10 Super-Bargain Housing Markets

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If you're hunting for a real estate bargain, look no further: Here are 10 cities where the typical home costs less than $82,000.

The nation's cheapest major housing market is the area in and around Youngstown, Ohio. There, the median home price barely breaks $55,000, according to the National Association of Realtors. We're not talking about hovels in slums; these are well-kept homes in nice suburban or city settings priced at levels to make consumers in pricey coastal markets ache with envy.

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10 Super-Bargain Housing Markets

Median price: $55,400

The nation's cheapest major housing market is the area in and around Youngstown, Ohio. There, the median home price barely breaks $55,000, according to the National Association of Realtors. We're not talking about hovels in slums; these are well-kept homes in nice suburban or city settings priced at levels to make consumers in pricey coastal markets ache with envy.


Want something even nicer. There is a seven bedroom, 4,800 square foot home -- 19 rooms total -- well kept and in the historic district on the market for $150,000. That's not a misprint.

Median price: $64,400

Charming ranch houses and bungalows can be had for less than $60,000 in this, the state capital located in the heart of the lower peninsular.


Lansing has been battered both by the automotive industry decline -- there are several plants in the metro area -- and the state budget crisis, which has resulted in lay-offs of state workers. The job losses mean that many homeowners have missed mortgage payments -- Lansing had the 38th highest foreclosure rate in the nation during the first three months of 2011.

Median price: $64,900

Population growth in the metro area has almost stalled, rising only about 2% during the 2000s. The central city has shrunk in each of the past four decades, losing about a quarter of its residents in the process.


With growth so stagnant, there's a large stock of existing homes with many on the market, which has kept a lid on prices. They will continue to fall most of 2011 before beginning a modest upturn next year.

Median price: $68,700

The area suffered during the recession with many residents out of work, but hiring picked up over the past 12 months and the unemployment rate here is now just slightly above the national average.


The median price for homes sold in the metro area has dropped about 20% over the past three years and there are some prime properties available at very attractive terms. A three-bedroom, two-bath, 1,200 square-foot home in a tidy community near a golf course south of downtown is on the market for just $69,900.

Median price: $74,900

Like many Rust-Belt industrial areas, Akron was buffeted by the recession and the decline in the auto industry; unemployment jumped into double digits. Hiring has picked up lately and unemployment now roughly mirrors the national rate.


LeBron James was not the only Akron native to leave his hometown: The central city has lost population every decade since 1960. The number of residents in the surrounding suburbs has grown slowly.That has left a lot of underused real estate and home prices reflect the weak demand. A three-bedroom, two-bath in Goodyear Heights is for sale for just over the area's median home price of $74,900.

Median price: $75,400

Affordable housing is not confined to the Midwest. This northern Florida metro area boasted the lowest median home price of any Sun-Belt metro area during early 2011, just $75,400.


Many of the homes sold were "distressed properties," short sales and foreclosures that sell at deep discounts to conventional sales. The area ranked 42nd in foreclosures during the first three months of 2011, with a rate of a filing for every 142 households.

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Want something even nicer? There is a seven-bedroom, 4,800-square-foot home -- 19 rooms total -- well kept and in the historic district, on the market for $150,000 (pictured above). That's not a misprint.

Take your time house-hunting: That could save you some dough. Fiserv, the provider of real estate information and analysis, is forecasting a further home price decline in 2011 totaling nearly 12 percent for the year.

For the full story, visit CNNMoney.
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