Toledo is a bargain.
That’s the conclusion reached by Jaclyn DeJohn, the managing editor of economic analysis for SmartAsset, a New York-based firm that connects consumers to financial advisers. Her report on the U.S. housing market names Toledo as having the most affordable housing market among the largest 100 metropolitan areas in the country.
The report, entitled “Homes Sell for Over $1 Million in the Most Expensive Housing Markets – 2024 Study,” was published last week on the SmartAsset website, which is viewed by more than 75 million people each month.
The report documents the current median sale price of a U.S. home as being just under $421,000 and notes that the average home in some areas sells for more than double that figure. It suggests that sky-high housing costs may prompt some homebuyers to move to less expensive areas.
Toledo’s average home sale price of $157,176 makes it the metropolitan area with the lowest residential real estate costs. This figure, however, represents an average price increase of 16.4 percent from one year ago and an increase over five years of 33.2 percent.