Downtown Living: The Most Affordable Urban Areas

Posted on 06/17/2014

More Americans are choosing city living over strip malls and lengthy commutes. A new study found that 40% of American homeowners live in suburbs, but just 7% want to stay there. While urban yards may be smaller than they are in the suburbs, many homeowners are thankful for shorter commutes and greater access to public transportation and amenities. This higher demand for urban living is driving up the cost of properties within downtown districts. So where can you still find a deal close to downtown? Here are five urban areas to consider.

Knoxville, Tennessee
Knoxville has been home to businesses for years with 6.2 million square feet of office space available. But now residential development is catching up. Find single family homes for as little as $100,000 and new one bedroom condos for under $200,000.

Raleigh, North Carolina
Raleigh, North Carolina is home to Duke University and the nearby University of North Carolina in Chapel Hill. Average monthly rent according to, is just $640 and the cost of living in Raleigh is more than 7% below the national average. It's the fastest growing metropolitan area in the Carolinas, adding more than 10,000 residents annually.

Tulsa, Oklahoma
Downtown Tulsa, Oklahoma is experiencing a surge of residential development. Condos at the brand new 100 Boulder building include 18 one bedroom modern luxury residences starting at just $205,000. The homes feature 12-foot ceilings, high tech kitchens and covered outdoor balconies. Walk to restaurants, shops, museums and galleries.

Austin, Texas
While some urban areas have out-priced a large cross section of potential homeowners, Austin is working hard to include everyone in the mix regardless of their stage in life. It's the 14th largest US city and nearly 10,000 people live right in the heart of downtown Austin.

Ocean City, Maryland
It may feel like a vacation destination, but why not call this a quaint, fun town home? Median home prices in Ocean City, Maryland hover around $250,000. There are hundreds of bars and restaurants along the beach, all within a few miles of each other.

By Alison Storm

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