Real estate experts have revealed the 10 best cities to move to if you’re looking to buy a mansion on a budget.
Real estate specialists have analyzed every single-family home on Realtor.com to determine the cities where you can get the most bang for your buck in square footage. The report calculated what percentage of properties in metropolitan U.S. cities were on the market for less than $1 million but offered more than 5,000 square feet of land.
The list of ‘affordable mansions’ had some surprise appearances – such as Washington DC which the seventh highest cost of living. But the list also included some cities in states that have been consistently reliable in offering big properties at small prices, like Texas and Kentucky.
Americans are now more than ever looking for bigger properties as the pandemic has given people cabin fever in small properties and people’s homes have become their offices as they work from home. This idea is also reflected in the migration from states with smaller homes and bigger price tags – like California – to states where you can get more for your money – like Arizona and Texas.
Hannah Jones, senior economic research analyst with Realtor.com, wrote in the report: ‘Many of the metros on the list stand out because they are generally affordable places, with plenty of room to grow and spread. They tend to be less densely populated, especially as you get further from the city centre. Buyers can therefore get more space at a lower price.’
In Indianapolis, you can score a 5,446-square-foot home on a 41,817.6-square-foot lot for under $900,000 that boasts five bedrooms, six bathrooms, a three-car garage, and a sprawling front and back yard
1. Indianapolis, Indiana
The percentage of single-family homes currently listed on Realtor.com that are over 5,000 square feet and under $1 million in the Midwest city of Indianapolis is 3 percent.
The state capital of Indiana is the 16th most populous city in the US with a population of 887,642, which is nearly 13 percent of Indiana’s residents.
The city has the nation’s largest NFL stadium, Lucas Oil Stadium, which is home to the Indianapolis Colts who last won the NFL in 2007. Indianapolis also has an NBA team, a USL soccer team, and a Triple-A baseball team.
As well as being home to a busy sports scene, the city also has a thriving cultural and arts scene with many art galleries, museums and performing arts centres.
While this city has a lot to offer, it doesn’t come with a hefty price tag. Real estate experts have revealed that Indianapolis has the most affordable mansions in the US
For example, you can get a score 5,446 sq ft home on 41,817.6 sq ft lot for under $900,000 that boasts five bedrooms, six bathrooms, a three-car garage and a sprawling front and back yard.
The city also offers a mix of older homes in historic neighborhoods and more modern properties in newer developments.
In Atlanta, you can secure a 5,542-square-foot home on a 12,632-square-foot lot for less than $600,000 that will give you five large bedrooms, four bathrooms, high ceilings, a walk-in closet, and a beautiful backyard
2. Atlanta, Georgia
The thriving city of Atlanta, Georgia has a 2.3 percent affordable housing rate. That means one out of every 43 single-family homes for sale is larger than 5,000 square feet and less than $1 million.
The historic city, known as the capital of the South, has the 22nd largest economy in the world.
Atlanta is known for its diverse population and thriving LGBTQ community.
In Atlanta you can get a 5,542 square foot home on a 12,632 square foot lot lot for under $600,000 that will give you five large bedrooms, four bathrooms, high ceilings, a walk-in closet and a beautiful backyard.
For $990,000 in Washington DC you can buy a home in the capital of the USA on a 5,574 square foot lot with four bedrooms and 3.5 bathrooms with a front and back porch and a two-car garage
3. Washington DC
The percentage of homes in Washington DC classified as ‘affordable mansions’ is 2.2 percent.
Home to the White House, Georgetown University, the National Cathedral and the Smithsonian Institution Building – you’d expect Washington DC to come with a hefty price tag.
DC has the seventh highest cost of living in the US, but still boasts some mega-mansions at smaller prices.
For $990,000 you can buy a house in the capital of the USA on a 5,574 square foot lot with four bedrooms and 3.5 bathrooms with a front and back porch and a two-car garage.
An affordable Cleveland mansion can look like an 1890’s Colonial-style 6,089 square foot home on a 14,810.4 square foot lot for just $450.00, complete with four bedrooms, 2.5 bathrooms, nine unique fireplaces, ‘ a butler’s kitchen and a three-car. garage
4. Cleveland, Ohio
Cleveland’s affordable housing rate is 2.1 percent.
The Midwestern steel city experienced a rebirth as formerly sleepy neighborhoods urbanized and revitalized, attracting younger and more diverse residents.
Cleveland is home to Millionaires Row, also known as Euclid Avenue, which gave Cleveland the reputation of being the richest city in the world in the 1910s.
An affordable Cleveland mansion can look like an 1890’s built colonial 6,089 square foot home on a 14,810.4 square foot lot for only $450.00, complete with four bedrooms, 2.5 baths, nine unique fireplaces, a butler’s kitchen, and a three-car garage.
5. Allentown, Pennsylvania
The percentage of affordable mansions in Allentown is two percent.
Allentown – located in eastern Pennsylvania – has a population of 125,944 and was founded in 1762.
The city is home to one of the country’s largest amusement and water parks – the Dorney Park & Wildwater Kingdom which fascinatingly boasts the world’s eighth longest steel roller coaster.
In Allentown you can make a purchase 5,454 square foot home for $799,000 which boasts six bedrooms, 3.5 bathrooms on a 0.5 acre lot that even has a sauna.
An affordable mansion for sale in Baltimore is a stately seven-bedroom Georgian mansion that has a cozy library and a sun-drenched porch, all in a 5,374-square-foot home listed for $995,000.
6. Baltimore, Maryland
Baltimore’s rate of affordability in the mansion market is 1.6 percent.
The city has a population of 585,708 – making it the 30th most populous city in the US
Historically a working-class port town, the city is known as a ‘city of neighbourhoods’ due to its many distinct areas.
An affordable mansion offered in Baltimore is a seven bedroom stately Georgian mansion which has a cozy library and a sun-drenched porch, all in a 5,374-square-foot home listed for $995,000.
7. McAllen, Texas
The percentage of affordable mansions in McAllen is 1.5 percent.
The southern city is the largest in Hidalgo County, Texas and is located at the southern tip of the state in the Rio Grande Valley on the Mexico-US border.
It is known for its subtropical climate and very long and hot summers.
In McAllen, Texas, you can buy yourself a seven-bedroom, seven-bathroom mansion for the affordable price of $485,000. The 6,188 square foot home comes with a large pool and a three-car garage.
8. Louisville, Kentucky
Louisville has a 1.5 percent rate of affordable mansions.
Kentucky’s largest city sits on the southern edge of the Ohio River and is one of the oldest cities west of the Appalachian Mountains.
The city is known for hosting the Kentucky Derby, which is at Churchill Downs in Louisville. The horse racing event has been running since 1875 and has been called ‘the most exciting two minutes in sport’.
An affordable Louisville mansion can look like a five-bedroom historic high-end hybrid mansion with 6,417 square feet of living space and an elevator all for $825,000.
An affordable mansion in Louisville can look like a five-bedroom historic high-end hybrid mansion with 6,417 square feet of living space and an elevator all for $825,000
9. Denver, Colorado
The percentage of affordable mansions in Denver is 1.4 percent.
The metropolis dates back to the Old West era and boasts a population of 711,463.
The city is home to the Denver Art Museum and the mansion of famous Titanic survivor Molly Brown.
In Denver – for $995,000, you can buy a 5,071 square foot home with five bedrooms and five bathrooms. The home has a spacious and private front patio, complete with a tranquil koi pond and raised garden beds, as well as a wine cellar and built-in bar.
10. Ogden, Utah
Ogden has a 1.4 percent rate of affordable mansions.
The city is just 10 miles east of the Great Salt Lake and just 40 miles north of Salt Lake City.
Ogden was the first settlement in Utah and is a notoriously independent community known for its thriving art scene and local businesses.
Ogden has roots in Mormonism with 63% religious residents identifying as Mormon, but the area was originally a lawless frontier town.
Ogden offers properties such as a 5,017 square foot home with five bedrooms and three bathrooms complete with 12-foot ceilings for $850,000.