is a mix of urban and rural or sophisticated and raw which allows residents access to both environments.
- Median home price: $228,567
- Median monthly rent: $842
6. Nashville, Tennessee
Local experts say Nashville is a blossoming job market and an exploding entertainment scene. Nashville is popular for its innovation in healthcare and technology-- not to mention its foothold in the country music scene.
- Median home price: $200,590
- Median monthly rent: $899
7. Charlotte, North Carolina
Compared to New York and Florida, North Carolina has a manageable climate along with low housing costs and cheap cost of living. Charlotte is one the largest financial hubs in the country with the headquarters of Bank America and Wells Fargo located in the city.
- Median home price: $189,508
- Median monthly rent: $893
8. Dallas-Fort Worth, Texas
With its huge population of 6.8 million people, Dallas is a mix of urban and rural. The vibrant city life is complemented with a quiet suburban life. The city job force thrives in business, finance and education. Both Dallas and Fort Worth suburbs are occupied with young families and young professionals.
- Median home price: $210,181
- Median monthly rent: $969
9. Madison, Wisconsin
Madison is a known hub for healthcare, information technology and manufacturing industries. Housing developments are starting to be designed with luxury housing and a ground floor full of coffee shops and restaurants. Madison is taking on the New York City blueprint and attracting people from different places.
- Median home price: $219,429
- Median monthly rent: $919
10. Grand Rapids, Michigan
Grand Rapids is another city with a booming health care industry. The residential community is friendly with people likely to greet you or spark small conversation. Its modern metro area attracts college students while families benefit from the healthy job market, affordable housing and recreational activities within the outdoor niche.
- Median home price: $166,608
- Median monthly rent: $786