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It’s important to note that affordability factors can vary widely and our list is based on the median sale price in the 10 cheapest states to buy a house. We have also included some general metrics and the median days on market to give you a better idea of how active the real estate market is in each particular state. For $199,959, homeowners can expect to get 1,620 square feet of living space.
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Another Midwest state on the list, Ohio is the 7th largest state in the U.S. and home to nearly 12 million residents. Manufacturing and financial services are the two largest sectors of the economy. Columbus is the state capital and Cincinnati is the largest metro area. Tracing the trajectory of home prices over the decades offers a compelling snapshot of the American dream’s evolution.
Most Expensive States to Buy a House:
West Virginia has the lowest median home value of any state on our list at $143,000. See what type of property you can get within your budget by checking out the homes for sale in West Virginia. As of August 2023, the state of the housing market is a challenging one for many home buyers – and is expected to continue to be for several reasons. At the time of writing, interest rates remain above 6% and home prices remain elevated, especially compared to prices just a couple years ago. Of course, as we reveal, there are some places where housing prices are less inflated – where median prices are even below $200,000. Des Moines is the state capital and its most populous city but maintains a small-town feel.
How Much To Offer On A House + Reasonable Offer Chart
North Dakota homes take only 12.27 percent of the median household income to buy a house, putting it twelfth on our list of cheapest states. The typical home costs $193,900, and the median income is just over $90,000. The capital, Little Rock, is home to the presidential library of Bill Clinton and Pinnacle Mountain State Park – its median home sale price is $205,854. Fayetteville has a growing population, which has caused home prices to rise in recent years.
Just as diverse is the Ohio landscape – featuring farmlands, big city skylines and roller coaster summits. To make the Buckeye State your next residence, search current homes for sale in Ohio. It earned third place for opportunity, eighth for fiscal stability, and eleventh for infrastructure.
Economically, Mississippi ranks poorly at #48 out of all the U.S. states. Its biggest industries are agriculture and forestry, owing to its abundance of farm and forestlands. There are some factors, however, that contribute to the state’s low property values – West Virginia ranks #50 for infrastructure, #50 for healthcare, and #47 for education, according to U.S. Get the range of rates for your borrowing scenario across thousands of lenders. For some, that extra cash might help cross off some of those frame-worthy goals from their wish lists. (We see you, Bora Bora.) You can get all of this by moving to an area that simply costs less.
10 Most Affordable Cities To Buy A Home In 2024 - Forbes
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Median sales price of U.S. homes 1960-2024
Agriculture, natural resources, and manufacturing help drive the Kansas economy. Topeka is the capital city and Kansas City is the biggest metropolitan area. Another West Coast state is fourth in the list of the most expensive states to live in. In Washington, it takes just over 21 percent of the median income to afford a house, which costs the typical $339,000. Iowa came in at the top of the list with the lowest average median household income it takes to be able to afford a house.
To get an idea of how competitive an area is, you can use the NAR’s Market Hotness Index to see how “hot” the market is where you’re looking. Hot markets mean that homes are on the market for fewer days than average, the properties move off the market faster, and home listings get more views than average. On the other hand, the West is the most expensive region and is significantly more expensive than the South, Northeast, and Midwest. As the cheapest state to buy a house in the country, you can get a lot for your buck in Mississippi.
Ohio – Home Value: $213,149
The 5 cheapest and 5 priciest states to buy a home in 2024, according to study - LiveNOW from FOX
The 5 cheapest and 5 priciest states to buy a home in 2024, according to study.
Posted: Tue, 02 Apr 2024 07:00:00 GMT [source]
Major industries in Texas include agriculture and mining, energy and natural resources, and technology. Austin is the state capital and Dallas-Fort Worth is the largest metro area. About 12.8 million people live in Illinois, making the state the 6th-largest in the U.S.
Kentucky's effective state property tax rate is 0.86%, which means that a homeowner would pay about $1,621 in state property taxes every year based on the typical home's value. When cost of living and income are factored in with housing prices, the most affordable states to own a house often become a matter of geography. Missouri is a state that offers a low cost of living and diverse geography. Homebuyers in Missouri can enjoy urban and rural settings, as well as a variety of outdoor activities such as hiking, fishing, and boating. The typical home price in Oklahoma is $171,057, just below half the national average of $344,141.
The list ranked each state based on the average percent of income it takes to cover monthly mortgage costs — from lowest to highest. Thinking about buying real estate, either as a primary residence or investment property? Ohio’s leading industries range from steel production and motor vehicle assembly to agriculture, finance and research and development. Meanwhile, top employers include health systems, grocers, military and academic institutions, most notably Ohio State University.
Find your place of belonging by checking out the homes for sale in Kentucky. Location is the greatest factor contributing to home prices, and costs vary widely from state to state. There are nine states with a typical home value below $200,000 and 8 with a typical home price above $500,000. Those states with the cheapest home prices tend to be concentrated in the Southern states.
That depends on what list you look closely at, as the latest findings will vary. To help you make a more informed decision, we consulted with several real estate experts and trusted industry sources. The Buckeye State has the ninth-lowest typical home value, at $202,341, but it has the ninth highest property-tax rate in the nation, at 1.52%.
The Show-Me State is known for its blues and jazz scenes, as well as its world-famous barbecue. The state’s Anheuser-Busch company is the largest beer producer in the country. The state is largely known for its wheat production and is one of the nation’s least populated states. The birthplace of the Wright Brothers and home to the Rock and Roll Hall of Fame, Ohio certainly has a lot going for it.
But areas like the Midwest and the South have the most affordability to offer. If you’re looking for the cheapest places to buy a house, look in the Great Plains and states along the Mississippi River. But know that you can buy a home in the area that’s right for you with a little research and preparation. With its stretching landscapes and gorgeous views, the West is the least densely populated region of the United States. While the West Coast has some of the most expensive cities in the country, a house can be had for less in several parts of the region.
Milwaukee has become an attractive destination for people fleeing more expensive metro areas, including Chicago, according to data from Apartment List. Just over 90 miles north of the Windy City, Milwaukee median home listing prices are almost half as much as Chicago, which was $370,000 in 2020. Each state's income-to-mortgage ratio was then calculated to determine the percentage of income used each month to cover the mortgage payments. And that calculated percentage was used to help rank the states, including the cheapest states to buy a house and the most expensive ones. The reality is that rent payments aren't much better in terms of affordability.
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