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In the Cotton State, homes comprise 12.2 percent of the average household income, and home prices average $142,700. The Buckeye State requires just 11 percent of the average earner’s income to buy a house. From bustling metro areas like Little Rock and Fayetteville to quiet Ozark Mountain towns, Arkansas has affordable areas to fit various lifestyles and budgets. The Natural State lives up to its name, with sandstone formations, natural springs and swimming holes and the world’s longest bayou. If Arkansas sounds like the next place you’ll call home, check out houses for sale in Arkansas. In regards to real estate, home sales have cooled off compared to last year, posting a 10.2% year-over-year decline in November 2023.
Cleveland, Ohio
Known for its wheat fields and wide-open spaces, the state has much to offer residents. Kansas is home to several top-ranked universities such as the University of Kansas and Kansas State University. The state also has many cultural attractions such as museums, theaters, and festivals. Moving more toward the middle of the continental United States, Iowa occupies second place on the list of the cheapest places to buy a house. The Hawkeye State’s $187,720 typical home value is almost $30,000 lower than Indiana’s, and the NAR ranked it the second most affordable state.
Louisiana
The information that we provide is from companies which Quicken Loans and its partners may receive compensation. This compensation may influence the selection, appearance, and order of appearance on this site. The information provided by Quicken Loans does not include all financial services companies or all of their available product and service offerings. Article content appears via license from original author or content owner, including Rocket Mortgage. Rocket Homes collected and analyzed the most recent data on four key statewide metrics to give us insight into the top states with affordable homes.
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Sandwiched between Memphis and New Orleans, the state offers southern country living within driving distance of cultural meccas. It also happens to be the windiest, with an average wind speed of 21.5 mph in its windiest areas. It’s the least populated state in the country, with a population of just 576,851 residents as of 2020. Wyoming is known as “The Equality State” because it was the first state to give women the equal right to vote. The population of North Dakota is about 780,000 making it the 3rd-smallest state.
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Something else inhabitants may find refreshing about the Sooner State is it’s cost of living. At 14% below the national average, Oklahoma has one of the lowest costs of living on this list. To find your next place to live, review the current homes for sale in Oklahoma. The Magnolia State is known for its southern hospitality, cuisine and blues music – among other charms. At 15% under the national average cost of living, Mississippi has the lowest cost of living among the top cheapest states to buy a house. For more information on what’s available, check out homes for sale in Mississippi.
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There’s very little traffic and plenty of family-friendly activities. If you’re looking for a lively college town that’s big on breweries, museums, and sports, check out Iowa City where the median home price is $276,333. Cedar Rapids has a great local restaurant scene and miles of recreational trails. This southcentral state is an affordable place to live with a growing economy. Median sale prices in Oklahoma increased by only 2.1% year-over-year in 2023, making it a still-affordable place to live. The median home sale price in Oklahoma City is $199,500 and $196,333 in Art Deco-adorned Tulsa.
Illinois Ranks as Cheapest State in U.S. to Purchase a Home, Report Says - NBC Chicago
Illinois Ranks as Cheapest State in U.S. to Purchase a Home, Report Says.
Posted: Wed, 17 May 2023 07:00:00 GMT [source]
That’s because mortgage interest rates have climbed much higher over the past year and the average sales price remains out of reach for many prospective purchasers. But if you look closer at the cheapest states to buy a house, you may find a market where you could find a bargain. LMB Mortgage Services, Inc., (dba Quicken Loans), is not acting as a lender or broker. The information provided by you to Quicken Loans is not an application for a mortgage loan, nor is it used to pre-qualify you with any lender. This loan may not be available for all credit types, and not all service providers in the Quicken Loans network offer this or other products with interest-only options.
If its nickname — the Cornhusker State — is any indication, Nebraska is big on corn farming. Its cattle industry is booming, and it’s often called the “Beef State” as well. If you’re about to begin the home buying process, there are some things you should keep in mind. If you’re able, you may want to consider buying a home that has less square footage, a smaller yard or is farther away from amenities. Alabama is a nature-lovers paradise, offering white-sand beaches along the Gulf of Mexico, rock climbing in the foothills of the Appalachians, and boating and swimming on Lake Martin. One of its biggest industries is aviation and aerospace; NASA’s Marshall Space Flight Center is located in Huntsville, as are several Boeing facilities.
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South Dakota is a state celebrated for its expansive landscapes and rich cultural heritage. Homebuyers in South Dakota benefit from a relatively affordable cost of living, coupled with a strong sense of community. The state offers a plethora of outdoor activities, including hiking, fishing, and exploring the iconic Mount Rushmore. Nebraska is a state that offers a low cost of living and a strong agricultural industry.
11 Towns Where You Can Actually Afford to Buy a Beach House - Thrillist
11 Towns Where You Can Actually Afford to Buy a Beach House.
Posted: Thu, 07 Mar 2024 08:00:00 GMT [source]
If you’re looking to move out west, these are the most affordable states to buy a house. Missouri, also known as “The Show Me State,” is known for its musical heritage of jazz and blues and its distinct barbecue. With a population of 6,154,913, it’s one of the more populated states on our list. It has several distinct regions, from mountains, to plains, to the Missouri Bootheel along the Mississippi River. Missouri’s a state with a lot of variety to offer if you’re looking for an affordable.
Homebuyers in Nebraska can enjoy a variety of outdoor activities such as hiking, fishing, and hunting. The state is also known for its friendly residents and a strong sense of community. Michigan is a state that offers a low cost of living and access to the Great Lakes. Homebuyers in Michigan can enjoy a variety of outdoor activities such as boating, fishing, and swimming. The state also has a strong economy, particularly in the automotive industry.
When you do visit, complete online research in advance to shorten your list and get familiar with your top choices. Ohio’s population of 11.8 million is higher than the other four states on this list, and it has a population density of 282.3 people per square mile, making it the most densely populated. It boasts a few larger cities, including Columbus—which has nearly 1 million people—as well as Cleveland and Cincinnati. All factors considered, West Virginia is the cheapest place to buy a house in the U.S. According to Zillow, the typical home value in West Virginia was $132,638—the lowest of any state and well below the typical national home price of $344,141. There are affordable states to buy a house in every region of the country.
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