Home prices in the United States have soared to record highs over the last decade, with the median cost of homes nationwide hitting over $430,000 as of August.
The high cost of owning a home, in conjunction with elevated mortgage rates, is pushing hopeful buyers out of the market. However, there are still properties that are priced reasonably for investors, promising long-term equity gains and a solid return down the road.
It is important to note that these homes are located in areas where properties are projected to see their median home prices exceed $1 million within the next decade, according to a mid-October report from real estate site Zoocasa.
How the Cities Were Ranked
The real estate website analyzed the average annual increase of median single-family homes between 2014 and 2024 across 40 metropolitan areas. The Business Insider then limits the list to only the cities where home prices are within 50% of the median sale price in the second quarter of the year.
For perspective, the National Association of Realtors (NAR) said the median home price in the US was $422,100. With the Insider's cutoff point, this means the cities on the list have houses selling for a maximum of $633,150.
READ ALSO: Couple's Retirement Home Sold by Thieves for 50% of Its Actual Value in Property Fraud Scheme
Cities Where Investment Homes Are Still Reasonably Priced
Salem, Oregon
Median Home Price in Q2 2024: $456,100
Median Home Price Estimate For 2033: $1,093,186
Average Home Price Growth Rate: 10.2%
Wilmington, North Carolina
Median Home Price in Q2 2024: $467,400
Median Home Price Estimate For 2034: $1,009,080
Average Home Price Growth Rate: 8%
Eugene, Oregon
Median Home Price in Q2 2024: $469,100
Median Home Price Estimate For 2033: $1,044,352
Average Home Price Growth Rate: 9.3%
Durham, North Carolina
Median Home Price in Q2 2024: $477,600
Median Home Price Estimate For 2034: $1,060,108
Average Home Price Growth Rate: 8.3%
Las Vegas, Nevada
Median Home Price in Q2 2024: $478,800
Median Home Price Estimate For 2032 $1,033,838
Average Home Price Growth Rate: 10.1%
Phoenix, Arizona
Median Home Price in Q2 2024: $480,400
Median Home Price Estimate For 2033: $1,087,252
Average Home Price Growth Rate: 9.5%
Raleigh, North Carolina
Median Home Price in Q2 2024: $484,900
Median Home Price Estimate For 2033: $1,027,347
Average Home Price Growth Rate: 8.7%
Austin, Texas
Median Home Price in Q2 2024: $496,500
Median Home Price Estimate For 2033: $1,009,173
Average Home Price Growth Rate: 8.2%
Providence, Rhode Island
Median Home Price in Q2 2024: $504,800
Median Home Price Estimate For 2034: $1,030,769
Average Home Price Growth Rate: 7.4%
Boise, Idaho
Median Home Price in Q2 2024: $510,700
Median Home Price Estimate For 2029: $1,060,294
Average Home Price Growth Rate: 11.1
RELATED ARTICLE: Home Prices Plummeting in US Boomtowns, Especially in These 10 Popular Places