Rising home values can quickly transform a reasonable housing market into the type of real estate monster that has devoured areas such as the San Francisco Bay Area and New York City. While the concept of affordable housing in an urban center is not implausible for many Americans living in some areas, it is rapidly changing in many others.
GOBankingRates conducted a study to determine which major cities in the United States are on track to lose their affordability label. GOBankingRates used Zillow’s September 2022-23 one-year forecast to project the overall median home value in the United States over a ten-year period. This projection was then compared to the projections of 537 U.S. cities that currently have home prices lower than the national median of $356,026, with those exceeding the national median in the next ten years (plus its projected growth rate over the same period) deemed “not affordable.”
Portland, Oregon
- Home value in August 2022: $321,807
- The projected annual growth rate is 20.4%.
Roseburg is located in the Hundred Valleys of the Umpqua in southwestern Oregon and is known for its seasonal but pleasant weather – never too hot or cold. It is located 123 miles north of the California state line.
When Will It Become Expensive?
Year: 2023
The estimated home value is $387,456.
The median projected home value in the United States is $382,019
Difference in value: $5,437
$2,059,967 is the projected home value in 2032.
Here the list of cities that will projectably increased their housing rate in 2023.
Alabama, Auburn
Home value in August 2022: $321,643
The projected annual growth rate is 19.4%.
Auburn, in the eastern part of central Alabama, is only 35 miles west of Columbus, Georgia, and a three-and-a-half-hour drive from Gulf of Mexico vacation spots. Auburn University is the city’s largest employer, employing approximately 7,100 people.
When Will It Become Expensive?
- Year: 2023
- The estimated home value is $384,042.
- The median projected home value in the United States is $382,019
- $2,023 in value differenceThe projected home value in 2032 is $1,894,163.
Fayetteville, Arkansas.
- Home value in August 2022: $307,909
- The projected annual growth rate is 23.1%
Another college town, Fayetteville is home to the University of Arkansas. Bill and Hillary Clinton lived in Fayetteville before he was elected overnor of Arkansas and then president of the United States, and their home is now a museum preserving memories of their time there.
When Will It Become Expensive?
- Year: 2024
- The estimated home value is $466,593.
- U.S. median projected home value: $448,108
- $18,485 in value difference
- $2,460,384 is the estimated home value in 2032.
Knoxville, Tennessee
- Home value in August 2022: $299,342
- The projected annual growth rate is 23.1%.
Knoxville, Tennessee, is a diverse city known for celebrating its many different ethnicities through festivals and cultural events. It is located at the foothills of the Great Smoky Mountains National Park. The Knoxville Ice Bears professional hockey team and the University of Tennessee are also located in this city of over 192,000 people.
When Will It Become Expensive?
- Year: 2024
- The estimated home value is $453,611.
- U.S. median projected home value: $448,108
- The difference in value is $5,503.
- The projected home value in 2032 is $2,391,928.
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