The affordability crisis now means that many expensive locations have more inventory available because buyers have been shut out of their markets. Hawaii is one of the most expensive states in the country, especially for housing, and also leads the United States with 69.1 active listings per 10,000 existing homes. Other high-cost locations like New Jersey and Connecticut also rank highly for available inventory. In contrast, low-cost states, including New Mexico, West Virginia, and Kansas, have fewer than 10 active listings for sale per 10,000 homes.
Despite the challenges of today’s real estate market, buyers looking for locations that are both affordable and have adequate inventory have some options. South Carolina, Nevada, and Arizona all have lower-than-average costs of living, but rank in the top 10 active listings per 10,000 existing homes. And on a metropolitan level, cities in those states — such as Myrtle Beach, Las Vegas, and Tucson, respectively — are some of the best for homebuyers looking for available inventory and affordable living.
The data used in this analysis comes from Redfin Data centerthe U.S. Bureau of Economic Analysis’ Regional rate paritiesand the US Census Bureau 2020 American Community Survey. To determine the cheap metropolitan areas with the most housing, researchers from Stessa calculated the number of active listings per 10,000 existing homes among locations where the cost of living is below the national average. The number of active registrations reflects the total number of active registrations on the last day of each month, averaged over the first five months of 2022. In the event of a tie, the metro with the lowest cost of living was ranked higher . To improve relevance, only metropolitan areas with at least 100,000 inhabitants were included. Additionally, metros were grouped into cohorts based on population size: small (100,000 to 349,999), medium (350,000 to 999,999), and large (1,000,000 or more). Only locations with complete monthly data for 2022 were considered in this analysis.
Here are the cheap US metro areas with the most homes.