List Of 15 Cities You Won’t Be Able To Afford In 5 Years

There are some cities where housing costs are not slowing down much, which may have an impact on your plans.

You may want to avoid the following cities if you plan to move in the next few years to save money and stay within your budget.

1. In the state of Massachusetts, Worcester

According to the real estate website Redfin, Worcester home prices slowed a bit in September compared with August. In comparison with a year earlier, that’s an increase of 4.1%.

2. In the state of Florida, Lakeland

There has been such an increase in Florida home prices over the past few years that retirees are already being priced out of the market, particularly as remote workers move into the state. As an example, Lakeland, where the median home price has increased by 10.3% since last year, has a median home price of $317,700.

3. In the state of California, Bakersfield

Although Bakersfield may not be as expensive as other cities in California, the relative affordability of the city could be causing prices to rise more rapidly than in other areas.

In September 2022, the median home price in Bakersfield was $379,000, which is 8.3% higher than in September 2021.

4. In the state of New Jersey, Atlantic City

There is a cost associated with living along the Jersey shore. According to the latest statistics, the median home price in September was $212,500, an increase of 51.8% over the previous year. An increase of that magnitude may discourage potential residents from purchasing in the market if they wait too long to do so.

5. In the state of Wisconsin, Madison

Although Madison is considered a college town in the Midwest, the housing market there is hot for potential buyers. According to Redfin, the median price of a home in September was $355,200, an increase of 6% from a year earlier.

6. In the state of Arizona, Tucson

For more affordable housing or retirement, buyers from more expensive West Coast cities are moving to Tucson.

However, that influx has caused prices to rise, with a median home price of $329,000 in September 2022, an increase of 9.7% over September 2021.

7. In the state of Idaho, Idaho Falls

In the past year, housing prices have increased in Idaho Falls. According to Redfin, the median home price is $473,000, which is 2.6% higher than a year ago. 

In September, however, the number of newly listed homes was down 29.7% from a year earlier, resulting in extra pressure and higher prices.

8. In the state of Minnesota, Minneapolis

In the coming years, the rising costs of housing in this Midwest city may make it unaffordable. In September, the median price of a home in Minneapolis was $332,750, a 2.4% increase over September 2021. 

Nevertheless, the median home price in September 2017 was $241,645 and has increased by 28% over the last five years.

9. In the state of Colorado, Boulder

If you plan on moving to Boulder, bring a lot of money. In September 2022, the median cost of a home in the city was $965,000, an 11% increase from a year prior.

10. In the state of Florida, Orlando

It might not be the happiest place on earth for potential homebuyers to live at Disney World. According to Redfin, the median home price in the area was $361,000 in September, up 15.3% from a year earlier. 

Orlando homes typically sell in 17 days with three offers on average.

11. In the state of Texas, Austin

It is possible that you are already priced out of the Austin housing market if you wish to move there. Compared to a year ago, the median home price in September was $563,212, an increase of 2.6%. 

There may have been an increase in demand for homes due to an increase in homebuyers from outside the state, such as those from California.

12. In the state of Oregon, Eugene

Eugene is becoming increasingly popular among homebuyers, particularly those from states with higher housing costs such as California and Texas. As a result, the median home price in September was around $510,000, an increase of 16.2% over the same month last year.

13. In the state of Nevada, Las Vegas

Home prices in Las Vegas continue to rise as a result of the city’s growth. Compared to September 2021, the median home price in the city has increased by 10.6% to $404,750. Approximately five years ago, Redfin reported a median home price of $240,000.

14. In the state of South Carolina, Myrtle Beach

There may be a lot of appeal to living on the beach, but you will have to pay a price for it. In the past year, the median home price in Myrtle Beach has increased by a staggering 25.7%. 

For residents from East Coast cities seeking warmer climates or remote work opportunities, the city has become a popular destination.

15. In the state of Tennessee, Nashville

The housing market in Nashville has increased in recent years due to Nashville’s growth. There was a 17.3% increase in the median home price of $445,700 in September compared to a year earlier. 

There has also been a 19.7% decline in home sales in Nashville, which may be contributing to rising costs.

The bottom line

There are plenty of options available if you’re looking to move to a new city. Don’t buy near the top of the market unless you do your research before making a decision about where you want to live. 

In addition, keep an eye out for emerging cities that may continue to grow at a faster rate than a more affordable location.