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25. Lakeview, Oregon
Population total: 2,947
Household median income: $52,574
Single family home average value: $184,409
Difference from state average home value: $(327,510)
Monthly expenditures: $1,759
Livability score: 74
Pictured: Lake Oswego
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24. Merchantville, New Jersey
Population total: 3,800
Household median income: $72,375
Single family home average value: $318,090
Difference from state average home value: $(236,125)
Monthly expenditures: $2,023
Livability score: 83
Pictured: Trenton
Read Next: 5 Types of Homes That Will Plummet in Value in 2024
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23. Wells, Minnesota
Population total: 2,278
Household median income: $55,337
Single family home average value: $129,085
Difference from state average home value: $(217,802)
Monthly expenditures: $1,690
Livability score: 78
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22. Glasgow, Montana
Population total: 3,208
Household median income: $65,850
Single family home average value: $258,448
Difference from state average home value: $(214,903)
Monthly expenditures: $1,794
Livability score: 81
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21. Tracy, Minnesota
Population total: 2,006
Household median income: $63,201
Single family home average value: $129,099
Difference from state average home value: $(217,788)
Monthly expenditures: $1,666
Livability score: 77
Pictured: Eden Prairie
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20. Luverne, Minnesota
Population total: 4,910
Household median income: $66,394
Single family home average value: $247,060
Difference from state average home value: $(99,826)
Monthly expenditures: $1,632
Livability score: 85
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19. Panhandle, Texas
Population total: 2,743
Household median income: $83,867
Single family home average value: $181,944
Difference from state average home value: $(127,927)
Monthly expenditures: $1,823
Livability score: 83
Pictured: Amarillo
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18. Liverpool, New York
Population total: 2,331
Household median income: $70,556
Single family home average value: $259,919
Difference from state average home value: $(195,837)
Monthly expenditures: $2,038
Livability score: 85
Pictured: Queens
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17. Montesano, Washington
Population total: 4,124
Household median income: $57,500
Single family home average value: $388,620
Difference from state average home value: $(228,045)
Monthly expenditures: $1,877
Livability score: 85
Pictured: Seattle
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16. Laurel Springs, New Jersey
Population total: 8,695
Household median income: $103,379
Single family home average value: $361,092
Difference from state average home value: $(193,123)
Monthly expenditures: $1,983
Livability score: 84
Pictured: Trenton
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15. Audubon, New Jersey
Population total: 8,695
Household median income: $103,379
Single family home average value: $361,092
Difference from state average home value: $(193,123)
Monthly expenditures: $1,983
Livability score: 84
Pictured: Morristown
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14. Wellington, Kentucky
Population total: 443
Household median income: $103,333
Single family home average value: $137,389
Difference from state average home value: $(74,855)
Monthly expenditures: $1,971
Livability score: 86
Pictured: Frankfort
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13. Friona, Texas
Population total: 4,125
Household median income: $67,837
Single family home average value: $135,379
Difference from state average home value: $(174,492)
Monthly expenditures: $1,715
Livability score: 81
Pictured: Waco
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12. Ephrata, Washington
Population total: 8,419
Household median income: $57,958
Single family home average value: $320,054
Difference from state average home value: $(296,611)
Monthly expenditures: $1,712
Livability score: 79
Pictured: Seattle
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11. Fredonia, New York
Population total: 9,710
Household median income: $48,855
Single family home average value: $197,723
Difference from state average home value: $(258,033)
Monthly expenditures: $1,837
Livability score: 82
Pictured: Ithaca
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10. Julesburg, Colorado
Population total: 1,187
Household median income: $37,232
Single family home average value: $165,756
Difference from state average home value: $(398,453)
Monthly expenditures: $1,823
Livability score: 75
Pictured: Victor
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9. Shelby, Montana
Population total: 3,058
Household median income: $51,667
Single family home average value: $181,948
Difference from state average home value: $(291,403)
Monthly expenditures: $1,756
Livability score: 79
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8. Las Animas, Colorado
Population total: 2,421
Household median income: $45,355
Single family home average value: $101,265
Difference from state average home value: $(462,943)
Monthly expenditures: $1,842
Livability score: 70
Pictured: Colorado Springs
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7. East Syracuse, New York
Population total: 3,065
Household median income: $52,794
Single family home average value: $225,891
Difference from state average home value: $(229,866)
Monthly expenditures: $2,056
Livability score: 88
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6. Frostburg, Maryland
Population total: 7,118
Household median income: $44,658
Single family home average value: $175,076
Difference from state average home value: $(259,685)
Monthly expenditures: $1,764
Livability score: 84
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5. Jerome, Illinois
Population total: 2,194
Household median income: $52,083
Single family home average value: $143,285
Difference from state average home value: $(132,504)
Monthly expenditures: $1,902
Livability score: 92
Pictured: Galena
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4. Sherwood, Ohio
Population total: 3,408
Household median income: $140,788
Single family home average value: $171,660
Difference from state average home value: $(65,495)
Monthly expenditures: $1,712
Livability score: 86
Pictured: Bowling Green
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3. Rocky Ford, Colorado
Population total: 3,850
Household median income: $31,418
Single family home average value: $150,231
Difference from state average home value: $(413,977)
Monthly expenditures: $1,808
Livability score: 79
Pictured: Littleton
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2. Woodlynne, New Jersey
Population total: 2,904
Household median income: $68,125
Single family home average value: $185,326
Difference from state average home value: $(368,888)
Monthly expenditures: $1,980
Livability score: 81
Pictured: Red Bank
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1. Dayton, Washington
Population total: 2,763
Household median income: $68,671
Single family home average value: $253,494
Difference from state average home value: $(363,171)
Monthly expenditures: $1,721
Livability score: 80
Methodology: For this study, GOBankingRates analyzed cities around the country to find the best hidden housing markets of 2024. First GOBankingRates found the average single family home value for cities across the country along with the statewide average single family home value in order to compare each cities home values to their state average home values. By using the Zillow Home Value Index from June 2024, the average single family home value was included for each city. By assuming a 10% down payment and using the national average 30-year fixed mortgage rate, the average mortgage cost can be found. Cities with an average home value $50,000 under their statewide averages were kept for this study to showcase housing markets that may be undervalued. For each city a number of factors were found including: total population, total households, population ages 65 and over and household median income all sourced from the US Census American Community Survey. The average expenditure cost can be calculated by using each city’s cost of living indexes as sourced from Sperlings BestPlaces and the national average expenditure costs for all residents as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. The total cost of living can be calculated using the average mortgage and expenditure costs. Cities with more and less than 10,000 population were sorted into two lists to find the best hidden gems in smaller cities and larger cities. The livability index was sourced from AreaVibes for each city and all cities under 70 were removed for this study as those places represent places that have a lower quality of life and are not hidden gems. The household median income was scored and weighted at 1.00, the difference in single family home values from state home values was scored and weighted at 2.00, the average mortgage cost was scored and weighted at 1.00, the expenditure cost was scored and weighted at 1.00 and the livability index was scored and weighted at 2.00. All the scores were summed and sorted to show the best hidden gem housing markets of 2024. All data was collected on and is up to date as of Aug. 5th, 2024.
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This article originally appeared on GOBankingRates.com: America’s 25 Best Hidden Gem Housing Markets of 2024
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Publish date : 2024-09-04 01:30:00
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