Affordable real estate markets in the U.S. and Canada

Much has been made in recent years of the rising cost of housing across North America. A September 2023 report from Zillow indicated the total housing market in the United States had reached a value of $52 trillion, which represents a record and a 49 percent spike since before the pandemic.

Such a dramatic increase in the housing market has had a ripple effect on current homeowners and those looking to become homeowners. Millennials have perhaps bore the brunt of the housing price increase. Already holding one-third of all student loan accounts and 30 percent of the total debt, according to data from the Education Data Initiative, millennials may feel as though homeownership is simply not financially feasible. However, a recent analysis from Rocket Homes and Best Places identified 15 cities where buyers can find affordable homes.

1. Ames, Iowa

2. Burlington, Vermont

3. Portland, Maine

4. Ithaca, New York

5. Iowa City, Iowa

6. Appleton, Wisconsin

7. Charlottesville, Virginia

8. Bangor, Maine

9. State College, Pennsylvania

10. Richmond, Virginia

11. Atlantic City, New Jersey

12. Albany, New York

13. College Station, Texas

14. Norwich, Connecticut

15. Winchester, Virginia

Housing prices also are stretching budgets in Canada, where data from the real estate experts at Royal LePage indicates the average home price will exceed $843,000 in 2024. But much like their American counterparts, Canadians in the market have affordable housing options. The Canadian Real Estate Association notes these are some of the most affordable provinces to buy a home in Canada.

1. New Brunswick

2. Newfoundland & Labrador

3. Saskatchewan

4. Manitoba

5. Prince Edward Island

6. Nova Scotia

7. Alberta

Home prices are high in the U.S. and Canada, but buyers with the flexibility to work remotely can look to various markets in each country for more affordable homes.