Real estate is arguably one of the best ways to build wealth.
The thing is, the doors to the housing market aren’t open to just anyone who wants to give it a go.
Simply put, you need money to make money when it comes to buying and selling homes.
If you’re someone who’s a bit tight on cash, but you still want to take advantage of the many moneymaking opportunities that real estate has to offer, then you’ve come to the right place.
Here are 3 of the most affordable cities that first-time homebuyers can get into.
When it comes to earning the most bang for your buck via property investments, Pittsburg, Cleveland and Oklahoma City come out on top.
Research shows that these particular areas within America’s rustbelt provide ideal circumstances for individuals looking to purchase a home for the first time.
But what exactly is it that makes these locations outshine all the other metros in the states?
First off, each of these 3 places have much lower down payments, which currently average around $30K.
On top of that, the credit approval rate is relatively low. More than 40% of these buyers had a credit score below 680.
That’s great news for younger or less experienced investors who have fewer financial resources to fund this endeavor.
According to the numbers, Pittsburg and Cleveland tied for first in the rankings of most affordable real estate in the U.S., but Oklahoma City followed closely behind.
When it comes to purchasing a new residence or piece of property with the intention of turning it into some sort of revenue source, then these rustbelt cities are worth looking into.
Right now, the average price for homes situated in these parts of the country is somewhere in the ballpark of $300,000.
There’s not a whole lot of people who can afford to drop that kind of cash right off the bat, but when the average down payment is as low as they come nationwide and the acceptable credit score is on the smaller end of the spectrum, it’s much more doable.
If investing in the housing market is something you can see yourself getting into in the near future, then feel free to use these tips to your advantage.
It’s said that real estate is one of the best ways to build wealth, but you won’t see any of these riches until you fund the initial buy-in.