These Are The US Metros With The Biggest Cuts To Housing Prices

If there is one thing that many of us have learned, it’s that things are pretty expensive. Even something as simple as going to a restaurant for dinner can be a thing many have to consider to see if it’s in the budget. While buying a house might not feel like a top priority for many at the moment, it turns out there are a handful of US metros with the biggest cuts to housing prices that might be a little more affordable than we first realized.

Whether you’re getting your foot on the property ladder, looking for a new investment, or need to expand your home, there are plenty of reasons to buy a house right now. Thankfully, it turns out we might not have to spend as much of a fortune as it first seems on the surface to make our dreams come to life.

4. Kansas City, Missouri, has seen one of the biggest cuts to housing prices

There are plenty of things that likely come to mind when picturing Kansas City. The Kansas City Chiefs, the jazz heritage, and the incredible barbecue scene that dominates the metro has seen the area earn the name Paris of the Plains throughout the years. This, topped with Kansas City’s unbelievable number of boulevards, makes it a popular place to live. Amazingly, one of the biggest reasons that Kansas City has seen one of the biggest cuts to housing prices is all thanks to the number of homes on the market right now. Having such a large pool to choose from means prices are down 0.7% from 2021 - and might be set to fall even more.

3. Moving away from Houston to Beaumont, Texas, could save a hefty amount of money

While Houston is often considered one of the more popular places to live in Texas, it comes with a hefty price tag to make those dreams come true. Instead, moving just 90 miles from the city to Beaumont could see someone save as much as 1.4% on their home, thanks to the metro having one of the biggest cuts to housing prices in 2022. Sadly, one of the reasons is that houses on the market in Beaumont have been decreasing in size in recent months. Still, this doesn’t have to be the worst news for someone who doesn’t need an abundance of space to call home.

2. One of the biggest cuts to housing prices is found in Peoria, Illinois

For years, Peoria, Illinois, has been at the center of several industries, largely thanks to the trading and shipping center found right on the Illinois River. The access and job opportunities have seen plenty of people relocate to the area, yet Peoria has also been treated to one of the biggest cuts to housing prices for 2022. Currently, homes are down 1.8% from 2021 as people have been moving away from the metro for the last decade. While the size of homes has also been decreasing, moving to Peoria is quickly becoming one of the more affordable options.

1. Gulfport, Mississippi, has seen the biggest cut to housing prices in the US

Did you know that Gulfport, Mississippi is the second-largest city in the state? It’s also home to all kinds of attractions, including more than six miles of white sand beaches. However, it’s not just the atmosphere that’s seen Gulfport enjoy the biggest cut to housing prices in the US for 2022; it turns out the saturation of the market has something to do with it all. Like most other states, the size of homes is also on the decline. Still, having so many houses on the market has put pressure on several sellers, who have seen a price cut of a whopping 4.9% from 2021.

The US metros with the biggest cuts to housing prices might not be the first places people think to live. Still, with house prices only getting lower, it might be time to think about moving across the country to find somewhere more affordable to live. After all, getting on the property ladder can often be the first step many of us need to turn our finances - and lives - around.