A white kitchen with a stove and a sink. The kitchen has stainless steel appliances and granite countertops.

Diamonds in the Rough? Best Hidden Gem Metros for Homeownership

We are committed to providing accurate content that helps you make informed money decisions. Our partners have not commissioned or endorsed this content. Read our editorial guidelines here.
 
There are hundreds of metros in the U.S., but the 50 with the largest populations — including places like New York, Los Angeles and Chicago — often get disproportionate attention. Yes, these heavily populated metros can be great for homeowners, but others are also worth considering.
 
With that in mind, LendingTree studied often-overlooked metros. Specifically, we used U.S. Census Bureau data to examine 142 metros that have populations of at least 250,000, but are too small to be among the nation’s 50 largest. We ranked them based on six categories:
 
  • Median home value
  • Homeownership rate
  • Median household income of owner-occupied homes with a mortgage
  • Median monthly housing costs of owner-occupied homes with a mortgage
  • Share of owner-occupied homes with a mortgage that spend less than 30% of their monthly income on housing costs
  • Median annual property taxes for homes with a mortgage
To learn why we chose these variables, see the methodology.
 
Here are the top 50 metros (chosen from the 142) that are hidden gems for homeownership.
 

On this page

 

Key findings

  • Huntsville, Ala., Charleston, W.Va., and Fort Wayne, Ind., are the three best hidden gem metros for homeownership. Huntsville and Fort Wayne have the highest and second-highest share of homes that spend less than 30% of their income on housing costs, while Charleston has the second-lowest median monthly housing costs and third-lowest median home value.
  • Metros in three states with relatively low costs of living — West Virginia, Indiana and Ohio — take up seven of the 10 best hidden gem metros for homeownership. Two West Virginia metros — Charleston (second) and Huntington (fourth) — two Ohio metros — Youngstown (seventh) and Canton (10th) — and three Indiana metros — Fort Wayne (third), South Bend (fifth) and Evansville (ninth) — appear in our study’s top 10.
  • All 50 of the metros highlighted can be solid for homebuyers. While we only included 50 metros, we looked at 142 when determining the nation’s hidden gems. Because of this, even metros that just cracked the top 50 — like Des Moines, Iowa (50th), Rochester, N.Y. (49th), and Baton Rouge, La. (48th) — can be great for house hunters to consider making their home.
Important: Metros don’t have to be perfect to achieve a high rank. The overall rankings in this study are based on multiple equally weighted factors. As a result, high rankings across the board can offset a low rank in one or two categories. For this reason, a metro like Hunstville can rank first overall despite having a relatively high median home value.
 

Top hidden gem metros for homeownership

No. 1: Huntsville, Ala.

  • Population: 502,728
  • Median home value: $246,000
  • Homeownership rate: 71.25%
  • Median household income of owner-occupied homes with a mortgage: $105,012
  • Median monthly housing costs of owner-occupied homes with a mortgage: $1,305
  • Share of owner-occupied homes with a mortgage that spend less than 30% of their monthly income on housing costs: 84.58%
  • Median annual property taxes for homes with a mortgage: $881

 

No. 2: Charleston, W.Va.

  • Population: 252,942
  • Median home value: $124,600
  • Homeownership rate: 71.97%
  • Median household income of owner-occupied homes with a mortgage: $78,369
  • Median monthly housing costs of owner-occupied homes with a mortgage: $1,074
  • Share of owner-occupied homes with a mortgage that spend less than 30% of their monthly income on housing costs: 77.44%
  • Median annual property taxes for homes with a mortgage: $910

 

No. 3: Fort Wayne, Ind.

  • Population: 423,038
  • Median home value: $173,000
  • Homeownership rate: 70.98%
  • Median household income of owner-occupied homes with a mortgage: $82,791
  • Median monthly housing costs of owner-occupied homes with a mortgage: $1,104
  • Share of owner-occupied homes with a mortgage that spend less than 30% of their monthly income on housing costs: 84.25%
  • Median annual property taxes for homes with a mortgage: $1,364
 

No. 4: Huntington, W.Va.

  • Population: 356,581
  • Median home value: $130,700
  • Homeownership rate: 73.50%
  • Median household income of owner-occupied homes with a mortgage: $78,933
  • Median monthly housing costs of owner-occupied homes with a mortgage: $1,106
  • Share of owner-occupied homes with a mortgage that spend less than 30% of their monthly income on housing costs: 76.54%
  • Median annual property taxes for homes with a mortgage: $1,110
 

No. 5: South Bend, Ind.

  • Population: 323,695
  • Median home value: $163,700
  • Homeownership rate: 71.94%
  • Median household income of owner-occupied homes with a mortgage: $82,628
  • Median monthly housing costs of owner-occupied homes with a mortgage: $1,123
  • Share of owner-occupied homes with a mortgage that spend less than 30% of their monthly income on housing costs: 79.22%
  • Median annual property taxes for homes with a mortgage: $1,548
 
 

Full ranking: Hidden gem metros for homeownership 

Rank Metro Population Median Home Value Homeownership Rate Median Household income of owner-occupied homes with a mortgage Median monthly housing cost of owner-occupied homes with a mortgage Share of owner-occupied homes with mortgage spending less than 30% of their monthly housing cost Median annual property taxes for homes with a mortgage
1 Huntsville, AL 502,728 $246,000 71.25% $105,012 $1,305 84.58% $881
2 Charleston, WV 252,942 $124,600 71.97% $78,369 $1,074 77.44% $910
3 Fort Wayne, IN 423,038 $173,000 70.98% $82,791 $1,104 84.25% $1,364
4 Huntington, WV 356,581 $130,700 73.50% $78,933 $1,106 76.54% $1,110
5 South Bend, IN 323,695 $163,700 71.94% $82,628 $1,123 79.22% $1,548
6 Spartanburg, SC 335,864 $193,300 74.50% $81,250 $1,180 81.06% $1,303
7 Youngstown, OH 538,069 $131,200 71.22% $78,596 $1,049 80.05% $1,941
8 Hickory, NC 366,441 $174,600 71.47% $76,710 $1,079 78.43% $1,248
9 Evansville, IN 313,946 $168,100 68.83% $82,925 $1,184 79.16% $1,328
10 Canton, OH 400,525 $162,400 69.60% $82,548 $1,140 80.37% $2,150
11 (tie) Lynchburg, VA 263,571 $207,700 72.41% $84,125 $1,231 76.81% $1,135
11 (tie) Peoria, IL 398,473 $141,700 73.69% $86,803 $1,233 78.78% $3,231
13 Knoxville, TN 893,002 $232,100 69.79% $89,566 $1,280 79.23% $1,234
14 Greenville, SC 940,774 $221,400 71.92% $87,361 $1,270 77.82% $1,299
15 Duluth, MN 292,285 $191,900 73.95% $91,689 $1,344 78.08% $2,219
16 Davenport, IA 381,447 $152,000 71.97% $87,609 $1,255 77.72% $2,981
17 Longview, TX 287,868 $155,700 71.28% $90,057 $1,251 74.84% $2,410
18 Scranton, PA 567,750 $159,100 68.41% $89,188 $1,271 78.45% $2,580
19 Kingsport, TN 307,318 $164,200 73.11% $71,790 $1,105 71.82% $1,105
20 (tie) Toledo, OH 644,217 $155,900 65.42% $90,004 $1,235 79.24% $2,690
20 (tie) Chattanooga, TN 567,395 $229,500 68.00% $91,390 $1,294 79.27% $1,620
22 (tie) Fayetteville, AR 558,507 $242,400 65.03% $99,641 $1,368 82.71% $1,428
22 (tie) Grand Rapids, MI 1,091,620 $245,300 74.52% $94,362 $1,354 80.50% $2,792
24 Harrisburg, PA 596,305 $219,000 70.96% $101,971 $1,454 79.50% $2,883
25 Winston-Salem, NC 681,438 $193,100 70.15% $83,063 $1,219 76.07% $1,551
26 Hagerstown, MD 300,820 $231,500 70.89% $92,852 $1,362 78.11% $1,741
27 Lafayette, LA 479,212 $181,000 69.46% $82,808 $1,237 73.86% $1,149
28 Erie, PA 269,011 $151,500 67.56% $82,404 $1,156 79.13% $2,795
29 Ocala, FL 385,915 $193,300 78.51% $73,747 $1,133 74.17% $1,670
30 (tie) Augusta, GA 616,395 $182,000 68.42% $85,792 $1,255 76.09% $1,452
30 (tie) Montgomery, AL 386,814 $160,000 65.09% $79,709 $1,214 75.64% $562
32 (tie) Beaumont, TX 395,419 $151,400 68.92% $97,248 $1,440 76.39% $2,890
32 (tie) Akron, OH 700,015 $181,700 67.76% $91,516 $1,302 79.73% $2,901
34 Springfield, MO 479,598 $194,100 65.49% $80,167 $1,181 77.98% $1,430
35 Greensboro, NC 778,848 $180,700 66.44% $82,996 $1,222 76.61% $1,642
36 Roanoke, VA 315,442 $220,900 69.10% $88,977 $1,307 77.07% $1,788
37 Columbia, SC 836,324 $185,800 69.67% $81,880 $1,242 73.39% $1,273
38 Gulfport, MS 418,082 $163,700 67.60% $83,616 $1,238 72.43% $1,380
39 Little Rock, AR 749,673 $183,700 64.31% $86,496 $1,253 76.47% $1,341
40 Dayton, OH 813,516 $169,300 65.74% $89,977 $1,259 78.12% $3,006
41 Utica, NY 290,211 $152,300 68.90% $84,822 $1,254 77.34% $3,563
42 Green Bay, WI 329,490 $225,300 68.82% $98,024 $1,406 80.79% $3,272
43 Lansing, MI 540,281 $179,200 67.81% $88,954 $1,291 77.72% $2,912
44 Cedar Rapids, IA 275,435 $180,700 76.45% $86,124 $1,361 75.83% $3,053
45 Ogden, UT 708,543 $395,400 75.14% $104,555 $1,602 77.60% $2,170
46 (tie) Flint, MI 404,208 $157,400 70.74% $75,078 $1,240 74.71% $2,498
46 (tie) Syracuse, NY 658,281 $164,000 68.07% $95,799 $1,414 78.68% $4,475
48 Baton Rouge, LA 871,905 $213,400 68.31% $93,628 $1,447 73.67% $1,354
49 Rochester, NY 1,084,973 $171,000 68.15% $95,636 $1,377 78.83% $4,712
50 Des Moines, IA 719,146 $229,900 69.35% $102,350 $1,518 80.90% $4,003

 

Hidden gem metros can provide a good blend of affordability and opportunity

Looking for a new area to live in can be challenging. This is especially true if you’re trying to avoid spending an arm and leg for a house while ensuring your new neck of the woods isn’t a ghost town with a small jobs market and not much to do.
 
In many ways, the metros in our study provide the best of both worlds for homebuyers. They’re not necessarily as crowded, expensive or fast-paced as some of the country’s biggest cities, nor are they as low-key as many of the nation’s towns. Instead, they tend to offer various employment opportunities and housing options while not being prohibitively expensive.
 
Owing to this, these metros can be a good place for would-be buyers to consider in today’s expensive housing market where finding an affordable place to live can be challenging.
 

Tips for homebuyers

Even in areas generally friendly to homebuyers, purchasing a home can be difficult. Here are three tips that can make the buying process run a bit more smoothly.
 
  • Remember: The lower your rate, the more you save. By shopping around for a mortgage before you buy, you can increase your odds of finding the best possible rate on a mortgage. This could help you lower your monthly payments and spend less in interest over your loan’s lifetime.
  • Consider different mortgage options. While a conventional 30-year, fixed-rate mortgage might be the best option for some, it’s not for everyone. For example, loans with shorter terms — like 15-year mortgages — or ones backed by government agencies like the Federal Housing Administration (FHA) might be better for other homebuyers.
  • Don’t stretch yourself too thin. Spending too much on housing costs can increase your risk of falling behind on other important bills or defaulting on your mortgage. While different households may have slightly different financial needs, trying to spend less than 30% of your monthly income on housing costs can help you keep on top of your bills without being overwhelmed.

Methodology

Data in this study comes from the U.S. Census Bureau 2021 American Community Survey with one-year estimates — the latest available at the time of writing. The six variables that make up the overall ranking were weighted equally. We chose them for the following reasons:
 
  • Median home value: While other variables like income also play a major role in how affordable or easy it is to buy a house in a metro, areas with lower home prices can be more accessible to would-be buyers in today’s high-price/high-rate housing market.
  • Homeownership rate: Higher homeownership rates can signify that homeownership is easier to attain than in areas where homeownership rates are lower.
  • Median household income of owner-occupied homes with a mortgage: Higher incomes can make dealing with the costs associated with homeownership easier and less stressful.
  • Median monthly housing costs of owner-occupied homes with a mortgage: Lower housing costs can leave homeowners with more wiggle room in their monthly budgets and more money to put into savings.
  • Share of owner-occupied homes with a mortgage that spend less than 30% of their monthly income on housing costs: Households that spend less than 30% of their monthly income on housing costs can have an easier time staying on top of things like their mortgage payments, as well as the costs associated with regular maintenance.
  • Median annual property taxes for homes with a mortgage: Lower property taxes can signify that an area is more affordable.
Metros with populations below 250,000 people were excluded.

Work With Christie

Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.

Follow Me on Instagram