High home prices are reshaping where Americans choose to live. According to the report, steep costs are forcing an exodus from coastal cities. Many of those buyers are now heading to the Midwest. There, a lower cost of living offers a more accessible path into home ownership.
The price gap between regions is striking. The median priced home in the Cleveland area is 237,000 dollars. In nearby Akron, it is 226,000 dollars. Nationwide, the figure is almost double, at 419,000 dollars.
Affordability also shows up in the income needed to buy. A household needs to make about 68,000 dollars to afford the monthly mortgage payments on a median priced home in the area. By contrast, in a coastal city like New York, that figure is far higher. There, the required income is said to be over 200,000 dollars.
The shift is visible to those working in the local market. Ohio realtor Katie Matteo, who herself moved from the West Coast, says she sees out-of-state buyers arriving weekly. Many come from states like Texas, California and Florida. According to her, many are shocked at what they can get for their money in the area.
For some, the move is also about a change of pace. Buyers are described as willing to forego the attraction of bigger cities. In exchange, they seek a more manageable lifestyle. The trade-off between size and affordability is central to the trend.
The movement of people is reflected in official data. More people are moving to cities in states like Michigan, Indiana and Ohio than are leaving them. The Census Bureau reports a notable pattern across the region. The Midwest is the only region in the country where every state's population has gone up over the past year.
For some families, the decision has already proved worthwhile. One mother said that at a different phase of her life the area did not have much to offer her. Now, with a family, she says it is the only place she would want to be. The story is part of a wider look at affordability across the country.