Last Chance for $100K Homes? These Southern Cities Are Still Affordable—For Now

While U.S. home prices have surged and affordability continues to strain buyers nationwide, five Southern cities still feature multiple active property listings under $100,000, according to research by GOBankingRates.

The study analyzed data from Realtor.com, Zillow, the U.S. Census Bureau, and cost-of-living metrics to identify affordable housing markets among the 100 largest cities in the U.S. 

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Memphis: Quarter of Listings Below $100K

Memphis topped the list with 757 out of 3,006 active listings — 25.2% — priced under $100,000. According to GOBankingRates, the average home value in the city is approximately $141,300, with a typical monthly mortgage payment around $842.

New Orleans: Nearly 19% of Listings Below $100K

New Orleans had 708 of its 3,761 listings under $100,000, or 18.8%. The city's average monthly cost of living is $3,520, according to the report. Despite higher overall expenses, the availability of lower-priced homes provides options for buyers targeting affordable entry points.

Baltimore: Mid-Atlantic Option With Southern Pricing

Although geographically situated further north, Baltimore made the Southern-focused list with 626 active sub-$100,000 listings out of 3,690, or 17%. GOBankingRates reports a median household income of $59,623 and an average mortgage payment of $1,078 in the city.

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Baton Rouge: Capital Affordability

Baton Rouge, Louisiana, had 348 of 2,391 active listings priced under $100,000, or 14.6%. The average home value stands at $227,162, and the annual cost of living is estimated at $41,697, according to the study.

Lubbock: West Texas Affordability

Lubbock, Texas, rounds out the list with 349 out of 2,723 listings priced below $100,000, equating to 12.8%. GOBankingRates cited an average monthly mortgage of $1,193 and a monthly cost of living of $3,113.

Methodology

GOBankingRates analyzed the 100 largest U.S. cities by population, using data from Realtor.com to determine the number and percentage of home listings under $100,000. Additional metrics—including home values from the Zillow Home Value Index, demographic information from the U.S. Census Bureau, and expenditure data from the Bureau of Labor Statistics—were used to calculate mortgage costs and living expenses. Cost-of-living indexes were sourced from Sperling's BestPlaces. Mortgage payments were estimated based on a 10% down payment and the national average 30-year fixed rate reported by the Federal Reserve.

Data was collected and analyzed as of Feb. 14.

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