In most U.S. cities, $115,000 won't buy much, but in places like Sioux Falls, S.D., Des Moines, Iowa, and Fargo, N.D., real estate remains relatively affordable. Median prices in heartland cities are about $140,000, and unlike in many big cities, houses here are holding their value.Jesse Logterman, a 25-year-old Sioux Falls, S.D., homeowner, recently bought a three-story, 2,000-square-foot house for $115,000. Logterman's 91-year-old white clapboard home needs a little bit of work, but the problems are mainly cosmetic. The hardwood floors could use sanding, and when he moved in, there was a dilapidated wet bar in the basement that Logterman, a sound designer and musician, ripped out to make room for a recording studio.
"The electric was redone in 2005, as was the roof. So I thought, heck, for the price and the square footage, I thought it was a pretty good deal," Logterman said.
