Home affordability varies across different states and regions in the United States. Factors such as tax rates, utilities, and salary ranges contribute to the cost of buying a house. If you're looking for affordable housing, we've done some research to identify the cheapest states to buy a house. Here is our list of the top 25 states where you can find affordable real estate.
West Virginia
Caption: West Virginia
Median Home Value: $122,342
Average Rent: $912
West Virginia is known for its affordable real estate. With a population of less than 1.8 million, it is the 40th most populated state in the US. The state offers beautiful landscapes and thriving industries such as tourism and natural resources. Some of the most affordable cities to buy a house in West Virginia include Clarksburg, Huntington, Beckley, and Bluefield.
Mississippi
Caption: Mississippi
Median Home Value: $151,190
Average Rent: $989
Mississippi is another affordable state to buy a house. With a population of almost 3 million, it ranks as the 34th most populated state in the US. Major sources of income in Mississippi include agriculture and manufacturing. Jackson, the state's capital, is also the largest metropolitan area. The most affordable cities to buy a house in Mississippi are Jackson, Meridian, Greenville, and Gulfport.
Arkansas
Caption: Arkansas
Median Home Value: $161,570
Average Rent: $926
Arkansas, with its population of over 3 million, is the 33rd largest state in the US. The state's economy thrives on agriculture, manufacturing, and tourism. Little Rock, the state capital, is also its major metropolitan city. Little North Rock, Texarkana, Fort Smith, and Pine Bluff are among the cheapest cities to buy houses in Arkansas.
Oklahoma
Caption: Oklahoma
Median Home Value: $162,409
Average Rent: $1,015
Oklahoma is home to less than 4 million people, making it the 28th most populated state in the US. The state's economy relies on agriculture, resources sectors, and manufacturing. Lawton, Shawnee, Muskogee, and Enid are the cheapest cities in Oklahoma to buy a home.
Iowa
Caption: Iowa
Median Home Value: $177,300
Average Rent: $1,022
Iowa, known as one of the cheap real estate states, has a population of over 3.1 million, ranking it as the 31st most populated state in the US. The state's diverse economy thrives on agriculture, manufacturing, natural resources sectors, information technology, and biotechnology. Des Moines, the state's capital, is the largest metropolitan city. Waterloo, Davenport, Council Bluffs, and Sioux City are the cheapest cities in Iowa to buy a house.
Kentucky
Caption: Kentucky
Median Home Value: $179,000
Average Rent: $1,028
Kentucky, with a population of over 4.5 million, is the 26th most populated state in the US. The state's economy heavily relies on agriculture, manufacturing, and natural resources. Frankfort, the state's capital, and Louisville, the largest city, are major contributors to the economy. Hopkinsville, Owensboro, Covington, and Bowling Green are the cities in Kentucky with the most affordable house prices.
Alabama
Caption: Alabama
Median Home Value: $184,021
Average Rent: $1,055
Consider Alabama if you're looking for the cheapest places to buy a house. With a population of over 5 million, it is the 24th most populated state in the US. Agriculture, manufacturing, healthcare, and the financial sectors contribute to Alabama's prosperous economy. Birmingham, the largest metropolitan area, and Montgomery, the capital city, are among the cheapest cities to buy a house in the state.
Kansas
Caption: Kansas
Median Home Value: $191,101
Average Rent: $1,040
Kansas, the 35th largest state in the US, is home to over 3 million people. The state's economy relies on agriculture, manufacturing, and natural resources. Kansas City, the largest metro area, is the state's largest city, while Topeka is the capital city. Kansas City, Salina, and Hutchinson are the cheapest cities in Kansas to buy houses.
Ohio
Caption: Ohio
Median Home Value: $193,143
Average Rent: $1,028
Ohio, with a population of 12 million, is the 7th largest state in the US. The state's diverse economy thrives on financial services and manufacturing. Columbus, the capital city, and Cincinnati, the largest city, have a higher cost of living compared to other cities in the state. Warren, Marion, Youngstown, and Dayton are the best cities to buy an affordable house in Ohio.
Louisiana
Caption: Louisiana
Median Home Value: $200,101
Average Rent: $991
Louisiana, located in the southeast, is another affordable state to buy a house. With a population of over 4.6 million, it is the 25th largest state in the US. Louisiana's economy relies on transportation, agriculture, and tourism. Baton Rouge is the state's capital, while New Orleans is the most famous city. Alamogordo, Farmington, Roswell, and Clovis are the cheapest cities in Louisiana to buy houses.
These are just a few of the cheapest states to buy a house. It's essential to consider your budget and personal preferences when searching for affordable housing. By exploring these states, you can find the perfect place to call home without breaking the bank.
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