It is not easy to find an affordable condo in desirable locations due to budget constraints. It becomes harder when your budget is under $100,000.
However, it doesn’t mean you can never find one. There are several cities in the US where buyers can find a condominium for under $100,000. In addition to diverse housing markets, these cities can offer a mixture of affordable living and potential investment opportunities. The question is, “What cities have condos under $100k?”
To know the answer, keep reading to discover the top 7 US locations that offer affordable condominium options that won’t break the bank.
7 US Locations to Find Dollar-Savvy Condos Under $100K
Yes, it can be hard to find a condominium under $100,000 in the US, but there are some places where you can get one. After comprehensive research, we have found the following 7 places in the US where you can buy a condo for $100k or more.
01. Salt Lake City, Utah
Compared to other major metropolitan areas, living in Salt Lake City is more cost-effective. Consequently, properties, including condos, can be found under $100,000. There are a range of condo options in this area, especially in the suburbs and surrounding areas. Moreover, the real estate market in Salt Lake City has been relatively stable. Budget-conscious buyers can always find something in this market. According to Zillow, here is the market overview chart for condos in Salt Lake City:
Source: Zillow Home Value Index
02. Orlando, Florida
Orlando is popular for its thriving tourism industry. This has led to a significant number of condominium developments. The high supply of condos has made it possible to find affordable options under $100k. According to Redfin, you can find a condo for under $200,000, even if it is only 816 square feet with 1 bath and 1 bed. Still, this is a good deal compared to other locations in Florida, such as Daytona Beach, where the median price of a condo typically starts at $500,000. If you take a look at the market overview chart, you can make an assumption.
Source: Zillow Home Value Index
03. Cincinnati, Ohio
Another place in the United States where you can enjoy a low cost of living. People look for properties in Cincinnati for its diverse neighborhood and growing job market. The real estate market in Cincinnati offers a range of affordable housing options. According to an estimation from Norada Real Estate Investments, the median housing price increased to $230,000 in February 2023. Although it is a 4.2% increase from last year, it is possible to find condos priced under $100,000. Let’s take a look at the market overview for condos in Cincinnati:
Source: Zillow Home Value Index
04. Austin, Texas
Austin has a high demand for housing because of its strong economy and vibrant culture. In recent years, its real estate market has experienced significant growth and a rise in house prices. However, there are still pockets of affordability when it comes to buying a condo. Diligent buyers can find condos under $100,000, particularly on the outskirts or in older developments. At least, this is what we have guessed from the market analysis chart.
Source: Zillow Home Value Index
05. Portland, Oregon
Recently, Portland has experienced a surge in real estate. However, it is still possible to find affordable condos. That is because the city’s commitment to sustainable urban development has led to a significant number of condo projects. As a result, buyers will have more options to find a condo under $100k, especially in the suburbs or areas outside the city center. The most prevalent condos in Portland have 3 beds and 2 baths. Compared to the last year, the average price has dropped 5.7% and stands at $543,000. Here is the market overview chart:
Source: Zillow Home Value Index
06. Indianapolis, Indiana
Whether you agree or not, the real estate market in Indianapolis is affordable. It is also true for its condominium segment. For $100,000 or more, you can expect to find a condo here. This makes Indianapolis an attractive option for those on a budget. The cost of living in Indianapolis is comparatively lower than in other major cities, which is why the real estate market becomes affordable. However, the average home value has increased by 3.2% in one year and reached $224,000. The following chart shows a steady rise in condo prices:
Source: Zillow Home Value Index
07. Myrtle Beach, South Carolina
It is not unknown that Myrtle Beach is a popular tourist destination. To cater to vacationers, there are a significant number of condominium complexes here. The rising number of condominiums has created opportunities for buyers to find an affordable option under $100,000. Myrtle Beach attracts both homeowners and investors because of its strong tourism industry, favorable climate, and 258 sunny days. Here, most condos consist of a maximum of 3 beds and 2 baths. Moreover, we have found that the typical home value has increased by 7.2% over the last year.
Source: Zillow Home Value Index
Searching for a condo under $100,000 doesn’t mean compromising on location or quality of life. The above US locations are ideal for budget-conscious condo buyers. In the end, we will suggest keeping a pulse on the market and taking advice from local real estate experts to find an affordable condo that meets your needs.
Author: Shannon Quantock
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