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A median home costs $141,000, making it our thirteenth cheapest state to buy a house in. It costs 11.31 percent of the median household income to buy a house, and the typical home costs just under $120,000. This Midwestern state is the largest producer of corn in the country, and its miles of farmland are a testament to that. The largest housing markets in Iowa include Des Moines, Iowa City, and Cedar Rapids. We used income data and local home prices to fine the nation’s 15 most affordable states.
Indiana – Home Value: $227,177
Knowing which states offer the cheapest housing can help narrow your search and help you get the most value out of your money. Keep in mind that other factors, such as job opportunities, weather, culture, proximity to family, and many others are also important to consider. Just because you’re buying a house in an affordable state doesn’t mean you should overlook how much it costs to own a home. Bordering the South and the West regions, Kansas has the cheapest median home sale price. Kansas combines many features of the South and West, with its great barbecue, love of football and hot summers. The south is one of the fastest-growing regions in the United States.
How Much To Offer On A House + Reasonable Offer Chart
Indianapolis is the state capital and also the biggest metropolitan area. Just over 5 million people reside in Alabama, making the state the 24th-largest in the U.S. The diverse economy of Alabama is driven in part by the agriculture, manufacturing, healthcare, and financial sectors. Montgomery is the state capital and Birmingham is the largest metro area. Home to more than 3 million people, Arkansas is the 33rd-largest state in the U.S. Agriculture, manufacturing, and tourism help drive the economy in Arkansas.
What city has the cheapest houses?
The state is also big on fruit production (apples, namely) and is home to Seattle, the eighteenth-biggest city in the nation. Kansas is playfully referred to as the nation’s “breadbasket” for its plentiful wheatfields and grain production. Find out if it makes sense to buy a starter home or if a forever home is right for you. When you’ve done your research, created a budget and weighed the pros and cons, you’ll have better prepared yourself to buy a house.
The Cheapest City To Buy A Home In Every State - 24/7 Wall St.
The Cheapest City To Buy A Home In Every State.
Posted: Wed, 31 May 2023 07:00:00 GMT [source]
Hidden gems in the real estate market
However, it has the 10th highest property tax rate nationally, at 1.43%. Vermont, also known as “The Green Mountain State,” is a northeastern state known for its natural beauty. With a population of just its biggest city is Burlington, which only has 44,743 residents. Vermont is known for its tourism, with many people enjoying outdoor recreation, like skiing. That can make it a great place to own a home, especially since it’s one of the most affordable states to buy a home in the region.
HomeLight offers a modern Buy Before Your Sell program that allows you to use the equity from your current property to help purchase the home you want. Check out our video below explaining the Buy Before You Sell program and see how easy it can be to move into your next home seamlessly. Real estate listing sites like Zillow are invaluable tools in this pursuit, offering the ability to filter searches by dollar amount to find homes that match your budget criteria.
It’s known for its rolling hills, valleys, and mountains — and all the outdoor activities that come with them. The biggest cities in the state include Indianapolis, Fort Wayne, and Bloomington. It also is home to major colleges like Purdue, Ball State, and Indiana University. Kentucky is considered very affordable, with a cost of living index of 89.1 (100 being the U.S. average). It’s placed in the middle of the pack when it comes to rankings like infrastructure (#23) and access to healthcare (#37). Because of the location and amount of space, manufacturing and transportation also are major industries here.
To see what’s available in your price range, check out the homes for sale in Missouri. A lower cost of living and median home value below $175,000 makes Iowa another affordable state. It offers rolling hills of green and plenty of room to plant your roots. To find your home in the Hawkeye State, search current houses for sale in Iowa. When it comes to choosing a place to unpack and stay awhile, affordability is often top of mind for many home buyers. Whether it’s drawing from a need to find cheaper real estate or the goal to get the biggest bang for their buck, today’s buyers are on the hunt for real estate that is within stricter budgets.
As the housing market continues to evolve, it's crucial for prospective homeowners to stay informed about the most budget-friendly options available. Whether you're a first-time buyer or considering a relocation, this insightful analysis provides a glimpse into the affordable housing markets across the nation. It’s increasingly challenging for many home seekers to afford a residence.
This is the second year in a row Indiana has made our list of cheapest states to buy a home and is the top Midwestern state for affordability in 2024. At $62,743, its median household income is the highest on the list, but still below the national median, which was $74,580 in 2022, according to the census. Luckily, the state’s cost of living is also below the national average. If you’re interested in buying a house in the Hoosier State, check out homes for sale in Indiana. Kentucky is the sixth-cheapest state to buy a home in, with a typical home valued at $188,439. The average home in Kentucky offers 1,750 square feet of living space.
But this is also not a list of the cheapest places to buy a house in America. That list would focus more on Southern states where home sale prices are very low, but the cost of living and salaries are also low. The typical home value is $183,418 in Iowa, the fifth-lowest in the United States. With a relatively high property tax rate of 1.56%, homeowners can expect to pay $2,861 in property taxes each year. Still, homeownership rates are among the highest in the nation, with 75.6% of residents owning their homes. Forbes Advisor looked at 100 metro areas with a population of at least 100,000 to identify the top 10 most affordable cities for homebuyers.
Mississippi is a state that’s rich in history and often regarded as the birthplace of the blues. The Magnolia State is heavily forested (in fact, there are six national forests to enjoy) and offers peace and quiet thanks to its low population density. Ohio ranks #16 among all states for affordability, with a cost of living index of 92.5 – however, job growth in the state is declining at a rate of -0.7% compared to the U.S. average of 0.2%. When comparing smaller towns, Selma, Alabama has one of the lowest median prices at $79,975. Buffalo has gone through a major transformation over the last decade, with new restaurants, entertainment, activities and events popping up year after year. “The Seattle and San Francisco areas are great examples of this phenomenon.
Des Moines is its most populated city, with 214,133 inhabitants in 2020. Dubbed “The Hawkeye State,” Iowa is an affordable state that’s also great for college sports, and it’s the birthplace of the band Slipknot. Nearly 6 million people reside in Wisconsin, making the state the 20th-largest in the U.S. Major industries such as agriculture, manufacturing, and consumer goods drive the economy.
The median home size in Oklahoma is 1,746 square feet, just slightly higher than the average in Arkansas. Oklahoma homeowners pay a property tax rate of 0.90%, resulting in about $1,540 in taxes per year based on the typical home value. Wisconsin is a state that offers a low cost of living and access to outdoor activities such as hiking, fishing, and skiing. Homebuyers in Wisconsin can also enjoy access to cultural attractions such as museums and music festivals. The state is known for its cheese and beer industries, as well as its strong healthcare system.
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