Recent data from Redfin indicates that cities previously known for their affordable housing, such as Cleveland and Milwaukee, are experiencing significant home price increases. Cleveland leads with a 15% rise, followed by Milwaukee at 14.5%. This trend is observed across all 50 major U.S. metro areas, which are all witnessing rising prices for the first time since May 2022. Local residents are increasingly priced out of their desired neighborhoods, forcing them to reconsider their housing dreams, moving away from spacious homes to urban living.
"Affordable housing havens have become harder and harder to come by; even places that saw some price relief last year, like Texas and Florida, are now seeing prices tick back up."
"A lot of sellers have a very specific number in mind because they saw their neighbor sell for $40,000 over the asking price during the pandemic, which is one factor keeping prices high."
"Cleveland may still have a reputation as an affordable-housing haven among out-of-staters, but not so much among locals. Many families have been priced out..."
"Their dream of owning a beautiful farmhouse on 1.5 acres has shifted to a reality of a small home in an urban area."
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