The Return of the Rust Belt
Would you have guessed the hottest housing markets are places like Buffalo and Bridgeport?
What is on the top of Zillow’s list of hottest housing markets for 2024? Buffalo. But the surprises don’t stop there. Numbers 2, 3 and 4 are Cincinnati, Columbus, and Indianapolis.
It's not just Zillow that is predicting a revival in the Rust Belt. Realtor.com shared its 2024 forecast and predicts that cities such as Bridgeport, Detroit, and Rochester will see double-digit price appreciation, while cities like Pittsburgh, Scranton, and Toledo will see above-average increases. Meanwhile, cities that have been booming, such as Austin, Dallas, and Denver are expected to see price declines.
For the past two decades, we’ve been talking about the growth of the South and the West. But these regions that once lured people with warm weather and affordability have become less affordable than places in the Midwest and Rust Belt. Plus, their weather is getting a bit too warm and at risk with climate change.
Is 2024 the year of the revenge of the Rust Belt? I think so.
Past the paywall I’ll look at some of the factors that explain this revival, including:
Why these cities have been massively undervalued
How housing affordability drives who moves where
Ways in which Rust Belt cities are poised to take advantage of major government and private investments
Where people are moving from
Whether climate change may finally be a factor in where people are moving
And a few more Rust Belt cities that should be on this list.