(TNS)–Home prices are climbing across the nation and some markets are hotter than others. According to a new report from Finance Buzz, nine U.S. cities are likely to become unaffordable by 2027, due to an influx of out-of-town buyers and tight inventory.
Here’s a look at the popular locales where housing costs are outpacing local incomes, as per Finance Buzz’s reporting:
Montclair, New Jersey
Many areas in northern New Jersey are popular for people relocating out of New York City.
According to Daniel Smith, team lead at Smith Realty Team, homes in Montclair are expected to stay in high demand and continue commanding higher home prices.
“Retirees and pre-retirees are also targeting these towns because of their vibrant downtowns, access to health care, and cultural amenities, which makes competition even stronger,” he said.
Nashville, Tennessee
Nashville attracted numerous new residents during the pandemic years, offering a lively city experience alongside lower taxes and a more affordable cost of living.
While home prices have come down slightly over the past year, the median sale price is currently $464,983 and real estate experts don’t expect a reduction any time soon.
Nashua, New Hampshire
Realtor Carla Gericke, with Porcupine Real Estate, said that “no income tax, easy access to Boston, and that elusive small-town feel with real community bones” is causing Nashua’s popularity to spike.
“Nashua’s median home price has soared to the $500,000 to $550,000 range, and demand keeps outpacing supply,” she said.
Gericke urged retirees looking to buy in the state to act quickly or venture outside the bigger cities to find better deals.
Phoenix, Arizona
Arizona has long been a top destination for retirees hoping to escape the cold. Fred Loguidice, a real estate expert and founder of several home-buying companies in the area, said that home demand is outpacing supply, making it a market that is likely to stay competitive in the future.
“In markets like Phoenix, fewer homes are being built while demand persists, so prices consistently escalate,” he said.
Buffalo, New York
Real estate expert Fred Loguidice also highlighted demand for Northeast hubs like the Buffalo metro area. While Zillow put the median home price at a moderate $261,300, home values in the area have been increasing.
“That momentum is a hard habit to break,” he said, noting its affordability and surging job opportunities make it a top choice for relocation for people in the region and beyond.
Athens, Georgia
Athens is about 60 miles northeast of Atlanta and attracts many buyers and visitors alike with its lively college town atmosphere, excellent dining scene, and more.
While Georgia is often cited as a top spot to retire, thanks to the weather and lower cost of living, real estate trends indicate that home prices will continue to climb throughout the next year or so. Prices have gone up over the past year, with the median currently sitting at $353,333.
Tampa, Florida
Florida boasts many affordable cities and tax incentives for retirees, but those considering Tampa may want to reassess.
Omer Reiner, realtor and president of Florida Cash Home Buyers, said home prices in the city are already high, and rising insurance costs are putting many popular areas out of reach.
“This is especially true for those nearing or at retirement, as higher costs of living when you are on any type of fixed income means you are spending more for less,” he said.
Des Moines, Iowa
Iowa isn’t particularly known for its excessive home prices, but demand has been on the rise in Des Moines, according to real estate investor Jacob Naig, particularly for homes popular with retirees.
“Single-family homes, as well as small multi-family properties and single-level ranch-style homes that are particularly desirable to aging buyers, have seen a substantial rise in demand,” he said.
Ontario, Oregon
Many cities in the Pacific Northwest have seen rapidly rising home prices, and Ontario, which sits on the border of Oregon and Idaho, is no different. With stunning desert views, mountain ranges, and more, it’s a haven for outdoorsy types.
But recent real estate trends indicated it could be unaffordable in the coming years. Average home prices have risen steadily over the past year and currently sit at $307,769.
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