Q:

What are some examples of affordable areas to purchase condos?

A:

Quick Answer

Two affordable areas to purchase condos include Lincoln, Nebraska, and Durham, North Carolina, according to Kiplinger. As of 2015, the median price in Durham is $192,500, while the median price in Lincoln is $152,450, reports Zillow.

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Full Answer

As of 2015, the sales price for condos listed in Lincoln range from $290,000 at the high end to $49,000 at the low end, while the sales price for condos in Durham range from $209,000 at the high end to $19,000 at the low end, notes Zillow. Lincoln is in Kiplinger’s top 10 most affordable cities in the United States since its housing expenses are 24 percent lower than most parts of the country and its unemployment rate is a full two percentage points below the national average, as Kiplinger indicates.

Durham made Kiplinger’s top 10 most affordable cities as well because the city’s transportation and utility costs are below the country’s national average, as Kiplinger explains. Durham, home of the University of North Carolina and Duke University, is well-known as a college town, which normally leads to higher costs of living for most residents. However, Durham is home to the region’s biotech jobs, accounting for 40 percent of jobs within the biotech industry. These figures would normally reflect higher housing costs, but the median home value in Durham remains slightly below the national average.

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