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Rental prices arent exactly cheap either, as RentCafe states that the average price of an 899 sq.
ft. apartment is $1,713.
Some parts of the country are cheaper to live than others, however.
Its also possible that prices in certain areas will drop next year, though only time will tell.
GOBankingRates spoke with several financial and real estate experts on this very matter.
As of August 2024, the average home price in Detroit according toZillowis $74,882.
Apartments go for about $1,056 a month on average, according toApartments.com.
Cleveland
Shirshikov also believes that the cost of living in Cleveland will plummet going forward.
The average home prices in Cleveland is $112,983.
The typical apartment rental price is $1,225.
Houston
The typical home value in Houston is $271,420, while theaverage apartment rentalis $1,171.
This is already below the national averages, but some experts believe prices could fall.
If energy prices fall significantly in the coming years, it could lead to economic challenges for the city.
This might result in a softening of the housing market and a decrease in living costs.
Las Vegas saw a significant amount of new construction in recent years, she said.
This, of course, is largely due to greater demand from prospective buyers.
Tallahassee, Florida
In Tallahassee, the average home value is $289,841.
This is because it is already trending downwards in terms of cost of living, he said.
Average rent prices have decreased and dont indicate that they will be going upwards anytime soon.
San Francisco
San Francisco isnt known for its affordability, especially in terms of housing.
Theaverage home valueis $1,290,350, while the typical rental price is $2,851.
But anything is possible including the cost of living dropping in the future.
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