As real estate prices in major U.S. cities continue to soar, some young buyers and renters have decided to take their business elsewhere. They're investing in homes in such states as Ohio, Michigan and Wisconsin, experts say, in search of more affordable living and new places to plant down roots.

The part of the U.S. otherwise known as the Rust Belt has been synonymous with hard times for decades, ever since manufacturing bases like Detroit began to suffer the effects of de-industrialization. Plants closed down, jobs disappeared, and once-vibrant cities became symbols of decay.

A handful of ordinary people have managed to take the typical retirement age of 63 and cut it nearly in half.

While every early retiree's journey is unique, there is usually at least one common feature of their stories: Each person has the discipline to save a large chunk of their paycheck — often, more than half of it.

Of course, saving is just part of the journey to financial independence. The key to building wealth is to invest that cash and make your money work for you. Still, learning how to squirrel funds away is a crucial start.

Builder confidence in the market for new single-family homes rose four points to 68 in October on the NAHB/Wells Fargo Housing Market Index (HMI). This was the highest reading since May.

“This month’s report shows that home builders are rebounding from the initial shock of the hurricanes,” said NAHB Chairman Granger MacDonald. “However, builders need to be mindful of long-term repercussions from the storms, such as intensified material price increases and labor shortages.”

Designing your own home can be exciting, but it's a lot more work than buying an existing house. With so many moving pieces involved, knowing what works and what doesn't is key. Protect your home's long-term value by sidestepping these five avoidable pitfalls of building a new home.

1. Forgetting About Storage Space
From seasonal items to extra bedding, everything requires a temporary home when not in use. For that, you'll need plenty of storage space. Some simple solutions might include a few extra closets, a sizeable garage space or built-in cabinets and shelving.

Starter Homes. Millennials are buying homes, steering builders toward lower price points. First-time buyers are rushing to buy homes after a decade on the sidelines, promising to kick a housing market already flush with luxury sales into higher gear.

Work with a someone you can trust. www.1stSecuritiesMortgage.com

By Laura Kusisto and Chris Kirkham Updated May 11, 2017 8:09 p.m. ET