Homes seem to be becoming more expensive to purchase and own over time, considering factors like increasing home values and interest rates.
If you're thinking about retiring in a few years, and you don't want to need help paying for your mortgage in retirement, you may want to reconsider buying a home in these areas.
Based on Redfin housing trend data, the cost of buying a home in the following cities is likely to continue increasing significantly in the next five years.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Worcester, Massachusetts
Worcester, MA, isn’t necessarily the most expensive place to buy a home, with a median sale price of $455,500 in June 2024.
However, the very competitive real estate market here has grown 7.8% year-over-year in a challenging market climate. The median sale price per square foot has also increased to $265.
Buffalo, New York
The median sold price of a home here was just $195,312 in June 2024, which is very affordable overall (especially when you consider NYC rates).
In fact, home prices are down about 2.6% compared to last year.
Madison, Wisconsin
Wisconsin may not be the first place you think of when it comes to high home values, but they’ve risen over 8.1% from June of 2023 to 2024.
The median sale price of a home in this city was $440,000, and the median sale price per square foot stood at $241.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Bakersfield, California
In June of 2024, the median price for a home in Bakersfield was $411,900. That’s up about 3.2% from the previous year, making it a competitive market overall.
Homes often swell within 31 days, and over 365 homes were sold in the city in June alone.
Providence, Rhode Island
With home prices up about 24% in June 2024, the Providence real estate market is another very competitive area.
Homes spend less than 15 days on the market, yet, with a median sale price of $540,000 and a price per square foot of $254, this is an area that’s likely to see home prices grow to new heights.
Trending Stories
Columbus, Ohio
A Midwest town with lots to offer, Columbus is another hidden city with fast-growing home prices.
In fact, most homes in Columbus received an average of four offers and had a median sale price of $291,000 in June 2024. Over 956 homes were sold in June this year, down from 1,046 last year.
Roswell, Georgia
The housing market in Roswell is highly competitive, even though it tends to feel like a small city.
Still, with home prices up 6.4% in June of 2024 over the previous year, it’s hard not to see this area becoming highly expensive within a few years.
The median sale price of a home here is $665,000, which is already one of the most expensive regions in the US.
Charlotte, North Carolina
In June 2024, the median price for a home in Charlotte was $445,000. That month, more than 1,021 homes were sold in the area, a decrease of about 200 homes over the previous year.
The Charlotte housing market is very competitive, with home prices up about 4.7% in 2024 over the previous year.
Atlanta, Georgia
In Atlanta, home prices are also on the rise, reaching a median sale price of $434,730 in June 2024.
That’s about a 4.8% increase from June 2023. The median sale price per square foot is also competitively high at $304.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Orlando, Florida
Orlando is known for everything from theme parks to hot summers, but it’s also seeing a lot of demand in the real estate market. The median sale price of a home in June of 2024 was $409,000.
The price per square foot, $252, is about 3.3% higher than the previous year.
Prescott, Arizona
It seems everyone wants to move to Prescott, where the median sale price of a home hit $649,00 in June of 2024.
This is that this is a 7.3% increase from the previous year, and the median sale price per square foot is huge at $328, which is up 8.6% from last year.
Philadelphia, Pennsylvania
The median sale price of a home in June 2024 in Philadelphia was $280,000. With 1,289 homes selling in June alone, with a median price per square foot of $214, home prices here are growing quickly.
Folsom, California
Folsom, a community part of the Sacramento Metro area, is also a highly competitive place to live, with the median sale price of homes reaching $725,000 in June of 2024.
The average price in this city is about $377 per square foot, and over 74 homes were sold in this small community in the month of June alone.
Las Vegas, Nevada
The median sale price for a home in Las Vegas was $450,000 in June of 2024. That’s about 7.2% higher than the previous year.
The market saw an impressive 875 homes sold in June, indicating the very high demand.
Knoxville, Tennessee
Another competitive market is Knoxville, where home prices increased by about 4.7% from June 2023 to 2024, with 246 homes sold in June this year.
The median sale price in this area is still $334,800 lower than in many other places, but that could change over time.
Bottom line
If you’re hoping to keep costs as low as possible, you may want to rent to avoid costly home repairs and increasing interest rates.
Yet, with a few smart homeowner moves, you can still find competitively priced real estate markets throughout the US, especially if you’re willing to look beyond the large and in-demand city.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.74%, 24.74%, or 29.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.