This Midwest city is one of the best places to live in the United States - and there's plenty of housing under $200k that's set to soar in value

A cheerful Indiana city has been unveiled as America's next property hotspot - and there's plenty of attractive, cheap homes.  

According to a new ranking by Realtor.com, the midsized city of Fort Wayne has been ranked number one in their 2024 Summer housing market ranking. 

The ranking is made up of the strongest housing markets across the country which they predict will continue to grow in the upcoming months.

The 200 largest metropolitan areas are examined by their real estate demand, inventory, taxes, climate, unemployment and commute times, among others. 

The Indiana city has a low unemployment rate, with a media home list price of $335,000. There are also plenty of attractive period homes on sale for under $200,000 - but realtors say those are snapped up quickly. 

Fort Wayne realtor David Brough told the outlet: '[The real estate market] is a relatively balanced market but leaning toward a seller's market.'

The Indiana city has a low unemployment rate, with a media home list price of $335,000, with plenty up for grabs under $200,000

The ranking is made up of the strongest housing markets across the country which they predict will continue to grow in the upcoming months. Fort Wayne is pictured here

Brough continued: 'Homes priced under $200,000 are in high demand and sell quickly. These homes usually have several offers on them'. 

Fort Wayne is right in the middle of median home prices on the ranking scale, with the most expensive being Manchester, Massachusetts, at $598,000. 

Rockford, Illinois, claimed the lowest media home price which was down at $220,000. 

Brough added that many buyers in Fort Wayne are now coming from across the Western US, the East Coast, and Florida to buy homes. 

He added: 'Fort Wayne shows up on people's radar because of its affordability.  

'You can purchase a very nice home and live in a safe community with lots of things to do, at a low cost compared to other big cities around the country.

'Not only are these areas highly affordable, their local economies are stable and commute times are quick.'

A property search for the area by DailyMail.com showed three bedroom detached homes for around $164,000 on the market 

Alongside home prices, top employers are in health care, e-commerce, and an auto assembly plant, with unemployment levels now at 3.3 percent in the city. 

Fort Wayne has an attractively renovated historical downtown district, a children's zoo, art museum, science museum and botanical garden.  

A property search for the area by DailyMail.com showed three bedroom detached homes, two of which are seen here, are on the market for $164,000

Outside of Fort Wayne, Canton and Akron, both Ohio, filled out the top three while Manchester, New Hampshire came in fourth, and South Bend, Michigan, ranked fifth.

Hannah Jones, senior economic research analyst at the outlet, said: 'These Midwest markets also boast considerable climate resilience relative to the 200 largest U.S. metros with less than 3% of local properties at risk of extreme climate-related damage over the next 30 years

'Only five of the top 20 markets were priced higher than the U.S. median in June, underscoring the importance of affordability to today's buyers.

'The ranking identifies markets that those considering a home purchase should add to their short list—whether the goal is to live in it or rent it [out] as a home to others.'

'As buyers contend with still-high home prices and mortgage rates across much of the country, affordable areas in the Midwest have gained popularity.

'Buyers in these markets can take advantage of lower home prices without compromising on job prospects or lifestyle amenities.'