Hickory Tops Most Affordable Places to Live in the US

If you’ve ever been on the fence about whether a small city is the right place for you, Hickory, North Carolina, might just convince you to move right in. Over the last couple of years, the small city of Hickory has proven time and time again to be one of the most affordable locations for prospective homebuyers in the United States. To no surprise, Hickory was ranked once again by US News as the most affordable place to live in 2023. 

Hickory ranks once again as a top city to live in the US

This city knows a thing or two about receiving recognition as one of the top small cities to live in America. Previously ranked by the National Geographic Travel Partners in 2021 as one of the “best small cities in the US,” Hickory continues to grow and provide quality perks to its residents. And, now, in 2023, it was just ranked the top most affordable small city across the whole US.

As of August 2023, the average home price in Hickory was $238,373, and while prices increased like in many other places across the state, it was still under the state’s average price, keeping it as one of the most affordable cities to live in. 

A desirable small city to call home

Located between the mountains of North Carolina’s Catawba Valley, and nearby big cities, Hickory has warm summers, moderate winter weather, and impressive views. 

Hickory is a fun spot known to be hipster-friendly, offering events and locations immersed with trending experiences, food, and art. There seems to be something to do for just about anyone; whether they are the outdoorsy type, participating in a festival, or more into people-watching at the local coffee shop, there is always something happening in Hickory to keep residents happy.

What was once known for its furniture manufacturing industry, it has now become an up-and-coming area that welcomes young professionals interested in growing their careers while enjoying the comforts of North Carolina’s southern hospitality. Stock car fans know Hickory for its racing and its short tracks. The Hickory Motor Speedway was the birthplace of multiple famous NASCAR racers.

With 364,877 residents, those who live in Hickory have access to nightlife through sports bars and breweries, a vast amount of green spaces and outdoor trails for summer activities, and even professional sporting events thanks to the Hickory Crawdads, a Minor League Baseball team.

The growing number of outdoor attractions, closeness to other major cities, and affordability make Hickory desirable for young professionals looking to make their next move. 

In response, the city has made efforts to accommodate its growing, younger population by encouraging the development of apartment and single-family homes. As these homes are going up, young professionals are moving right in.

Curious to learn more about what Hickory real estate has to offer? Check out our FAQ here.

Other top affordable cities

Hickory may have been the market with the highest bang for your buck, but it wasn’t the only city with high marks in affordability and quality of life. Youngstown, Ohio, followed in the no. 2 spot and even exceeded Hickory for its quality of life marks. The former industrial town is experiencing a resurgence of interest because of its low-cost real estate and work to attract new business to the town.

The 2023 real estate trends

Real estate markets will have moments when prices are considered high and other times when the prices dip as more inventory enters the market. While prices are important, they are not the only determining factor in influencing trends in the housing market. Other factors in buying property, like inventory, interest rates, and the time of year, affect how the market reacts.

In the last couple of years, when it was a seller’s market, there was a substantial increase in home values but a drop in inventory that increased buyer competitiveness. High-interest rates further exacerbated the housing affordability crisis. Despite these factors, median home prices increased by 2.9% from May 2022 to May 2023, even as overall home sales declined by 1.4%, as the National Association of Realtors reported.

In 2023, the Hickory real estate market shifted from a seller’s to a neutral market. This means that there is a slight slowdown in home sales, and as a result, there was a dip in pricing across the entire area. This market slowdown is influenced by many factors, including the periodic increase of the federal interest rate that trickles down to a buyer’s ability to secure an affordable loan.

Find a home in Hickory 

Purchasing a home takes time, healthy finances, and research. Affordable locations like Hickory can be the solution for homebuyers searching for a small city with a limited budget.

Are you looking for homes for sale in Hickory? Then look no further. Come see what Hickory homes for sale are on the market today. Reach out to learn how we can help you buy or sell a property in Hickory, North Carolina.