Table Of Content
Agriculture is the largest industry in North Dakota, followed by petroleum, food processing, and technology. Bismarck is the state capital and Fargo is the largest metropolitan area. Mississippi is the 34th-most populous state in the U.S. and home to nearly 3 million residents.
Cleveland, Ohio
In fact, median earners in Detroit will spend just about 6% of their monthly income on mortgage payments, which is extremely low. Pennsylvania is a state that is known for its history and beautiful landscapes. Homebuyers in Pennsylvania can enjoy access to cultural attractions such as museums and historic sites, as well as outdoor activities such as hiking, skiing, and fishing. The state also has a strong economy, particularly in the healthcare and education industries. Arkansas is a state that offers a high quality of life and affordable housing.
Kansas
Also known as “Vacationland,” it’s a popular place for New Englanders to retreat to in the summer. That can make it a great place to own a home, whether it’s for personal use or as a rental property. Good news is that its average home sold price is the lowest in the region.
Cheapest Region To Buy a House in the U.S.
Mississippi is a state that offers a low cost of living and a mild climate. The state has a rich history and culture that can be seen in its museums, art galleries, and music festivals. Mississippi also has many outdoor attractions such as beaches, forests, and parks, making it a great place for nature lovers. The state is home to several top-ranked universities, including the University of Mississippi, Mississippi State University, and Jackson State University.
But with the cost of living on the rise across the US, tracking down affordable real estate can be a challenge. Fortunately, not every state's housing market is as out of reach as, say, California's, where major markets show trends of competitive prices and low inventory. When considering buying a house in any of these states, there are a few things to keep in mind. Additionally, the ZHVI can vary widely within a state, so it's important to research specific cities and neighborhoods to get a more accurate picture of the local housing market.
Rocket Mortgage
Iowa has a total population of 3.19 million but as a geographically large state, its population density is only 54.5 people per square mile, which is lower than 37 other states. America’s least populated state, Wyoming, is also one if the country’s most affordable. From the Medicine Bow National Forest to Yellowstone National Forest, to landmarks like Devils Tower, Wyoming is a state of stark beauty. If you’re looking for a quiet place with expansive views and just the sound of the wind, Wyoming should top your list.
West Virginia is a beautiful state that offers affordable housing and a high quality of life. Known for its natural beauty, the state has many attractions for outdoor enthusiasts such as state parks, hiking trails, and scenic drives. In addition to its beautiful landscapes, West Virginia has a rich history and cultural heritage that can be seen in its museums and festivals. The state is also home to several top-notch universities such as West Virginia University and Marshall University, offering excellent educational opportunities.
15 States With The Lowest Average Home Prices - Forbes
15 States With The Lowest Average Home Prices.
Posted: Mon, 09 Oct 2023 07:00:00 GMT [source]
Ohio
In some cities, rental prices have increased by 40% over the past year. Studies have shown that most people can't afford a home in their state, which holds true whether they're buying a home or renting. Mortgage rates have increased, with the "typical" monthly payment rising by 39% in the last year, pushing people to look for rentals. Fast growth trends in particular tend to overheat housing markets and lead to unaffordable prices, per Martin Orefice, CEO of Rent To Own Labs.
50 Cheapest Places to Buy a House in Every State - Yahoo Finance
50 Cheapest Places to Buy a House in Every State.
Posted: Wed, 20 Dec 2023 08:00:00 GMT [source]
The table below lays out a timeline, showing how median home prices have surged from a modest $11,900 in 1960 to an eye-opening $417,700 by 2024. As of the start of 2024, navigating the real estate market presents a unique challenge for both first-time homebuyers and seasoned homeowners alike. Colorado is the fourth Western state on the list of the five most expensive places to buy a home. On average, it takes the typical earner more than 21 percent of their income (about $93,000) to afford a house here. Kansas and Nebraska technically tied for fourth, costing 11.19 percent of the median household income to buy a house.
The median home sale price in Indianapolis is $209,983, while Fort Wayne is slightly higher at $220,000. The median home sale price in Huntington, which sits on the Ohio River, is $140,818. The median home sale price in Morgantown, home to West Virginia University, is $254,833. In the state’s capital, Charleston, the median home sale price amounts to $181,275. From the charming landscapes of West Virginia to the cultural richness of Louisiana, this list is a comprehensive guide for those seeking an economical yet comfortable place to settle down.
Rounding out the top ten cheapest states to buy a house includes Mississippi, West Virginia, Oklahoma, Michigan, and Arkansas. A recent study by SmartAsset, a financial technology company, revealed the cheapest states to buy a home in right now. And, given that more and more millennials are heading to the south, it may come as no surprise that all of the states that made the top 10 are located in the south or the midwest. “Buyers should consider broadening their home search to more affordable areas.
Nestled in Appalachia, West Virginia has gorgeous views and plenty of affordable housing options. With 1,793,716 residents as of 2020, it’s the 11th least populated state in the country (though not the least populated state on this list). Its high affordability is desirable, especially since its easternmost region is an hour from Washington, D.C. Ohio is number two on our list and the cheapest state in the Midwest. It’s also the most populated on this list, with a 2020 population of 11,799,448.
Before you shop around and see what mortgage rates you qualify for, compare cost-of-living differences and do sufficient research on the local job market and economy. Once you have a location in mind, work with a licensed real estate agent so you can buy with confidence. The property taxes in each state were not included as metrics as these costs vary per city and location of the home. When following the steps to buying a house, it’s important to consider these metrics as well as how the home and its location fits your needs. Kansas is the 35th-most populated state in the U.S. and home to almost 3 million people.
In Arkansas, it takes 12 percent of the median household income to afford a house. Home prices start at just under $129,000, and the average mortgage payment is $607.19. The Motor City tops the list of most affordable places to buy a home. Despite the median salary being among the lowest of the affordable cities on this list, so are home prices.
The metrics used in this study include average home sold price, cost of living index, housing index, and utilities index. These metrics were chosen based on public data availability and topical relevancy. The northeastern region of the U.S. was the only region that didn’t make our list of the 10 cheapest states to buy a house. It contains many of the country’s most populated (and expensive) cities, like New York City, Philadelphia and Boston. If affordability’s what you’re after in this region, look at these states first. North Carolina is the 9th-most populated state in the U.S. and home to over 10.4 million people.
No comments:
Post a Comment