Ohio city is most affordable housing market in U.S., report says

Housing affordability is one of the biggest crises facing the U.S. economy right now, and there doesn’t appear to be any signs of improvement coming any time soon.

Finding a city to live in can be difficult enough, but finding an affordable home in that city can be even more exhausting.

Fortunately for those in Ohio, the most affordable housing market in the U.S. is located right here in the Buckeye State.

Cleveland, Ohio, is the most affordable housing market by square foot among all U.S. metro cities, according to a report from Home Bay. Home Bay is a real estate brokerage company based in California that assists prospective homeowners in the home-buying process.

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Cleveland homes boast a median price of $133 per square foot, which is well below the national average of $214. That $133 per-square-foot figure ranked 50th out of 50 U.S. metros in HomeBay’s report, measuring even more affordable than Memphis, Tennessee (49th, $143 per square foot); Pittsburgh, Pennsylvania (48th, $147); and Indianapolis, Indiana, and Birmingham, Alabama, which both register at $158 per square foot.

When it comes to finding affordable housing markets, “Southern and Midwestern states tend to really shine in this regard,” Home Bay writes in its report. “Despite home prices increasing across the country, these regions are still typically cheaper than their Northeastern and Western counterparts.”

Furthermore, the median home sale price in Cleveland is $248,480, which is nearly $200,000 less than the national average of $443,425.

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In contrast, San Jose, California, is the most expensive housing market in the U.S. at a median cost of $845 per square foot. The median home sale price in San Jose is $1,498,000, which is more than triple the national average, according to Home Bay.

The 10 most affordable housing markets in the U.S. as measured by cost-per-square-foot are:

1. Cleveland, OH ($133 per square foot)

2. Memphis, TN ($143)

3. Pittsburgh, PA ($147)

4. Birmingham, AL ($158)

5. Indianapolis, IN ($158)

6. Buffalo, NY ($169)

7. Oklahoma City, OK ($170)

8. St. Louis, MO ($170)

9. Louisville, KY ($174)

10. Detroit, MI ($176)

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Home Bay’s full report on the least and most expensive U.S. housing markets, as measured by cost-per-square-foot, can be found online.