We're seeing sellers cutting prices in the top 5 'relatively affordable' U.S. cities where you can find a home for under $300,000.

It's an expensive time to buy a home.

During the onset of the Covid-19 pandemic, the median home price in the U.S. was $280,000. Homebuyers seized the opportunity to secure great deals with mortgage rates below 3%. However, times have changed. Currently, with mortgage rates above 6% and a median home price of $425,000, finding good deals is becoming increasingly difficult.

A recent report from Realtor.com has identified the top five U.S. cities with affordable median home prices below $300,000.

"While the U.S. housing market may seem overwhelmingly negative, Ralph McLaughlin, a senior economist at Realtor.com, assures CNBC Make It that it's not all doom and gloom. There are still some areas that remain relatively affordable on a national scale."

The most affordable cities, with a median list price of $245,000, are mostly located in the Northeast and Midwest.

5 U.S. cities with more homes priced below $300,000

1. Pittsburgh, Pennsylvania (Median list price: $245,00)
2. Detroit, Michigan (Median list price: $277,000)
3. Buffalo, New York (Median list price: $277,450)
4. Rochester, New York (Median list price: $282,500)
5. St. Louis, Missouri (Median list price: $299,900)

"According to McLaughlin, these places have experienced a decline in job and population growth over the past 30, 40, and 50 years. This trend puts downward pressure on prices, either causing them to fall outright or grow much more slowly than the rest of the country. This is what is happening in the area."

According to McLaughlin, the balance of negotiating power in Pittsburgh, one of the country's largest metro areas, has shifted from a seller's market to a neutral one.

""Inventory is accumulating, homes are moving at a slower pace, and sellers are lowering prices," he remarks."

In the Midwest, Detroit, Michigan is the No. 2 metro with homes priced below $300,000, with a median list price of $277,000.

The United States automotive industry once made Detroit a vibrant city, but now it is part of the Rust Belt.

McLaughlin states that in a housing market like Detroit, buyers with flexibility can experience a high quality of life.

He stated that if you earn income from a remote job in cities like New York, San Francisco, LA, or D.C., you could achieve significant success in this market.

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