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  • GOBankingRates

    In Less Than a Decade, You Won’t Be Able To Afford a Home in These Cities

    By Laura Beck,

    2024-01-01

    Rising home values can quickly transition a reasonable housing market into the real estate monster that’s consumed places like the San Francisco Bay Area and New York City. While the idea of a decent cost of living and affordable housing in an urban center isn’t implausible for plenty of Americans, that’s rapidly changing in many places.

    Check Out: 7 Locations Where Housing Prices Are Plummeting Post-Pandemic

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    To help you determine your next real estate move, GOBankingRates identified the metro areas that are outpacing the national average for growth. This will help shed light on the cities where you should buy a home sooner rather than later.

    If you end up living in one of these cities 10 years down the line, you might want to check out other cities with more affordable housing .

    https://img.particlenews.com/image.php?url=2F8t3D_0YcacKdT00
    SeanPavonePhoto / iStock.com

    Knoxville, Tennessee

    • June 2023 home value: $326,331
    • One-year projected growth rate: 9.8%

    Knoxville, Tennessee sits at the foothills of the Great Smoky Mountains National Park and is a diverse city known for celebrating its many different ethnicities in festivals and cultural events.

    Learn More: Don’t Buy a House in These 5 US Cities That Have Shrinking Populations and Fewer Buyers

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    This city of over 192,000 people is also home to the University of Tennessee and the Knoxville Ice Bears professional hockey team.

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    https://img.particlenews.com/image.php?url=31LlEl_0YcacKdT00
    csfotoimages / Getty Images

    When It Will Become Too Expensive

    • Year: 2026
    • Projected home value: $431,981
    • U.S. median projected home value: $419,599
    • Difference in value: $12,382
    • 2033 projected home value: $831,153

    Try This: Dave Ramsey: Why You Shouldn’t Pay Off Your Mortgage Early Even If You Can

    https://img.particlenews.com/image.php?url=2TTcIU_0YcacKdT00
    Sean Pavone / Shutterstock.com

    Athens, Georgia

    • June 2023 home value: $338,432
    • One-year projected growth rate: 9%

    Athens is a vibrant college town known for its artistic and musical heritage. Home to the University of Georgia, it boasts a dynamic music scene that birthed famous bands like R.E.M. and the B-52s. With its blend of southern charm, historic architecture and cultural diversity, Athens remains a unique destination that attracts both students and visitors alike.

    https://img.particlenews.com/image.php?url=3cbLB4_0YcacKdT00
    Sean Pavone / Getty Images

    When It Will Become Too Expensive

    • Year: 2025
    • Projected home value: $402,091
    • U.S. median projected home value: $394,730
    • Difference in value: $7,361
    • 2033 projected home value: $801,191
    https://img.particlenews.com/image.php?url=1dPVPx_0YcacKdT00
    George Dodd / Getty Images/iStockphoto

    Daphne, Alabama

    • June 2023 home value: $344,919
    • One-year projected growth rate: 8.5%

    Daphne is a picturesque city located on the eastern shore of Mobile Bay. With its stunning waterfront views and warm climate, it offers a desirable coastal lifestyle. The city balances its rich history with modern amenities, evident in its charming downtown area and thriving community events.

    https://img.particlenews.com/image.php?url=1HhN9h_0YcacKdT00
    LMspencer / Shutterstock.com

    When It Will Become Too Expensive

    • Year: 2024
    • Projected home value: $374,237
    • U.S. median projected home value: $371,336
    • Difference in value: $2,901
    • 2033 projected home value: $779,857

    Trending Now: 5 Types of Homes That Will Plummet in Value in 2024

    https://img.particlenews.com/image.php?url=4PfZjq_0YcacKdT00
    DenisTangneyJr / Getty Images/iStockphoto

    Fayetteville, Arkansas

    • June 2023 home value: $327,207
    • One-year projected growth rate: 8.7%

    Fayetteville is home to the University of Arkansas. Bill and Hillary Clinton called Fayetteville home before he was elected the state’s governor, and then president of the United States, and the home they lived in is now a museum preserving memories of their time in the city.

    https://img.particlenews.com/image.php?url=0UFPpU_0YcacKdT00
    BlazenImages / Getty Images/iStockphoto

    When It Will Become Too Expensive

    • Year: 2026
    • Projected home value: $420,382
    • U.S. median projected home value: $419,599
    • Difference in value: $783
    • 2033 projected home value: $753,791
    https://img.particlenews.com/image.php?url=0WzgUb_0YcacKdT00
    Sean Pavone / Getty Images/iStockphoto

    Tucson, Arizona

    • June 2023 home value: $349,326
    • One-year projected growth rate: 7.6%

    Tucson is an hour north of the border with Mexico, and it lays claim to some of the best Mexican food in the U.S. Start on 12th Avenue in the city to begin your tour of what is called The Best 23 Miles of Mexican food.

    https://img.particlenews.com/image.php?url=0OusSh_0YcacKdT00
    benedek / Getty Images/iStockphoto

    When It Will Become Too Expensive

    • Year: 2024
    • Projected home value: $375,875
    • U.S. median projected home value: $371,336
    • Difference in value: $4,539
    • 2033 projected home value: $726,698

    Be Aware: Is Barbara Corcoran Right About the Housing Market?

    https://img.particlenews.com/image.php?url=3MoCbv_0YcacKdT00
    Sean Pavone / Getty Images/iStockphoto

    Columbia, Missouri

    • June 2023 home value: $282,941
    • One-year projected growth rate: 9.7%

    Columbia is the fourth most populous and fastest-growing city in the state. With an estimated 126,254 residents and the home of the University of Missouri, it sits just outside of St. Louis. Residents have access to the famous barbecue, music and historical sites with just a quick drive on the highway.

    https://img.particlenews.com/image.php?url=3NjFQB_0YcacKdT00
    Sean Pavone / Shutterstock.com

    When It Will Become Too Expensive

    • Year: 2030
    • Projected home value: $540,932
    • U.S. median projected home value: $535,756
    • Difference in value: $5,176
    • 2033 projected home value: $714,106
    https://img.particlenews.com/image.php?url=3GVTpy_0YcacKdT00
    Sean Pavone / Shutterstock.com

    Savannah, Georgia

    • June 2023 home value: $312,007
    • One-year projected growth rate: 8.6%

    Savannah’s history dates to 1733, and it became the first city in the 13th colony — Georgia — which was named for King George II of England. Today, visitors are drawn by its period architecture, art and boutiques.

    https://img.particlenews.com/image.php?url=3ri5XX_0YcacKdT00
    SeanPavonePhoto / iStock.com

    When It Will Become Too Expensive

    • Year: 2029
    • Projected home value: $511,851
    • U.S. median projected home value: $504,004
    • Difference in value: $7,847
    • 2033 projected home value: $711,972

    Explore More: Housing Market 2024: 5 Florida Cities That Are Suddenly Affordable

    https://img.particlenews.com/image.php?url=0OcihL_0YcacKdT00
    Rob Hainer / Shutterstock.com

    Panama City, Florida

    • June 2023 home value: $333,760
    • One-year projected growth rate: 7.6%

    Panama City is a gorgeous beach destination along the Gulf of Mexico, known for its powdery white sands and emerald waters. Its famous Panama City Beach stretches along the coastline, drawing tourists with its inviting shoreline and family-friendly atmosphere. The area also features attractions like Shipwreck Island Waterpark and St. Andrews State Park, providing diverse options for outdoor enthusiasts.

    https://img.particlenews.com/image.php?url=3XjAek_0YcacKdT00
    ©Shutterstock.com

    When It Will Become Too Expensive

    • Year: 2027
    • Projected home value: $447,387
    • U.S. median projected home value: $446,033
    • Difference in value: $1,354
    • 2033 projected home value: $694,316
    https://img.particlenews.com/image.php?url=1GY31Y_0YcacKdT00
    Sean Pavone / Getty Images/iStockphoto

    Huntsville, Alabama

    • June 2023 home value: $308,155
    • One-year projected growth rate: 8.3%

    The city is named after John Hunt, who settled there in 1805. It grew rapidly from 2010 to 2020 — from 180,000 to 215,000 people — and is a bustling area for the technology, space and defense industries. NASA’s Marshall Space Flight Center and the U.S. Army Aviation and Missile Command are located in Huntsville.

    https://img.particlenews.com/image.php?url=0yWB7n_0YcacKdT00
    gatorinsc / Getty Images/iStockphoto

    When It Will Become Too Expensive

    • Year: 2030
    • Projected home value: $538,478
    • U.S. median projected home value: $535,756
    • Difference in value: $2,722
    • 2033 projected home value: $683,995

    Find Out: Why a Billionaire Bought a Bunch of Homes In Duluth, Minnesota

    https://img.particlenews.com/image.php?url=3vIMeu_0YcacKdT00
    ivanastar / Getty Images/iStockphoto

    Albuquerque, New Mexico

    • June 2023 home value: $324,491
    • One-year projected growth rate: 7.4%

    About 565,000 people live in Albuquerque, and what does it mean if one of them asks you, “Red or green?” You’re being asked whether you want red or green chiles in your New Mexican fare. Reply with “Christmas” if you want both.

    https://img.particlenews.com/image.php?url=1AutHm_0YcacKdT00
    Starcevic / Getty Images

    When It Will Become Too Expensive

    • Year: 2031
    • Projected home value: $574,430
    • U.S. median projected home value: $569,509
    • Difference in value: $4,921
    • 2033 projected home value: $662,591
    https://img.particlenews.com/image.php?url=1ilvZA_0YcacKdT00
    benkrut / Getty Images/iStockphoto

    Dover, Delaware

    • June 2023 home value: $333,032
    • One-year projected growth rate: 7.1%

    Dover is the capital city of the state and holds a rich historical significance as one of the oldest continuously inhabited settlements in the United States. It is home to the historic Green, a public square that has witnessed important events throughout American history. Dover is also renowned for hosting the Dover International Speedway, a NASCAR racing track that attracts fans from around the country.

    https://img.particlenews.com/image.php?url=2XX22l_0YcacKdT00
    Jon Bilous / Shutterstock.com

    When It Will Become Too Expensive

    • Year: 2030
    • Projected home value: $538,285
    • U.S. median projected home value: $535,756
    • Difference in value: $2,529
    • 2033 projected home value: $661,273

    Read More: 5 Cheapest and Safest Places To Live in Wyoming

    https://img.particlenews.com/image.php?url=3b1dxa_0YcacKdT00
    ©Shutterstock.com

    Deltona, Florida

    • June 2023 home value: $342,193
    • One-year projected growth rate: 6.6%

    Deltona is a suburban city located in the central part of the state. It is known for its tranquil residential neighborhoods and abundant natural beauty, including numerous lakes and parks. The city’s strategic location between Daytona Beach and Orlando provides residents with easy access to both coastal and urban attractions.

    https://img.particlenews.com/image.php?url=2KvGdU_0YcacKdT00
    Javier_Art_Photography / Getty Images/iStockphoto

    When It Will Become Too Expensive

    • Year: 2031
    • Projected home value: $570,596
    • U.S. median projected home value: $569,509
    • Difference in value: $1,087
    • 2033 projected home value: $648,400
    https://img.particlenews.com/image.php?url=4T1H4e_0YcacKdT00
    Real Window Creative / Shutterstock.com

    Yakima, Washington

    • June 2023 home value: $334,737
    • One-year projected growth rate: 6.8%

    Located in the Yakima Valley, the city is known for its agricultural significance and stunning natural surroundings. The region is famous for producing a variety of fruits, particularly apples, and is considered a vital part of the state’s agricultural industry. With the Yakima River meandering through the valley, the area offers opportunities for outdoor activities like fishing, hiking and camping.

    https://img.particlenews.com/image.php?url=0SvhCb_0YcacKdT00
    JeffGoulden / Getty Images

    When It Will Become Too Expensive

    Keep reading to see other places where prices are becoming unaffordable.

    Jake Arky contributed to the reporting for this article.

    Methodology: GOBankingRates took the overall U.S. median home value and projected its growth and decline over 10 years using Zillow’s June 2023-24 one-year forecast. This projection was then compared to the projections of the 250 largest metros in the U.S. AND the metros in the top 250 that currently have home prices below the national median, with those rising above the national average in the next 10 years (plus its projected growth rate over the same period) being deemed “a place you could no longer afford.” For each metro over the next decade, GOBankingRates found the following factors: (1) year the metro will become a “place you could no longer afford”; (2) projected home value for that year; and (3) US average projected home value for that year. NOTE: GOBankingRates does not expect growth in home value to stay stagnant at one current rate for the next decade, but using these constant figures gives us an idea where certain markets are heading without unforeseen market disruptors in the future. All data used to conduct this study was compiled and verified on May 23, 2024.

    This article originally appeared on GOBankingRates.com : In Less Than a Decade, You Won’t Be Able To Afford a Home in These Cities

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