Where To Buy Real Estate For Under $500,000

Not rich? No problem! Let’s say you have less than $100,000 or less to put down on a home. There are a ton of options all over the United States. Even in cities like New York and Los Angeles where there is constantly talk about a housing shortage – there are still homes for under $500,000. It really comes down to what your priorities are. You may have to sacrifice space for location or vice versa. Here’s a few of the most sought after cities and what you can hope to buy on a budget.

New York

Yes, it’s expensive, but there are options. If you don’t mind hoping on the R train and heading to Queens there are condo’s available for a pinch under $500,000.

Los Angeles

If you type in $500,000 on Zillow you might be surprised by the number of options around LA. There are some small condos in the heart of LA for around $400,000. Places like Inglewood, Hyde Park, North Hollywood, Torrance and West Covina are where you are going to find the most affordable homes with a little bit of space.

Houston

At this point if you are looking nationwide, Houston has probably been on your radar. With a medium home price of $240,000 there are a lot of options for the middle class.

Phoenix

The temperature isn’t the only thing sizzling in this city. Home prices are up 7% since last year, but are still very affordable at $242,000.

Philadelphia

The city with a ton of history also comes with affordability. $500,000 can get you a 2,100-square-foot condo on Pennsylvania Avenue in a building overlooking the Philadelphia museum of art.

San Antonio

Another city in Texas with home prices under $300,000. For $500,000 you can get yourself a $3,700 sq ft McMansion with 4 bedrooms and 3 baths.

Dallas

It’s almost the same situation here as San Antonio. It really comes down to which city fits your fancy.

Columbus

If you want to live in the Midwest then Columbus should be on your radar (unless you’re a Michigan Wolverines fan). The medium SFH price is $207,600, which is a little high for this area, but still a great price. There are a ton of great homes with early 20thCentury vibes.

Charlotte

If you want the biggest bang for your buck this is definitely a city to look at. We’re talking 5,000 sq ft homes for under $500,000 or 2,000 sq ft in the heart of downtown.