Cheapest States to Buy a Home: Ranked
By molly atherton
1 year ago
Gone are the days that people just settle down wherever they wish! Ever changing house prices and the fluctuating market means that most of the time, we don't choose where to live, it chooses us. New York might be your dream destination to settle down, but Nebraska might be your only option. From the East to West coast, this article will dive into everything you need to know before buying the best value home in the US.
Iowa
In 2023, Iowa is currently the cheapest state to buy a house in. The median home price is $147,800, and the estimated monthly mortgage payment is $702. This is a huge contrast to expensive states like New York and Washington and one of the cheapest options on this list! Maybe not as glamorous as some other states, but Iowa is a great choice for those who want a more affordable location to settle down in.Original content sourced from Femanin.com
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As this Midwestern state is the biggest producer of corn in the country, there’s plenty of farmland as well as cities and in Iowa for those who prefer a balanced lifestyle.Indiana
Indiana ranks number two on the list of cheap states to buy a home in. Here you can grab a house for $141,700 on average, which will take just 11.03% of the median income. Estimated monthly mortgage payments come in at just over $670, so you can definitely make your money go a bit further here. A cheap cost of living as well as low crime rates and great education opportunities makes this a great location to settle down in and start a family!
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Like Iowa, it’s a state full of farmland, but you’ll find more activity near major universities including Purdue. Again, a great location for those who want the best of both world!Ohio
Ohio claims the bronze spot on the list. Another Midwestern state, Ohio has a median house price of $145,700 in 2023, which requires just 11% of the average person’s income. However, unlike Iowa and Indiana, there’s a lot more going on here; it’s the home of the Rock and Roll Hall of Fame, and has a huge football scene. Cheer on the Ohio State Buckeyes, the Cincinnati Bengals or the Cleveland Browns.
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Settling down in Ohio comes with a price, however. The cost of living might be appealing, but the state does come with it's drawbacks such as harsh winters, and poor public transport!Nebraska
Known as the Cornhusker state, Nebraska has a median house price of $155,800. This means residents will pay just 11.19% of their income on a mortgage payment, which is about $740.22. As the name suggests, it’s another state that’s big on corn production, and there are tons of farms that produce beef. If you don’t fancy living on a farm, and city life is still the one for you, then you can buy property in towns like Omaha and Lincoln.
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Nebraska is a great place to call home, with it's affordable cost of living, it's low crime rates and strong sense of community amongst residents makes this a great place to call home!Kansas
So Kansas and Nebraska are technically tied for fourth on this list. While they each cost 11.19% of a median household income, Kansas actually has cheaper houses, as the median home costs $151,900 here. Like the other states we’ve covered so far, Kansas too has plenty of farms, as it has high levels of wheatfield and grain production. Still, you can buy a home in the likes of Kansas City or Wichita if you don’t want to live somewhere too rural.
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There are other pros to living in Kansas, not just the low cost of living. The state is rich in history to delve into, and the food culture is one of the greatest in the country!Mississippi
Mississippi is a lot different from the farm states we’ve listed! Known as the Magnolia state, Mississippi is the leading producer of catfish, and has tons of Southern charm. Here you can buy yourself a home for around $119,000, which will take just 11.21% of the median household income. Estimated monthly mortgage payments sit at $565.38, which isn’t too shabby. Have you been convinced to move state yet?
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It's not just house prices that contribute to the low cost of living in Mississippi; utility bills are 9% lower than the national average too. This makes Mississippi an all round, low-cost destination to settle in!West Virginia
House prices in West Virginia are neck and neck with Mississippi. The median home price is around $119,600, which equates to 11.3% of a median household income. This means that monthly mortgage payments are estimated to be $568.23. If you like spending time in the great outdoors, West Virginia might be the state for you – it’s nestled right in the Appalachians, which is why it’s called the Mountain State!
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You’ll find tons of spectacular scenery in West Virginia, making it very easy on the eye! Other bills are also cheaper than the national average too, such as groceries which are 5% lower than the rest of the country!Oklahoma
A little bit more expensive than the likes of Mississippi and West Virginia as we climb up the list, Oklahoma has a median home price of $136,800. This takes around 11.64% of a median household income. You can expect monthly mortgage installments to average $649.95 which is still on the cheaper end of the scale! If history is your thing, Oklahoma will offer plenty to get your teeth into – the state is steeped in Native American history.
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As well as house prices, the overall cost of living in Oklahoma is lower than in other parts of the country as aspects such as groceries, healthcare, and utility bills are lower than the national average!Michigan
Michigan has some great cities, industries and natural scenery to offer its residents – as well as decent house prices! Homes here cost around $154,900 on average, which takes just 11.7% of a standard household income. This means you’ll be expected to pay $735.95 in monthly mortgage repayments, which is a pretty cool deal for a state packed with opportunity. If you want affordable house prices that aren't dominated by farmland, Michigan would be a great choice!
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If you love the water, Michigan is one of the cheapest states to buy a house with the coast nearby! With one of the longest freshwater coastlines, Michigan will provide endless, affordable fun for the family!Arkansas
In 2023, Arkansas house prices currently stand around $129,000, which takes just 12% of the median household income in the US. This definitely puts it in the more affordable areas to live, as monthly mortgage payments average $607.19. If you do decide to live in Arkansas, you can enjoy the spectacular natural landscape, which features acres of stunning lakes, rivers and hot springs that provide endless fun!
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As well as affordable house prices, the general cost of living in Arkansas is lower than most other states. For retirees who want to get the most out of their pension, this might be a great place to relocate to!Alabama
This is where house prices start to creep up a bit. The median home price here jumps up to $142,700, which is a fair few thousand more than Arkansas. You’ll be expected to pay $677.99 in monthly mortgage payments, which equates to 12.2% of a median household income. This state is known for football and southern hospitality, and has cool cities like Birmingham and Montgomery that are rich in US history.
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Alabama is an all-round inexpensive state to reside in, even down to the cost of clothing being 4% lower than the national average! Alabama also has a plethora of stunning beaches, meaning cost free days out too!North Dakota
In North Dakota, you can expect median home prices to be around $193,900, while the median income is just over $90,000. This means that North Dakota homes take only 12.27 percent of the median household income, and monthly mortgage repayments are around $921.24. Like other farm states, North Dakota has high wheat production, and is actually one of America’s least populated states meaning there is lots of opportunity to relocate here if desired.
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Other advantages to living in North Dakota are that it's one of the most tax-friendly states in the US, and it has been rated as the happiest state in the country. Would you move here?Kentucky
A median home in Kentucky will set you back around 141,000, making it the thirteenth cheapest state to buy a house in. You can expect to pay $669.91 a month on mortgage repayments, which will take 12.35% of an average household income. Kentucky is known as the Bluegrass state, and is big on everything from tobacco farming and coal mining to horse racing and fried chicken. There truly is something for everyone in Kentucky!
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So what's so special about living in Kentucky? Despite the low cost of living and low tax prices, the state is in a central location, meaning family from all across the country will be easier to keep in contact with!Missouri
In Missouri, the median house price is currently just over $157,000. As the average household earns $72,300 per year, 12.4% of that will go towards a home, with estimated monthly mortgage payments coming in at $746.88. Missouri, also known as the Show-Me state, is famous for its super cool blues and jazz scenes, and is home to one of the largest beer producers in the country. If this sound like your jam, it could be a location for you!
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Whether you are looking to buy or rent your property, both prices rank pretty low on the scale of US states. Missouri's blended Midwestern and Southern culture makes this a very appealing location for many!South Dakota
House prices in South Dakota average $157,200. The typical mortgage payment here is just under $800 per month, and you’ll pay around 12.62% of your household income to buy a median-priced house. South Dakota is usually referred to as the Mount Rushmore state, and is home to the highest point in the Rocky Mountains. It also has a huge agricultural industry, meaning lots of job opportunities for those who chose to reside here.
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There are tons of tourist attractions in South Dakota, including Mount Rushmore and Custer State Park. This means that the state generates lots of income each day, making it one of the nicer states to live in.Pennsylvania
The median home price in Pennsylvania is $180,200, which is a bit of a jump from South Dakota. This means you’ll be expected to $856.15 each month in mortgage payments, which is 12.68% of the median household income (median incomes here are $81,000 per year). Pennsylvania is the birthplace of Hershey’s chocolate, and has everything from sprawling forests to dense mountains.
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With friendly locals and lots of outdoor recreation, this state is a breathtaking location to settle in. If you're looking to retire here, expect generous tax cuts too!Wisconsin
Median house prices in Wisconsin aren’t too dissimilar from those in Pennsylvania. You can get a property for $180,600 here, and monthly mortgage payments are an average of $858.05. As median salaries are around $80,300, a home will take 12.82% of your household income. Wisconsin is known as ‘America’s Dairyland’ as it’s one of the biggest producers of dairy, and is particularly famous for its cheese.
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Other pros of living in Wisconsin include quality healthcare, top-rated public education, and picture perfect scenery. truly a beautiful location that everyone can enjoy!Illinois
While Illinois easily makes it on the list, you can see that it’s a little bit pricier than other states, as homes usually go for around $194,500 here. As average incomes are about $85,000, you’ll pay 13.05% of your household income on your home, and have monthly mortgage payments of $924.09. Illinois is home to Chicago, which is easily one of America’s most iconic cities, and is the largest city in the Midwest.
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As we see the prices of houses increase as we proceed further through the list, it seems the luxury of famous US cities comes with a price! This state is still relatively cheap considering this!Texas
While homes in Texas are actually cheaper than those in Illinois (the median home price is $172,500) average household incomes are lower at $75,100. This means you’ll be spending more of your income on your home, and will take 13.10%. You can also expect to pay $819.57 on monthly mortgage repayments. If you decide to settle here, you’ll have plenty to enjoy; cowboy culture, fantastic Tex Mex food and diverse landscapes.
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Home to rich musical culture, you will be exposed to some of the world's most talented artists if you reside in Texas, as well as a vast variety in cuisines and cultures!Georgia
In Georgia, the median price you’ll pay for a home is $176,000. Again, it’s cheaper than other states on the list, but these homes will take 13.43% of the median household income. Estimated monthly mortgage payments are expected to be $836.20 on average. Georgia is known as the Peach state thanks to its high production of this fruit, and is the birthplace of civil rights activist, Martin Luther King.
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As well as fruit production, Georgia is rapidly expanding in its variety of businesses meaning there are many job opportunities for those who are considering buying a property here!South Carolina
In South Carolina, the median house price is $162,300, and average salaries are $68,700. This means that you’ll pay 13.47% of your household income on your home, and will need to fork out $771.11 in monthly payments for your mortgage. South Carolina is a popular state for budding house buyers, as it enjoys warm temperatures, beaches, and festivals. These luxuries that South Carolina offer come with a bit of a price!
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Although South Carolina as lots of luxuries to offer at a decent price point, there might be a reason for it! Crime rates are higher in this state than others, and has the fifth highest property crime rate!Minnesota
In Minnesota, homes cost a lot more. This is because wages tend to be higher ($93,100 on average in fact). The median house price in Minnesota is $223,900, which means mortgage payments come in at $1,063.78 per month. Your home will account for 13.71% of your household income in the state of 10,000 lakes, so it’s still in line with the percentages in other states.
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For urban living, Minnesota is comparatively affordable in comparison to other states! Although Minnesota is ranked as a cheap state to buy a house, they have some of the highest taxes in the whole country!North Carolina
North Carolina is a little more pricey than its southern sister. The median house price here is $172,500 (about $10,000 more than South Carolina) and accounts for 13.87% of a standard household income. This means that your monthly mortgage payments will work at $819.57 on average here. North Carolina has great food and arts scenes, along with huge state parks with massive mountains.
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Although this isn't an expensive location to buy a home in, North Carolina is susceptible to natural disasters and is the 3rd most hurricane prone state in the country!Tennessee
The median house price is lower in Tennessee than it is in North Carolina, but as homes take 13.9% of people’s incomes, it’s that bit lower on the list. You can bag an average home in this state for around $167,200, and should expect to pay $794.39 each month for your mortgage. Tennessee is generally associated with great music and top-tier whiskey, and is home to The Great Smokies. Does Tennessee sound like the state for you?
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If it does, you must be aware of the cons of this state! High crime rates and criminally low wages make this state difficult to live in! You can get the house, but it's hard to keep it up...Maine
In the state of Maine, median house prices for 2023 are around $190,400. As average household incomes consist of $75,700, homes will account for 14.34% of people’s salaries. So your monthly mortgage payments will work out at $904.61 – which is still cheaper than Minnesota! Maine is an affluent state that is home to great craft beer, farm-to-table dining and tons of lighthouses. Maine also has great opportunities for children in terms of education.
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As this is a more affluent area, it comes with an overall higher cost of living. If this is something in your budget, then is a very safe and well policed are to live in!Louisiana
With plenty of Creole personality and an impressive musical history, Louisiana is becoming a pretty desirable state. Houses here average $163,100, so are on the cheap side, but wages tend to be lower (they’re currently $64,700, so trailing others featured on this list). Residents therefore spend 14.37% of their household income on their home, and pay $774.91 a month for their mortgage, making it one of the more difficult places to buy a home.
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As well as being on of the pricier places to buy a house, Louisiana is also susceptible to hurricanes, severe stormy weather, and has a high flood risk! It has has a pretty poor healthcare system...New Hampshire
In New Hampshire, homes are pretty expensive – especially when you compare the price to other states on this list. However, just like Minnesota, average incomes are higher here, and are a median of $98,200 in 2023. This takes 15.19% of an average household income, with monthly mortgage payments of $1,243.37. New Hampshire is known for its beautiful natural landscapes, and is home to the stunning White Mountains.
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This is a state where you get what you pay for! With an overall high quality of life, low crime rates, and great education opportunities, New Hampshire is an all-round beautiful place to live!Connecticut
The median house price in Connecticut is $275,400, which is nearly double the price of a home in Iowa. Residents in Connecticut earn $102,600 on average, which accounts for 15.3% of their income. So monthly mortgage payments therefore work out at around $1,308.46. The home of both Yale University and ESPN, it’s a thriving state that has tons of culture, personality and a great education system for those with a family.
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As well as climbing up the ladder of expensive properties in the US, Connecticut also has poor opportunities for jobs, as well higher taxes that contribute to its high cost of living!Wyoming
In Wyoming, the median house price is $220,500, and monthly mortgage payments are $1,047.62. As average household incomes are $81,900, the income-to-mortgage ratio is 15.35%, so not that much more than Connecticut. If you decide to move to Wyoming, you can enjoy stunning natural scenery, including the famous national parks of Yellowstone and Grand Teton. It also has a low population, so lots of space for those who chose to live there!
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Although slightly pricier than Connecticut, the taxes are much better for our wallets! It has a low property tax, and there is no state tax or personal income to pay if you live in Wyoming!Vermont
House prices increasing rapidly in Vermont. In 2023, the median price for a home is estimated to be $227,700, and payments for a monthly mortgage are expected to be $1,081.83. The median household income here is $84,100, so residents will need to fork out 15.44% of their salary to keep their property. Vermont has plenty of small-town charm, and is the home of maple syrup, which is created from the sugar maples that grow here.
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There are lots of pluses to paying a bit extra for a property such as the states safety, however, Vermont has limited job opportunity! Vermont is also the 10th most expensive state in the country in terms of all-round cost of living!New Mexico
The average house price in recent years for New Mexico stands at around $293,325, which is relatively affordable for a lot of high income households - the good news is, it's also a good investment opportunity in this state, and with a huge tourist market, it's a plus! The median household income is below the national average, meaning that many people struggle to buy in this state even though property prices are lower than other big states.
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Interesting facts about those who live in New Mexico is that the state has a low life expectancy, high crime rate, and they have an extremely poor education. This contributes to people making the decision on where to buy.Delaware
The average house price if you're looking to buy a comfortable home in the state of Delaware is around $369,846. The good news about buying a house in Delaware is that this state has one of the lowest tax rates of any of the states in the US, so good news for real estate investment! Delaware is also an extremely convenient location, and is close to beaches and other state parks! Price houses will only start increasing, so if Delaware is for you, then act fast!
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Although the cost of living is higher than what we have seen on the list already, Delaware residents pay no state tax, and the state has brilliant job opportunity!Florida
If you're looking to set up roots in the sunny state of Florida, then you're looking at around $377,000 for an average house here. Of course, there are so many different areas to choose from in this state, and the houses are going to be more pricey the closer you go to big cities or the beaches. Also home to Disneyland, Florida, it's an amazing choice for families with children, and other Disney fanatics!
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Although the magic of Disneyland graces Florida, it means that the state is densely populated which results in very unfriendly locals who don't want you around...Alaska
If you'd rather escape the hustle and bustle of a huge tourist city and looking at houses in Alaska instead, it'll cost you around $417,500 on average, but there are houses that might be cheaper (or more expensive) depending on where you look. You'll need a hefty down payment if you want to buy here! You pay for so much more than the property itself, rather for its stunning views and good quality of life that the state brings.
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Alaska is known for it's fresh, local seafood, and great air quality which many people want to escape to. Other bills such as groceries and healthcare are above the national average.Arizona
If you're browsing the property market in the desert state of Arizona, you'll be looking at around $420,310 on average for a family home. As well as needed a lot of money, though, you'll also need to have a very high credit score to have any hope of buying a house in this state. Once you have your property, the cost of living is relatively low, making it a great locations for retirees to settle down in.
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For many, Arizona is a location that they will not reside in due to it's unbearable heat all year round. If an icy winter isn't your idea of a christmas miracle, then Arizona might be a good choice!Maryland
The historical state of Maryland boasts house prices around $425,000 as the current average, and it's no surprise really when there's so much to see and do! The other thing you need to be aware of is that Maryland also has a high cost of living that you'll need to think about as well as the initial house price. The cost of living in Maryland is 22% higher than the national average, and house prices is over 50% higher than the national average!
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Although Maryland has an incredibly high cost of living, it's with good reason! There are incredible employment opportunities, and the state has a great mix of small towns and cities!Hawaii
If you're looking to escape to the beautiful state of Hawaii and buy a home there, you'll need to expect price tags around $428,700 based on the market in recent years. If you're a foreigner to Hawaii looking to buy, though, it's going to be a more complicated process than if you're a native. Hawaii comes with a huge cost in all aspects, and there are limited employment opportunities for those willing to pay the price.
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The reason costs are so high in Hawaii is because of its beautiful scenery as well as it's laid-back lifestyle. This might be a better choice for retirees rather than working professionals.Rhode Island
House prices on average in the state of Rhode Island stand at around $435,044, currently, and the good news is that the cost of living in this state is relatively low compared to others - but this is offset by the high price of taxes in this area. Its close proximity to New York increases it's prices, but makes it a better option for those who want to have the New york lifestyle and be close by without paying the prices.
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Due to the temperatures in this state, you might also find your heating bills can rise despite its low cost of living! If you are retired, your taxes will come in higher than average.Idaho
The housing market in this state has got better in recent years, so it's a good investment opportunity to buy property in Idaho - and it'll set you back, on average, around $440,864 for a house here. The housing market here is specifically good for new or first time buyers as the value in your home will only increase further in the future! Packed full of small town charm, it does mean there's not much to see or do in this state!
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The cost of living is not too expensive for its residents, and all necessary bills such as healthcare come in at below average. There are also tons of agriculture opportunities!Nevada
The average home in the hot desert state of Nevada will cost you around $440,990 in property investment. The only trouble with this is that, in recent years, there haven't been that many houses on the market to choose from, with areas like Las Vegas being particularly popular. There are many pros and cons to Nevada, including a great job market but a lack of decent healthcare. Nevada sits just slightly above the national average in cost of living.
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As house prices are increasing in Nevada due to its famous Las Vegas strip, it is forcing many people to leave as well as increasing homelessness by large amounts.New York
It's difficult to pinpoint one average house price in New York because of the sheer amount of areas and opportunities. Some properties can cost millions if you're looking to be in the middle of the city in a penthouse, but on average, a standard house will set you back around $441,462. The culture and opportunities that the state offers are priceless, and people will pay millions for the chance to live in the big apple!
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Living in New York usually means that you will be drawn into the fast paced lifestyle. It's loud, busy, but the nightlife and job opportunities are not to be missed.Virginia
The average price for a home in Virginia is around $445,000, but when you buy a home here, it's more than just a property investment - you're investing in living in one of the best states in terms of outdoor activities, scenery and things to do. Keep an eye on those prices, though, because they have been going up and up in recent years! For example, cities such as Arlington has an eye watering median house price of $750,000!
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Virginia is home to the country's worst drivers, worst humidity, and if you have allergies, forget about it! However, Virginia has a low crime rate, and great schools - perfect for raising kids!Montana
Montana is a beautiful state to buy a home, and the average house price is $447,068. You'll need a solid down payment, a good credit score and to be savvy with your finances to have a good chance of making the most out of property investment in this glorious Rocky Mountains state! It's friendly locals, stunning views, and outdoor activities makes it a perfect location to settle down in. This is a popular choice for many real estate investors.
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You might want to rethink Montana as your desired location if you work from home, as Montana has AWFUL service and phone signal. This is also difficult for those who have moved away from families, as keeping in contact might be hard.New Jersey
If you're looking to make an investment in New Jersey property, you're looking at around $487,868 on average, based on recent years. Before you buy a home, though, you need to be aware that New Jersey has some of the highest tax laws - so you need to decide whether it's worth it! Studies have shown that on average, a New Jersey resident will spend over an eye watering $900,000 in their lifetime on taxes.
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However, the pros of buying a house in New Jersey are endless! Good healthcare, there's lots to do, it's a family-friendly state... if you want to live the 'American Dream', then New Jersey might be the state for you.Oregon
If you're looking for a nice new home in Oregon, you can expect prices around $496,690. The good news about property in this state is that prices do seem to be dropping in recent years, and there are also many great areas to choose from - so it should be a good investment. Oregon is the 5th most expensive state to live in, but only ranks 18th for average income rate, meaning you have to work to your limit to live here.
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The plus side to buying a property in Oregon is that there is no sales tax, meaning the price you see a house for, that's what you will pay... so no hidden fees are a plus!Utah
The average price for a standard home in Utah is $509,383 - and you may find that the property market is priced very high because this state is known for its high job opportunities and low unemployment numbers. This means it's in demand for a lot of people looking to set down roots! While being incredible expensive with low salaries, it is also prone to wildfires in the summer, and has some of the worst air quality in the country!
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Despite the cons of Utah, it is perfect for people who love the wilderness, as there are many national parks and space for outdoor activities. The crime rate in Utah is also 40% lower than the national average.Colorado
Colorado is very much in-demand for people who love the outdoors and want to live somewhere with stunning scenery - which is great news if you have around $540,838 to splash on an average house in this state. Worth it for that scenery and national parks? Colorado, by many, has been branded the best place to live in the United States. Other pros about buying a house in Colorado is that the economy is booming and it offers some of the best jobs on the market!
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The all-round cost of living in Colorado is 5% higher than the national average, and is ranked as the 19th most expensive state in the US to live in! You can decide if it's worth it!Washington
Home to the president, house prices you can expect in the state of Washington are, on average, around $578,460 - and you can also expect a high cost of living and built up traffic if you want to live here. There are pros, of course, though - including diverse culture, a rich history, a nice climate and tons natural beauty! The cons... you will be paying a pretty penny on not only your property, but your other bills too!
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Washington is home of 5 potentially active volcanoes, so there are major risks with buying a property. Although expensive, though, there is no state income tax, meaning you have more income to splash on your home.Massachusetts
$590,457 is the average home price for a house in the state of Massachusetts, and this area is known for its steady housing market. This state also isn't a very cheap place to live - although it is a beautiful place, and many fans of New England living want to buy property here. The price is high, but the cons that also come along with living in Massachusetts makes many people wonder if it's actually worth it!
