Flint, Detroit Ranked America’s Most Affordable Housing Markets

With the cost of everything from groceries to gasoline seemingly still spiraling out of control, it's easy to assume that buying a home in America right now either requires winning the lottery or inheriting lakefront property from some mysterious relative you never knew existed.

But there's a new study that begs to differ — and it's particularly good news for potential homebuyers in some parts of Michigan.

READ MORE: This Michigan City Has the Lowest Cost-of-Living in America

The personal finance website WalletHub recently analyzed 300 cities across the United States using metrics like home prices, cost of living, taxes, maintenance costs, and how realistically people can afford homes based on local incomes. The result? My hometown of Flint ranked as the most affordable city in America to buy a home, with Detroit coming in right behind it at #2.

Why Flint and Detroit Ranked So High

Flint especially stood out for having the lowest median home price per square foot in the country. WalletHub says homes in Flint average around $60 per square foot — dramatically lower than some places in California where prices can skyrocket past $1,000 per square foot. In many cases in Flint, it's actually cheaper to buy a home than it is to rent one. That's not something that can be said in much of the country.

Detroit's affordability comes from another eye-popping stat: the typical home price is only a little more than twice the city's median household income. That's one of the lowest ratios anywhere in America.

Why Affordable Doesn’t Always Mean Easy

Don't get it twisted — neither Flint nor Detroit is pretending to be some sort of flawless real-estate utopia. Both cities still face challenges related to population decline, aging infrastructure, and long-term economic recovery. But while people in other states are getting priced out of existence, Michigan cities like these two are suddenly becoming realistic options again for first-time homebuyers, families, and younger people who thought homeownership was completely off the table.

On a personal note, I would love to see something like this spur a resurgence for Flint. It's a shell of the city I knew growing up. I remember it being so much more than what outsiders assume it is.

Other Michigan Cities Ranking Among America’s Most Affordable

By the way, several other Michigan cities rank among the 100 most affordable cities in America to buy a home: Warren (14th), Grand Rapids (26th), Livonia (36th), Lansing (52nd), Sterling Heights (54th), and Dearborn (70th).

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Curious to see the full list and how these Michigan cities compare to other places across America? Check it out here.