18 cities with reasonably priced homes that are on pace to be million-dollar markets in the next decade
Gone are the days when seven-figure sums were automatically associated with massive homes on picturesque properties. In fact, in some of the nation's competitive markets, $1 million is nothing more than the price of admission to home ownership.
US property values have soared since the financial crisis during a widespread housing shortage that created a home affordability crisis for buyers. The multi-decade-high inflation surge during and after the pandemic also contributed to home-price appreciation.
This housing-market boom is best exemplified by major cities in California, such as Los Angeles and San Francisco. The median cost of a home in those markets has nearly doubled in the past decade — from $420,300 in 2014 to $854,800 now and $769,600 to $1,449,000 respectively, according to data from the National Association of Realtors cited by the real-estate site Zoocasa.
Most homebuyers will be out of luck looking in the Golden State, which has seven of the 10 priciest housing markets in the US and is expected to soon have four cities where the typical single-family home costs more than $2 million — including San Jose, San Francisco's Bay Area neighbor.
Persistent property-price growth means home affordability will probably remain stretched, even as mortgage rates recede to lower levels. That means buyers may still have limited options.
"As prices creep up higher and higher, future home buyers may look outside of these large metros if income growth doesn't start to keep pace with the cost of housing," Zoocasa's Mackenzie Scibetta wrote in a mid-October report.
Though many families are set to be priced out of this market, those who can swing a home purchase may want to consider it before property prices rise even further in the coming decade.
"While rising prices may seem daunting, they also offer the promise of long-term equity gains, providing stability and a solid return on investment down the road," Scibetta wrote.
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No real-estate analyst can predict exactly how much or how quickly home prices will rise, though past gains can be a solid harbinger of what's ahead.
With that in mind, Zoocasa researchers compiled data on single-family home-price growth from 40 large US markets dating back to 2014 and then extrapolated them out over the next decade to estimate when cities would see their median home prices breach the $1 million mark.
Factors such as interest rates and the economic climate will certainly change, though this can be a solid starting point for buyers or real-estate investors who are comparing markets to buy in.
"While growth rates offer a helpful estimate, they may not hold steady if the market experiences drastic changes," Scibetta wrote. "However, they can still provide a general sense of where prices could head in the future."
Of the 40 metropolitan areas used in this analysis, Business Insider limited the list to cities with prices no more than 50% higher than the US median home price, which was $422,100 in the second quarter, according to the National Association of Realtors. That means the cutoff point was $633,150.
Below are 18 cities with homes that cost $633,150 or less in Q2 that are set to be million-dollar markets by the end of 2035, sorted by which are on pace to reach the $1 million threshold the fastest. Along with each reasonably priced real-estate market are its median home price and projections for the years ahead, as well as the home-price growth rate from 2014 to 2024 that it's based on.
Median home price in Q2 2024: $620,400Median home price estimate for 2025: $683,680Median home price estimate for 2026: $753,415Median home price estimate for 2027: $830,263Median home price estimate for 2028: $914,950Median home price estimate for 2029: $1,008,275Home price growth rate from 2014 to 2024: 10.2%
1. Reno, Nevada
Nevada came in No. 4 for the least-safe state in financial safety. It was also ranked the fifth worst state for personal and residential safety and the eighth worst in WalletHub's metric for road safety. It also has the third-highest unemployment rate.
Median home price in Q2 2024: $600,000Median home price estimate for 2025: $654,000Median home price estimate for 2026: $712,860Median home price estimate for 2027: $777,017Median home price estimate for 2028: $846,949Median home price estimate for 2029: $923,174Median home price estimate for 2030: $1,006,260Home price growth rate from 2014-24: 9%
2. Riverside, California
Share of EV-friendly listings: 2.6%Number of EVs per public charging port: 33
Median home price in Q2 2024: $568,700Median home price estimate for 2025: $617,608Median home price estimate for 2026: $670,722Median home price estimate for 2027: $728,404Median home price estimate for 2028: $791,047Median home price estimate for 2029: $859,077Median home price estimate for 2030: $932,958Median home price estimate for 2031: $1,013,192Home price growth rate from 2014-24: 8.6%
3. Manchester, New Hampshire
Median home price in Q2 2024: $568,700Median home price estimate for 2025: $617,608Median home price estimate for 2026: $670,722Median home price estimate for 2027: $728,404Median home price estimate for 2028: $791,047Median home price estimate for 2029: $859,077Median home price estimate for 2030: $932,958Median home price estimate for 2031: $1,013,192Home price growth rate from 2014-24: 8.6%Source: Zoocasa, National Association of Realtors
Median home price in Q2 2024: $608,500Median home price estimate for 2025: $657,789Median home price estimate for 2026: $711,070Median home price estimate for 2027: $768,667Median home price estimate for 2028: $830,929Median home price estimate for 2029: $898,234Median home price estimate for 2030: $970,991Median home price estimate for 2031: $1,049,641Home price growth rate from 2014-24: 8.1%
4. Portland, Oregon
Median home price in Q2 2024: $608,500Median home price estimate for 2025: $657,789Median home price estimate for 2026: $711,070Median home price estimate for 2027: $768,667Median home price estimate for 2028: $830,929Median home price estimate for 2029: $898,234Median home price estimate for 2030: $970,991Median home price estimate for 2031: $1,049,641Home price growth rate from 2014-24: 8.1%Source: Zoocasa, National Association of Realtors
Median home price in Q2 2024: $566,400Median home price estimate for 2025: $615,110Median home price estimate for 2026: $668,009Median home price estimate for 2027: $725,458Median home price estimate for 2028: $787,847Median home price estimate for 2029: $855,602Median home price estimate for 2030: $929,184Median home price estimate for 2031: $1,009,094Home price growth rate from 2014-24: 8.6%
5. Portland, Maine
Share of EV-friendly listings: 0.8%Number of EVs per public charging port: 13
Median home price in Q2 2024: $555,000Median home price estimate for 2025: $606,060Median home price estimate for 2026: $661,818Median home price estimate for 2027: $722,705Median home price estimate for 2028: $789,194Median home price estimate for 2029: $861,800Median home price estimate for 2030: $941,086Median home price estimate for 2031: $1,027,666Home price growth rate from 2014-24: 9.2%
6. Sacramento, California
Sacramento isn't the only Northern California city that loves coffee: Fremont and San Francisco tie for first for the highest average spending on coffee per household, according to WalletHub's data. San Jose follows close behind in third.
Median home price in Q2 2024: $583,200Median home price estimate for 2025: $635,688Median home price estimate for 2026: $692,899Median home price estimate for 2027: $755,260Median home price estimate for 2028: $823,233Median home price estimate for 2029: $897,324Median home price estimate for 2030: $978,083Median home price estimate for 2031: $1,066,110Home price growth rate from 2014-24: 9%
7. Salt Lake City
Utah is the second-best state for remote workers, scored with the sixth-best work environment and fourth-best living environment. Heber City, Utah, had the seventh-highest rate of residents working remotely, with 14.5% doing their jobs from home, according to a September report from the Salt Lake Tribune. WalletHub's new study rates Utah as the state with the fourth-highest share of its population working from home.
Median home price in Q2 2024: $525,000Median home price estimate for 2025: $575,925Median home price estimate for 2026: $631,790Median home price estimate for 2027: $693,073Median home price estimate for 2028: $760,301Median home price estimate for 2029: $834,050Median home price estimate for 2030: $914,953Median home price estimate for 2031: $1,003,703Home price growth rate from 2014-24: 9.7%
8. North Port, Florida
Median home price in Q2 2024: $525,000Median home price estimate for 2025: $575,925Median home price estimate for 2026: $631,790Median home price estimate for 2027: $693,073Median home price estimate for 2028: $760,301Median home price estimate for 2029: $834,050Median home price estimate for 2030: $914,953Median home price estimate for 2031: $1,003,703Home price growth rate from 2014-24: 9.7%Source: Zoocasa, National Association of Realtors
Median home price in Q2 2024: $510,700Median home price estimate for 2025: $566,877Median home price estimate for 2026: $629,233Median home price estimate for 2027: $698,449Median home price estimate for 2028: $775,278Median home price estimate for 2029: $860,559Median home price estimate for 2030: $955,220Median home price estimate for 2031: $1,060,294Home price growth rate from 2014-24: 11.1%
9. Boise, Idaho
Boise, Idaho, had an estimated population of 236,634 people in July 2022, according to the US Census Bureau. According to US News & World Report, its violent and property crime rates were lower than the national average rate in 2020.
Median home price in Q2 2024: $478,800Median home price estimate for 2025: $527,159Median home price estimate for 2026: $580,402Median home price estimate for 2027: $639,023Median home price estimate for 2028: $703,564Median home price estimate for 2029: $774,624Median home price estimate for 2030: $852,861Median home price estimate for 2031: $938,999Median home price estimate for 2032: $1,033,838Home price growth rate from 2014-24: 10.1%
10. Las Vegas
Las Vegas and North Las Vegas tied with San Francisco, Seattle, and Portland, Oregon, for most affordable coffee shops, coffee houses, and cafs rated more than 4.5 stars per capita.
Median home price in Q2 2024: $496,500Median home price estimate for 2025: $537,213Median home price estimate for 2026: $581,265Median home price estimate for 2027: $628,929Median home price estimate for 2028: $680,501Median home price estimate for 2029: $736,302Median home price estimate for 2030: $796,679Median home price estimate for 2031: $862,007Median home price estimate for 2032: $932,692Median home price estimate for 2033: $1,009,173Home price growth rate from 2014-24: 8.2%
11. Austin
Median home price in Q2 2024: $480,400 Median home price estimate for 2025: $526,038Median home price estimate for 2026: $576,012Median home price estimate for 2027: $630,733Median home price estimate for 2028: $690,653Median home price estimate for 2029: $756,265Median home price estimate for 2030: $828,110Median home price estimate for 2031: $906,780Median home price estimate for 2032: $992,924Median home price estimate for 2033: $1,087,252Home price growth rate from 2014-24: 9.5%
12. Phoenix
Median home price in Q2 2024: $469,100Median home price estimate for 2025: $512,726Median home price estimate for 2026: $560,410Median home price estimate for 2027: $612,528Median home price estimate for 2028: $669,493Median home price estimate for 2029: $731,756Median home price estimate for 2030: $799,809Median home price estimate for 2031: $874,191Median home price estimate for 2032: $955,491Median home price estimate for 2033: $1,044,352Home price growth rate from 2014-24: 9.3%
13. Eugene, Oregon
Median home price in Q2 2024: $469,100Median home price estimate for 2025: $512,726Median home price estimate for 2026: $560,410Median home price estimate for 2027: $612,528Median home price estimate for 2028: $669,493Median home price estimate for 2029: $731,756Median home price estimate for 2030: $799,809Median home price estimate for 2031: $874,191Median home price estimate for 2032: $955,491Median home price estimate for 2033: $1,044,352Home price growth rate from 2014-24: 9.3%Source: Zoocasa, National Association of Realtors
Median home price in Q2 2024: $484,900Median home price estimate for 2025: $527,086Median home price estimate for 2026: $572,942Median home price estimate for 2027: $622,788Median home price estimate for 2028: $676,971Median home price estimate for 2029: $735,867Median home price estimate for 2030: $799,887Median home price estimate for 2031: $869,477Median home price estimate for 2032: $945,121Median home price estimate for 2033: $1,027,347Home price growth rate from 2014-24: 8.7%
14. Raleigh, North Carolina
Median home price in Q2 2024: $456,100Median home price estimate for 2025: $502,622Median home price estimate for 2026: $553,889Median home price estimate for 2027: $610,386Median home price estimate for 2028: $672,645Median home price estimate for 2029: $741,255Median home price estimate for 2030: $816,863Median home price estimate for 2031: $900,183Median home price estimate for 2032: $992,002Median home price estimate for 2033: $1,093,186Home price growth rate from 2014-24: 10.2%
15. Salem, Oregon
Median home price in Q2 2024: $456,100Median home price estimate for 2025: $502,622Median home price estimate for 2026: $553,889Median home price estimate for 2027: $610,386Median home price estimate for 2028: $672,645Median home price estimate for 2029: $741,255Median home price estimate for 2030: $816,863Median home price estimate for 2031: $900,183Median home price estimate for 2032: $992,002Median home price estimate for 2033: $1,093,186Home price growth rate from 2014-24: 10.2%Source: Zoocasa, National Association of Realtors
Median home price in Q2 2024: $477,600Median home price estimate for 2025: $517,241Median home price estimate for 2026: $560,172Median home price estimate for 2027: $606,666Median home price estimate for 2028: $657,019Median home price estimate for 2029: $711,552Median home price estimate for 2030: $770,612Median home price estimate for 2031: $834,573Median home price estimate for 2032: $903,843Median home price estimate for 2033: $978,862Median home price estimate for 2034: $1,060,108Home price growth rate from 2014-24: 8.3%
16. Durham, North Carolina
Month-over-month rent change: -4.8%Year-over-year rent change: -5.4%Median rent: $1,400Savings vs national median: $133National rent ranking: 45Source: Zumper
Median home price in Q2 2024: $504,800Median home price estimate for 2025: $542,155Median home price estimate for 2026: $582,274Median home price estimate for 2027: $625,362Median home price estimate for 2028: $671,639Median home price estimate for 2029: $721,340Median home price estimate for 2030: $774,719Median home price estimate for 2031: $832,048Median home price estimate for 2032: $893,620Median home price estimate for 2033: $959,748Median home price estimate for 2034: $1,030,769Home price growth rate from 2014-24: 7.4%
17. Providence, Rhode Island
Rhode Island ranked eighth for personal and residential safety, and is deemed the ninth-best state for road safety in the US. In the category of emergency preparedness, it's the eighth-safest state.It is also the state with the second-fewest fatalities per 100 million vehicle miles of travel, the fourth-fewest assaults per capita, the third-lowest bullying incidence rate, and the fourth-lowest share of uninsured residents, according to WalletHub's rankings.The northeastern state is tied for the lowest unemployment rate with South Dakota, Nebraska, New Hampshire, Oklahoma, and Maryland. In addition, Rhode Island has the fewest fatal occupational injuries per total workers.
Median home price in Q2 2024: $467,400Median home price estimate for 2025: $504,792Median home price estimate for 2026: $545,175Median home price estimate for 2027: $588,789Median home price estimate for 2028: $635,892Median home price estimate for 2029: $686,763Median home price estimate for 2030: $741,704Median home price estimate for 2031: $801,040Median home price estimate for 2032: $865,123Median home price estimate for 2033: $934,333Median home price estimate for 2034: $1,009,080Home price growth rate from 2014-24: 8%Source: Zoocasa, National Association of Realtors
18. Wilmington, North Carolina
Median home price in Q2 2024: $467,400Median home price estimate for 2025: $504,792Median home price estimate for 2026: $545,175Median home price estimate for 2027: $588,789Median home price estimate for 2028: $635,892Median home price estimate for 2029: $686,763Median home price estimate for 2030: $741,704Median home price estimate for 2031: $801,040Median home price estimate for 2032: $865,123Median home price estimate for 2033: $934,333Median home price estimate for 2034: $1,009,080Home price growth rate from 2014-24: 8%Source: Zoocasa, National Association of Realtors