House hunters interested in an affordable way of life may have better luck looking in the Midwest.
Data from this year’s Wall Street Journal/Realtor.com Housing Market Ranking indicated that 12 of the 20 markets on the list are in the Midwest.
The study showed that those Midwest states dominate when it comes to climate resiliency, low home prices, and cost of living.
Four areas that stick out from others on this list are Wisconsin cities Milwaukee, Green Bay, and Appleton, and Indiana city Fort Wayne.
Milwaukee, Green Bay, and Appleton have average unemployment rates of 3.8, 3.3, and 3.1 percent, which are all below the national average.
Fort Wayne also sits below the 4.2 percent national average at 4.1 percent.
The list comes amid worry over a potential repeat of the 2008 real estate crash, which was part of the Great Recession.
Milwaukee, Wisconsin, is listed in the top 10 of Wall Street Journal/Realtor.com’s Housing Market Ranking
Fort Wayne, Indiana, has a 4.1 percent average unemployment rates, which is below the national average
‘The cost of everyday necessities is below the national norm in each of these metros,’ senior economic research analyst Hannah Jones told Realtor.com
Weather has become a more crucial factor in one’s living situation over the years due to devastation from wildfires and other natural disasters.
Insurance companies have also been increasing premiums, making it pricier to live in certain areas.
Some states with increasing premiums resulting from devastating weather include California and Florida.
Over 55 million Americans will relocate to places less susceptible to climate risks by 2055, with 5.2 million doing so this year, according to a First Street Report.
With insurance costs set to surge by 29.4 percent over the next 30 years, house hunters are fleeing to the Midwest to live in states with lower risks of damage from climate-related events.
Out of these four Midwest cities with low unemployment rates, Appleton was the most climate-resilient, with only 1.1 percent of its housing having a high risk of climate-related damage.
Appleton also had a lower risk than Toledo, Ohio, which topped the Wall Street Journal/Realtor.com Housing Market Ranking for its strong demand and market pace.
Fort Wayne had a 1.8 percent risk, while Milwaukee and Green Bay both sat at 2.2 percent.
Only 1.1 percent of housing having a high risk of climate-related damage in Appleton, Wisconsin
The median price of a home in Green Bay, Wisconsin, is $490,000, which is significantly higher than the national average
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Low living costs have been a major factor in the search for a forever home, which has become more appealing to house hunters affected inflation.
Fort Wayne’s living costs are 10 percent below the national level, followed by Green Bay (7.9 percent), Appleton (6.4 percent), and Milwaukee (4.5 percent).
‘The cost of everyday necessities is below the national norm in each of these metros,’ senior economic research analyst Hannah Jones told Realtor.com.
‘These four metro areas boast strong housing markets, which are enabled by and supported by healthy job markets and affordable everyday expenditures and amenities.’
Out of the four Wisconsin and Indiana cities, Fort Wayne has the lowest median price at $310,000.
Milwaukee has the next lowest at $375,000, and Appleton comes in at $426,000.
Green Bay holds a $490,000 median price, and is the only one of these for metro areas to be higher than the $449,000 national average.
The costs of living include everyday necessities like food, transportation, and medical expenses, in addition to a roof over one’s head.
Toledo, Ohio, topped the Wall Street Journal/Realtor.com Housing Market Ranking following strong demand and a quick pace in that market
Known as the Badger State, Wisconsin has a population of nearly 6 million and is home to the Green Bay Packers.
It also has thriving dairy and cheese industries in addition to affordable housing and job opportunities.
‘Wisconsin has long boasted affordable home prices and other desirable attributes, but today’s challenging housing market has amplified its appeal,’ Jones explained.
‘Today’s buyers are looking for [more] bang for their buck and finding it in many Wisconsin metros.’