Special Report

Major Cities With the Most Affordable Suburbs

Samuel Stebbins

Published: November 29, 2023 9:35 am

The economic boom that followed World War II triggered several major demographic shifts in the United States – not the least of which was the rise of the American suburb. According to some estimates, the share of Americans living in suburbs climbed from fewer than one-in-five to nearly one-in-three, between 1940 and 1960. By 2017, about 52% of American households identified as suburban, according to a study published by the U.S. Department of Housing and Urban Development. 

Relative to major cities, suburbs typically have lower crime rates, better schools, quieter streets, and more living space – both indoors and out – without sacrificing access to jobs in a large city. Suburbs are also commonly associated with homeownership – and with good reason. Americans residing in suburban areas are far more likely to own than rent, and according to a recent report from the National Association of Realtors, half of all U.S. home sales between July 2022 and June 2023 were in suburban neighborhoods. 

Although homeownership is less affordable now than ever before due to rising mortgage rates and soaring home values, there are many suburbs across the U.S. that offer prospective buyers a bargain. In these places single-family homes tend to be far less expensive than they are in the closest major city. (Here is a look at the American cities spending the most to build new homes.)

Using five-year home value data from the U.S. Census Bureau’s 2021 American Community Survey, 24/7 Wall St. identified the major cities with the most affordable suburbs. We ranked metro areas on the average value of owner-occupied homes in non-principal places — the suburbs — as a percentage of average value of owner-occupied homes in principal cities within the metro area. 

Across the 40 metro areas on this list, the average home value in the suburbs is anywhere from about 14% to 57% less than it is in the nearest major city – making them far more affordable for larger shares of the population. 

It is important to note that while homes in these suburbs tend to be significantly less expensive than they are in the nearest city, they are not necessarily affordable when compared to the U.S. housing market as a whole. The typical American home is worth more than the average suburban home in only 18 of the 40 metro areas on this list. In the Los Angeles metro area for example, the average suburban home is worth about $772,000 – far less than the median home value of $941,000 in Los Angeles proper, but more than three times the $244,900 national median home value. (These are the states with the worst housing shortages for low income Americans.)

40. Salt Lake City, UT, metro area

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• Avg. home value in suburbs: $395,560 (85.6% of principal city)
• Avg. home value in principal city: $462,075
• Homeownership rate in suburbs: 72.5%
• Homeownership rate in principal city: 51.6%
• Most affordable suburbs: Tooele, Kearns, West Valley City

39. Virginia Beach-Norfolk-Newport News, VA-NC, metro area

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• Avg. home value in suburbs: $260,346 (85.0% of principal city)
• Avg. home value in principal city: $306,318
• Homeownership rate in suburbs: 61.4%
• Homeownership rate in principal city: 58.7%
• Most affordable suburbs: Elizabeth City, Franklin, Hampton

38. Visalia, CA, metro area

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• Avg. home value in suburbs: $241,331 (85.0% of principal city)
• Avg. home value in principal city: $283,972
• Homeownership rate in suburbs: 55.1%
• Homeownership rate in principal city: 58.6%
• Most affordable suburbs: Cutler, East Porterville, Orosi

37. Pittsburgh, PA, metro area

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• Avg. home value in suburbs: $178,592 (85.0% of principal city)
• Avg. home value in principal city: $210,208
• Homeownership rate in suburbs: 66.6%
• Homeownership rate in principal city: 47.4%
• Most affordable suburbs: Duquesne, McKeesport, Turtle Creek

36. Seattle-Tacoma-Bellevue, WA, metro area

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• Avg. home value in suburbs: $591,237 (84.3% of principal city)
• Avg. home value in principal city: $701,765
• Homeownership rate in suburbs: 69.2%
• Homeownership rate in principal city: 49.2%
• Most affordable suburbs: Midland, Parkland, Spanaway

35. Tulsa, OK, metro area

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• Avg. home value in suburbs: $182,634 (84.1% of principal city)
• Avg. home value in principal city: $217,208
• Homeownership rate in suburbs: 69.2%
• Homeownership rate in principal city: 52.4%
• Most affordable suburbs: Henryetta, Okmulgee, Wagoner

34. Mobile, AL, metro area

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• Avg. home value in suburbs: $154,795 (83.6% of principal city)
• Avg. home value in principal city: $185,223
• Homeownership rate in suburbs: 68.6%
• Homeownership rate in principal city: 51.0%
• Most affordable suburbs: Chickasaw, Theodore, Prichard

33. Austin-Round Rock-Georgetown, TX, metro area

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• Avg. home value in suburbs: $358,996 (83.5% of principal city)
• Avg. home value in principal city: $429,894
• Homeownership rate in suburbs: 72.5%
• Homeownership rate in principal city: 46.1%
• Most affordable suburbs: Luling, Camp Swift, Lockhart

32. Tampa-St. Petersburg-Clearwater, FL, metro area

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• Avg. home value in suburbs: $270,956 (83.2% of principal city)
• Avg. home value in principal city: $325,775
• Homeownership rate in suburbs: 68.3%
• Homeownership rate in principal city: 56.9%
• Most affordable suburbs: Zephyrhills South, Zephyrhills West, Brooksville

31. Baton Rouge, LA, metro area

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• Avg. home value in suburbs: $231,410 (82.9% of principal city)
• Avg. home value in principal city: $278,994
• Homeownership rate in suburbs: 75.3%
• Homeownership rate in principal city: 49.0%
• Most affordable suburbs: Baker, Donaldsonville, Brownfields

30. Portland-South Portland, ME, metro area

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• Avg. home value in suburbs: $306,110 (82.7% of principal city)
• Avg. home value in principal city: $370,285
• Homeownership rate in suburbs: 67.3%
• Homeownership rate in principal city: 51.5%
• Most affordable suburbs: Bath, Brunswick, North Windham

29. Los Angeles-Long Beach-Anaheim, CA, metro area

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• Avg. home value in suburbs: $771,772 (82.1% of principal city)
• Avg. home value in principal city: $940,534
• Homeownership rate in suburbs: 58.1%
• Homeownership rate in principal city: 40.6%
• Most affordable suburbs: Sun Village, Lake Los Angeles, Lancaster

28. Chicago-Naperville-Elgin, IL-IN-WI, metro area

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• Avg. home value in suburbs: $298,664 (81.9% of principal city)
• Avg. home value in principal city: $364,547
• Homeownership rate in suburbs: 72.8%
• Homeownership rate in principal city: 50.1%
• Most affordable suburbs: Park City, Sauk Village, Harvey

27. Olympia-Lacey-Tumwater, WA, metro area

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• Avg. home value in suburbs: $276,655 (81.0% of principal city)
• Avg. home value in principal city: $341,519
• Homeownership rate in suburbs: 70.9%
• Homeownership rate in principal city: 53.3%
• Most affordable suburbs: Yelm, Rochester, Tanglewilde

26. Raleigh-Cary, NC, metro area

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• Avg. home value in suburbs: $300,520 (80.5% of principal city)
• Avg. home value in principal city: $373,392
• Homeownership rate in suburbs: 69.5%
• Homeownership rate in principal city: 55.5%
• Most affordable suburbs: Selma, Smithfield, Zebulon

25. Miami-Fort Lauderdale-Pompano Beach, FL, metro area

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• Avg. home value in suburbs: $390,529 (79.6% of principal city)
• Avg. home value in principal city: $490,399
• Homeownership rate in suburbs: 61.6%
• Homeownership rate in principal city: 50.0%
• Most affordable suburbs: Pembroke Park, South Bay, Belle Glade

24. San Diego-Chula Vista-Carlsbad, CA, metro area

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• Avg. home value in suburbs: $636,425 (79.5% of principal city)
• Avg. home value in principal city: $800,297
• Homeownership rate in suburbs: 56.6%
• Homeownership rate in principal city: 50.7%
• Most affordable suburbs: Bostonia, Winter Gardens, La Presa

23. Richmond, VA, metro area

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• Avg. home value in suburbs: $277,435 (78.6% of principal city)
• Avg. home value in principal city: $353,040
• Homeownership rate in suburbs: 62.5%
• Homeownership rate in principal city: 43.4%
• Most affordable suburbs: Hopewell, Montrose, Ettrick

22. Anchorage, AK, metro area

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• Avg. home value in suburbs: $277,909 (78.4% of principal city)
• Avg. home value in principal city: $354,359
• Homeownership rate in suburbs: 76.3%
• Homeownership rate in principal city: 62.9%
• Most affordable suburbs: Palmer, Meadow Lakes, Tanaina

21. Asheville, NC, metro area

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• Avg. home value in suburbs: $284,594 (78.3% of principal city)
• Avg. home value in principal city: $363,546
• Homeownership rate in suburbs: 69.2%
• Homeownership rate in principal city: 50.6%
• Most affordable suburbs: East Flat Rock, Waynesville, Hendersonville

20. Duluth, MN-WI, metro area

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• Avg. home value in suburbs: $163,734 (77.4% of principal city)
• Avg. home value in principal city: $211,581
• Homeownership rate in suburbs: 69.3%
• Homeownership rate in principal city: 60.8%
• Most affordable suburbs: Virginia, Hibbing, Superior

19. Little Rock-North Little Rock-Conway, AR, metro area

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• Avg. home value in suburbs: $172,746 (76.5% of principal city)
• Avg. home value in principal city: $225,752
• Homeownership rate in suburbs: 68.5%
• Homeownership rate in principal city: 51.6%
• Most affordable suburbs: Ward, Greenbrier, Jacksonville

18. Clarksville, TN-KY, metro area

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• Avg. home value in suburbs: $143,788 (74.9% of principal city)
• Avg. home value in principal city: $192,054
• Homeownership rate in suburbs: 41.6%
• Homeownership rate in principal city: 54.6%
• Most affordable suburbs: Cadiz, Dawson Springs, Oak Grove

17. Shreveport-Bossier City, LA, metro area

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• Avg. home value in suburbs: $146,189 (73.8% of principal city)
• Avg. home value in principal city: $198,160
• Homeownership rate in suburbs: 72.8%
• Homeownership rate in principal city: 53.1%
• Most affordable suburbs: Vivian, Mansfield, Logansport

16. Lubbock, TX, metro area

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• Avg. home value in suburbs: $138,966 (73.7% of principal city)
• Avg. home value in principal city: $188,586
• Homeownership rate in suburbs: 75.3%
• Homeownership rate in principal city: 51.1%
• Most affordable suburbs: Crosbyton, Lorenzo, Ralls

15. Columbia, SC, metro area

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• Avg. home value in suburbs: $190,777 (71.9% of principal city)
• Avg. home value in principal city: $265,389
• Homeownership rate in suburbs: 62.2%
• Homeownership rate in principal city: 46.1%
• Most affordable suburbs: St. Andrews, Woodfield, Batesburg-Leesville

14. Trenton-Princeton, NJ, metro area

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• Avg. home value in suburbs: $302,577 (69.4% of principal city)
• Avg. home value in principal city: $435,813
• Homeownership rate in suburbs: 82.0%
• Homeownership rate in principal city: 43.0%
• Most affordable suburbs: White Horse, Twin Rivers, Yardville

13. McAllen-Edinburg-Mission, TX, metro area

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• Avg. home value in suburbs: $102,148 (69.0% of principal city)
• Avg. home value in principal city: $148,096
• Homeownership rate in suburbs: 72.6%
• Homeownership rate in principal city: 60.0%
• Most affordable suburbs: Mila Doce, Elsa, Donna

12. El Paso, TX, metro area

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• Avg. home value in suburbs: $113,070 (68.7% of principal city)
• Avg. home value in principal city: $164,658
• Homeownership rate in suburbs: 74.3%
• Homeownership rate in principal city: 59.8%
• Most affordable suburbs: Fabens, San Elizario, Homestead Meadows South

11. Boston-Cambridge-Newton, MA-NH, metro area

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• Avg. home value in suburbs: $556,882 (68.3% of principal city)
• Avg. home value in principal city: $815,521
• Homeownership rate in suburbs: 59.6%
• Homeownership rate in principal city: 39.8%
• Most affordable suburbs: Somersworth, Rochester, Exeter

10. Greenville-Anderson, SC, metro area

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• Avg. home value in suburbs: $205,735 (68.1% of principal city)
• Avg. home value in principal city: $302,152
• Homeownership rate in suburbs: 64.5%
• Homeownership rate in principal city: 51.8%
• Most affordable suburbs: Homeland Park, Parker, Piedmont

9. Lexington-Fayette, KY, metro area

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• Avg. home value in suburbs: $185,571 (67.8% of principal city)
• Avg. home value in principal city: $273,510
• Homeownership rate in suburbs: 60.3%
• Homeownership rate in principal city: 54.1%
• Most affordable suburbs: Winchester, Paris, Nicholasville

8. Washington-Arlington-Alexandria, DC-VA-MD-WV, metro area

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• Avg. home value in suburbs: $497,228 (67.2% of principal city)
• Avg. home value in principal city: $739,858
• Homeownership rate in suburbs: 68.3%
• Homeownership rate in principal city: 46.6%
• Most affordable suburbs: Silver Hill, Dumfries, Ranson

7. New Orleans-Metairie, LA, metro area

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• Avg. home value in suburbs: $208,081 (63.2% of principal city)
• Avg. home value in principal city: $329,353
• Homeownership rate in suburbs: 68.0%
• Homeownership rate in principal city: 52.1%
• Most affordable suburbs: Bridge City, Waggaman, Reserve

6. New York-Newark-Jersey City, NY-NJ-PA, metro area

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• Avg. home value in suburbs: $530,444 (62.6% of principal city)
• Avg. home value in principal city: $846,901
• Homeownership rate in suburbs: 68.1%
• Homeownership rate in principal city: 32.8%
• Most affordable suburbs: Crestwood Village, Leisure Village, Holiday City-Berkeley

5. Lafayette, LA, metro area

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• Avg. home value in suburbs: $158,796 (61.9% of principal city)
• Avg. home value in principal city: $256,483
• Homeownership rate in suburbs: 64.2%
• Homeownership rate in principal city: 56.3%
• Most affordable suburbs: Abbeville, Eunice, Rayne

4. Ann Arbor, MI, metro area

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• Avg. home value in suburbs: $243,457 (60.7% of principal city)
• Avg. home value in principal city: $400,885
• Homeownership rate in suburbs: 57.9%
• Homeownership rate in principal city: 45.5%
• Most affordable suburbs: Ypsilanti, Milan, Whitmore Lake

3. Atlanta-Sandy Springs-Alpharetta, GA, metro area

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• Avg. home value in suburbs: $293,911 (60.7% of principal city)
• Avg. home value in principal city: $484,201
• Homeownership rate in suburbs: 58.3%
• Homeownership rate in principal city: 50.1%
• Most affordable suburbs: Forest Park, Temple, Riverdale

2. Boulder, CO, metro area

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• Avg. home value in suburbs: $546,357 (57.1% of principal city)
• Avg. home value in principal city: $956,263
• Homeownership rate in suburbs: 68.8%
• Homeownership rate in principal city: 47.7%
• Most affordable suburbs: Longmont, Lafayette, Erie

1. Naples-Marco Island, FL, metro area

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• Avg. home value in suburbs: $575,852 (42.6% of principal city)
• Avg. home value in principal city: $1,352,898
• Homeownership rate in suburbs: 66.0%
• Homeownership rate in principal city: 85.1%
• Most affordable suburbs: Immokalee, Naples Manor, Golden Gate

Methodology

To determine the major cities with the most affordable suburbs, 24/7 Wall St. reviewed five-year place-level data on home value from the U.S. Census Bureau’s 2021 American Community Survey. Metropolitan statistical areas were ranked based on the average value of owner-occupied homes in non-principal places — the suburbs — as a percentage of average value of owner-occupied homes in principal cities within the metro area. 

In the Ann Arbor, Michigan, metropolitan statistical area, for example, the average home value of Ann Arbor — the principal city — was compared to the average home value across the non-principal cities, towns, villages, and Census-designated places — or suburbs – of Ypsilanti, Saline, Whitmore Lake, Milan, Chelsea, Dexter, Manchester, and Barton Hills. Principal city designations for MSAs came from the U.S. Census Bureau and are for July 2023. Place-level geographies — including cities, towns, villages, and census-designated places — were assigned to MSAs using spatial boundary definitions from the U.S. Census Bureau for 2022.

Supplemental data used to calculate homeownership rate is also from the 2021 American Community Survey. Only metropolitan statistical areas with at least 290,000 residents were considered.