In recent years, American suburbia has undergone a remarkable transformation, shedding its once lacklustre image to emerge as a set of vibrant communities that can rival bustling urban centres, though questions remain over which are the most affordable suburbs.
These suburban areas, in addition to offering more spacious homes than city centres, safer streets and access to education, now also boast cultural events, concerts, fine dining restaurants and a growing job market. However, as the allure of the suburbs beckons, the critical factor of pricing must not be overlooked. The dream of fine suburban living often comes with a hefty housing cost.
A recent study by StorageCafe has analysed home value data to identify the best suburbs in the US that strike the perfect balance between high-quality living and reasonably priced homes.
According to the study, nearly 50% of millennials, a generation historically associated with city living and urban convenience, are projected to migrate to suburban areas in pursuit of homeownership. This shift in preference highlights the changing landscape of American suburbia.
Schaumburg, IL: budget-friendly
Topping the list as the best suburb for budget-conscious homebuyers is Schaumburg, Illinois. Located in the Chicago metro area, Schaumburg offers a blend of lifestyle and affordability.
Notably, it boasts the cheapest homes among the top 100 suburbs nationwide. Schaumburg is not only the most populous incorporated village in the US but also home to numerous entertainment and dining options, with 3.7 restaurants and 396ft2 of park space per 1,000 people. The thriving office sector, with almost 160ft2 of office and co-working space per capita, adds to its appeal. The real estate prices in Schaumburg are generally lower than in other north-west suburbs, offering residents more income and fewer expenses, along with a life expectancy of 77.8 years, fostering a relaxed lifestyle.
Affordable suburban options
Skokie, a charming village near Schaumburg, provides an active lifestyle in a more affordable setting, with homes priced at $362,000. Slightly further inland, Lombard offers a great value with homes at $335,000. Lombard scores well in various aspects, with residents earning an average income of $89,079 and ample green spaces and entertainment options, with the new analysis ranking both highly as best suburbs for homebuyers.
Heading south, Decatur, Georgia, emerges as the second-best suburb in the country for budget-conscious homebuyers. Homes in Decatur are deemed affordable, with an average price of around $315,000, making it the second cheapest among the top 100 suburbs. Additionally, Decatur residents can enjoy the affordability of extra storage space, with a 10x10ft non-climate-controlled storage unit renting for $114 per month.
More southern options
Duluth and Suwanee in Georgia also offer attractive options, with house prices of $419,000 and $571,000, respectively. These suburbs come with the advantages of warmer winters, lower taxes, a thriving business landscape, low crime rates, and access to quality schools and beautiful parks.
Fort Myers, Florida, is another southern gem, where houses have a typical value of $371,000, and there is plenty of new construction. With 17.3 building permits issued per 1,000 residents and ample park space, Fort Myers is an ideal choice for those seeking an active outdoor lifestyle.
New Jersey’s suburban ranking
For those who can’t escape the allure of the New York metropolitan area, New Jersey’s suburban areas present surprisingly accessible homes. Hackensack and Woodbridge rank eighth and ninth in the top ten best suburbs for affordable housing, with homes starting as low as $395,000. Hackensack, in particular, excels in building permits and healthcare facilities per capita, while boasting a low obesity rate, indicating access to a healthy and active lifestyle.
In contrast, homes in New York City, Newark, and Jersey City come with much higher price tags, ranging from $419,000 to $716,000.
California dreaming at a cost
On the other end of the spectrum, California suburbs require deep pockets to enjoy a high-quality lifestyle. Palo Alto, the Bay Area’s most coveted suburb, stands out with an average home value of a staggering $3m, making it one of the most expensive among the top 100 US suburbs. Newport Beach, Menlo Park, Cupertino, Los Gatos and Burlingame follow closely behind with prices north of $2.5m. While California offers unparalleled living experiences, from exquisite architecture to scenic parks and excellent schools, these perks come at a significant cost.
However, there is a silver lining for budget-conscious buyers in California. Moving inland to Lake Forest and Walnut Creek offers a more favourable price-to-amenities ratio, with homes priced around $1m, providing a more accessible entry into the California Dream.
[Read more: New report highlights best US suburbs for city-like livability]
