10 Cities Where You Can Find Property for Below $300,000

As of Q3 2023, the median U.S. home price is $431,000. However, that doesn’t mean you can’t find deals for less. In fact, there are some cities where you can still find properties under $300,000.

Here are ten to consider:

1. Pittsburgh, Pennsylvania

Known for its steel industry legacy, Pittsburgh is the second-most populous city in Pennsylvania, with just over 300,000 residents.

It’s also home to Carnegie Mellon University, the University of Pittsburgh, and many large companies. Amazon, Apple, Meta, SAP, and Google all have offices here. Some of the city's most prominent industries include advanced manufacturing, cybersecurity, and energy.

On top of having attractive educational and work opportunities, Pittsburgh is relatively affordable, with a cost of living index of 91.8 (100 is the base average). Investors can also expect a median home price of $229,000, making Pittsburgh an excellent market for finding affordable homes in a thriving city.

2. Oklahoma City, Oklahoma

Oklahoma City is the capital and most populous city of Oklahoma, with nearly 700,000 residents.

It’s a global oil capital atop one of the world’s largest active petroleum fields. Other major industries include aviation, aerospace, bioscience, and logistics. The city is also home to Lake Hefner, which provides some natural beauty alongside the urban.

If you’re looking for affordable properties in a booming economy, it’s hard to beat Oklahoma City. The median home price is just $254,000, and the cost of living index is a low 85.5. Plus, the city is growing. Between April 2020 and July 2022, it was one of the 20 fastest-growing cities in the U.S., registering a nearly 2% growth rate.

3. Jacksonville, North Carolina

Located on the southeastern coast of North Carolina, Jacksonville is a relatively small city with a population of just over 70,000.

It’s also home to the Marine Corps Base Camp Lejeune, one of the largest Marine Corps installations in the world. The many soldiers contribute to Jacksonville's ranking as one of the youngest U.S. cities, with 62.6% of the population under 35.

Housing and the overall cost of living in Jacksonville are relatively low. The median home costs $200,000, and the cost of living index is 86.3. Housing inventory fell after the COVID-19 pandemic, but it’s been picking up since.

4. Bloomington, Illinois

Bloomington is a city in central Illinois situated along the historic Route 66 highway. It’s also right next to its twin city Normal, with which it has a combined population of over 130,000.

The Bloomington area is home to Illinois Wesleyan University and Illinois State University. It’s also the headquarters for State Farm Insurance and Country Financial.

The median home price in Bloomington is $235,000, and the cost of living index is 82.1 (the lowest on this list). Furthermore, the average annual salary is $60,500, and the median rent for a two-bedroom unit is $911, making Bloomington relatively affordable.

5. Wichita, Kansas

Wichita is located in south-central Kansas along the Arkansas River. With nearly 400,000 residents, it’s the most populous city in the state. The city is also a major aviation hub, nicknamed “The Air Capital of the World.” Learjet, Airbus, and Boeing all have facilities here.

Other significant industries include advanced manufacturing, agriculture, and IT systems and support. Of the 100 most populated U.S. metro areas, Wichita ranks #15 in the growth rate for digital service jobs.

The city is relatively affordable, with a median home price of $218,000 and a cost of living index of 82.8. Furthermore, housing inventory has largely increased since 2022.

6. Rochester, New York

Rochester is a city in New York that sits on the southern edge of Lake Ontario and has a population of over 209,000.

Some of the biggest employers in the area are the University of Rochester, Rochester Regional Health, Wegmans Food Markets, Paychex, Rochester Institute of Technology, and Xerox. Other attractions include the area’s natural beauty and the Highland Park and Lilac Festival.

Significantly, Rochester has the lowest median home price of any city on this list: $161,000. Additionally, the cost of living index is 88.6. At the same time, investors can expect to rent out the median 2-bedroom unit for $1,307 monthly.

7. Mobile, Alabama

Known as the birthplace of Mardi Gras, Mobile is the second-most populous city in Alabama, with over 183,000 residents.

It sits along the Mobile River at the head of Mobile Bay, which touches the Gulf of Mexico. Some of the biggest industries are shipbuilding, steel, aerospace, and chemicals. Top employers include BASF, Austal USA, and AM/NS Calvert.

If you’re looking for a city on the ocean that isn’t expensive, Mobile may be the one. Its median home price is just $195,000, and the cost of living index is 84.1. Plus, housing inventory has been ticking up since last summer.

8. Racine, Wisconsin

Located about 60 miles north of Chicago on Lake Michigan, Racine has over 76,000 residents.

The largest industries include the healthcare and industrial sectors. In 2021, the Racine Economic Development Corp. helped facilitate 95 business projects that resulted in $360 million in private investment, $210 million in new construction, and 500 new full-time jobs.

On top of expanding economically, Racine is very affordable. In fact, a study from a few years ago ranked Racine as the most affordable housing market in the world. The median home price here is $180,000, and the cost of living index is 82.6.

9. Springfield, Missouri

Nestled in the Ozark Mountains, Springfield has a population of about 170,000.

It’s also home to many universities, including Missouri State University (the second largest university in the state), Drury University, and Evangel University. Bass Pro Shops, one of the largest outdoor retailers in the world, has its headquarters here, too. Some of the city’s key industries include distribution and logistics and advanced manufacturing.

Springfield is relatively affordable, with a cost of living index of 83.9 and a median home price of $190,000. Furthermore, the area’s population is growing. In the 2000s, it grew by 18.6%.

10. Memphis, Tennessee

Located along the Mississippi River in the southwestern corner of Tennessee, Memphis has a population of over 621,000.

It’s a central logistics hub with the third busiest trucking corridor in the U.S., the second busiest port on the Mississippi River, and the busiest cargo airport in North America. It also has over 120 colleges, universities, and technical training institutes within a 150-mile radius.

On top of a median home price of $175,000 and a cost of living index of 85.5, Memphis has no state income tax, helping your dollars go further. Plus, the city’s rich music and civil rights history may attract traveling tenants, making it an ideal location for mid-term rentals.

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Notes on sources:

• Data on median home prices and cost of living taken from Insider Monkey and Yahoo Finance
• Population data taken from the U.S. Census Bureau
• Average annual wages taken from U.S. Bureau of Labor Statistics (BLS)
• Median rent data taken from RentData.org