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Lincoln is the state capital and Omaha-Council Bluffs is the biggest metropolitan area. Missouri is the 19th-most populated state in the U.S. and home to more than 6.1 million people. Major industries include aerospace, transportation, manufacturing, and financial services. Jefferson City is the state capital and St. Louis is the largest metro area. We used income data and local home prices to fine the nation's 15 most affordable states. California is well-known for its high housing costs, so its place on our most expensive list is no surprise.
Affordable Cities Honorable Mentions
In August, Homebuyer.com used the median household income and the median home price in each state to determine the most affordable states in the U.S. to buy a house in 2022. There are many great and affordable places to buy a house and what’s best for each home buyer will depend on their lifestyle, budget and goals. The state is known for having a low cost of living and median home value. It also features a massive underground cave system, lush forests, waterfalls and mountains. City dwellers can find excitement in Louisville or Lexington, while others who prefer an unhurried way of life will find home in one of many rural areas.
Is Cheaper Always Better for Homebuyers?
Median Home Price By State 2024 – Forbes Advisor - Forbes
Median Home Price By State 2024 – Forbes Advisor.
Posted: Thu, 18 Apr 2024 07:00:00 GMT [source]
Frankfort is the capital of Kentucky and its largest cities are Louisville and Lexington. The median home sale price in Louisville, the state’s most populous city, is $234,167. Kentucky home sales have been down since mid-2022, but median home sale prices have risen steadily. Huntsville recently ousted Birmingham as the state’s most populous city and is a hub for the aerospace industry. Its median home sale price is $270,125 and has been increasing steadily for several years. Birmingham is a great city for housing affordability with a median home sale price of only $109,083.
Alabama (Tie)
We assumed all home mortgages were purchased using a conventional 30-year fixed-rate mortgage with a mortgage interest rate of 7 percent. Oregon is known for its rain, lush forests, variety of lakes and canyons, and miles of shoreline. It’s home to major cities like Portland and Salem (not to be confused with Salem, Massachusetts, where the Salem Witch Trials occurred). Known for its pristine beaches and incredible weather, Hawaii is a popular destination for vacationers and residents alike. The state boasts six islands, the largest of which is the Big Island.
Nebraska’s got 1,961,504 residents, with its largest city being Omaha, at 486,051 residents. Known as “The Cornhusker State,” and with its proximity to Kansas, Oklahoma and Iowa, it shouldn’t be surprising that Nebraska is another agricultural state. If you’re looking for fresh produce and affordable housing, Nebraska should be at the top of your list. Georgia is the 8th-most populated state in the U.S. and home to more than 10.7 million people. The diverse economy is driven by the agriculture and mining, industry and logistics, and defense sectors. Atlanta is the state capital and also the largest metropolitan region in Georgia.
What Is an Easement in Real Estate? A Guide for Homebuyers
Oklahoma homes are just slightly less affordable than Mississippi’s, clocking in at 11.64% of the median household income. The typical home costs $136,600, just about double the state’s median income. Indiana takes the runner-up spot with a median home price of $141,700. Buying a house in Indiana takes just 11.03 percent of the median income. Oklahoma may be land-locked, but residents can still enjoy a refreshing dip in one of more than 200 manmade lakes – the most in any state in the country.
Ohio – Home Value: $213,149
The median home size in Mississippi is 1,879 square feet, larger than some of the median home sizes in more expensive states. Mississippi homeowners will pay property taxes at a rate of 0.81% per year, setting them back $1,278 annually. Homeownership in Mississippi is the second-highest in the nation, with 74.8% of residents owning their homes.
Ohio
In the example screenshot below, we searched for homes under $100,000 in Birmingham, Alabama. Also known as the Bluegrass State, Kentucky is known for horse racing, tobacco farming, fried chicken, and coal mining. The biggest cities in the state are Louisville, Lexington, and Frankfort. Mississippi is known as the Magnolia State thanks to its flowering state tree. It’s also a leading catfish producer and full of down-home Southern charm.
Real Estate
It's more than just a mortgage - it's your ticket to home-buying freedom, available anytime you are. With ultra-low rates at your fingertips, the power to secure your future is just a click away. If you’re itching for that true Southern feel, Alabama’s the place to head. Known for its football, southern hospitality, and sprawling plantation homes with curb appeal, you’ll feel right at home in major cities like Montgomery, Birmingham, or Mobile. Aptly named the Mountain State, West Virginia is nestled right in the Appalachians.
Little Rock is the capital city and also the biggest metropolitan area. West Virginia is home to just under 1.8 million people and is the 40th-most populated state in the U.S. Largest industries in West Virginia include tourism and natural resources. Charleston is the state capital and Huntington-Ashland is the largest metropolitan area. Our third most expensive state is Oregon, where it takes 21.92 percent of the median household income of $81,200 to buy a house.
And one of the first steps they should take in finding affordable housing is finding the cheapest state to buy a house. Montgomery Alabama offers the lowest median annual real estate taxes on this list, totaling about $512 per year. Not only is it a great place for low taxes, but Montgomery also offers promising career opportunities. North Dakota is a state that is known for its oil industry and wide-open spaces. Homebuyers in North Dakota can enjoy a low cost of living and a strong sense of community. The state also has a variety of outdoor activities such as hiking, fishing, and hunting.
We have also published a data study on the best cities for young adults. Its biggest cities are Indianapolis, Fort Wayne, and Bloomington, and major universities like Purdue, Ball State, and Indiana University are located there. Saving up a larger down payment may mean you won’t have to borrow as much money – or could give you more spending power. Allison Bethell is a writer, real estate investor, broker, small business owner, and consultant and has a B.A. She has been featured in articles by outlets such as Forbes, The New York Times, The Street, and Realtor Magazine.
Agriculture, manufacturing, finance and investment, and the service sectors keep the diverse economy growing. Springfield is the capital city and Chicago is the largest metropolitan area. Indiana is home to nearly 6.8 million residents and is the 17th-largest state in the U.S. The economy is driven by the manufacturing, agriculture, and healthcare sectors.
“A common characteristic of these populous states, aside from the fact that they are located in the Sun Belt region, was a strong job market recovery after the pandemic,” she says. While it’s enticing to shop in some of the cheapest states, cheaper may not necessarily create an easier buying process or a better living situation. For a larger city experience, consider Indianapolis, home of the NFL’s Indianapolis Colts and site of one of the country’s biggest privately-funded zoos. Indy’s typical home value is around $50,000 higher than in the state as a whole, though, at $263,495. Bordering the west and the Midwest, Oklahoma is a plains state with a unique identity. With its rich cultural history, Oklahoma is a place you can own a property for much less money than other states.
The diverse economy is powered by the agriculture, manufacturing, and natural resource sectors. Here’s a look at the 16 states with the most affordable median home sale prices, ranging from $228,000 to $289,900. When competing on a playing field of high interest rates, elevated home prices, and inflation woes, many renting Americans feel sidelined in the game of homeownership.
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