13 U.S. States With the Cheapest Homes
Are you mulling over buying a home without spending a fortune? Across America, there are states where the dream of homeownership is not just attainable but also budget-friendly. From picturesque rural settings to bustling cities, these 15 states offer the most affordable homes, perfect for anyone looking to stretch their dollars. Here’s a casual guide from Forbes about where you can find real estate gems without emptying your wallet.
West Virginia
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In West Virginia, you can snag a home for just $152,373 on average, and at $75 per square foot, you’re getting a steal. This state offers more than just scenic drives and mountain views; its 0.59% property tax rate is also easy on your budget. Considering the median income is around $51,600, living here could be as affordable as it gets.
Arkansas
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Did you know Arkansas has more than just beautiful nature trails and rivers? It’s also super affordable, with homes averaging $195,502. Combine that with a low property tax rate of 0.66%, and you have a recipe for a wallet-friendly lifestyle. Plus, your dollars stretch further here with a cost of living index under 90.
Iowa
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Thinking of moving? For about $205,988, you can call Iowa home. This place might have higher property taxes at 1.52%, but the homes are priced at $107 per square foot. It’s a good spot if you’re looking for a budget-friendly Midwest life with a decent median income of $60,500 and a low cost of living.
Alabama
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In Alabama, the housing market is as down-to-earth as it can get. You might find yourself neighbors with astronauts with average home prices of $217,750. And guess what? The property tax here is only 0.41%. It’s pretty sweet living in a place where the cost of living index is just 87.5.
Mississippi
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Guess what? Mississippi isn’t just about the blues; it’s also about some of the most affordable homes in America, priced at $169,792. With the country’s lowest cost of living index at 83 and property taxes at 0.81%, your budget will be singing a happy tune.
Kentucky
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Over in Kentucky, where the grass is as blue as the homes are affordable, you can buy a place for an average of $192,245. Not too shabby, right? Especially with property taxes at just 0.83% and a cost of living index hovering around 93. It’s an inviting place for anyone looking to stretch their dollars in a friendly locale.
Nebraska
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Nebraska might have higher property taxes at 1.63%, but don’t let that scare you off. With vast open lands and home prices at $206,000, it’s still a bargain, considering the cost of living is about 92% of the national average. Plus, who wouldn’t want to be part of the best cattle production scene in the country?
Ohio
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Think you can’t afford to live near the Rock and Roll Hall of Fame? Think again. Ohio’s homes average $213,323, and with property taxes at 1.59%, it’s still a deal, especially considering the balanced cost of living.
Oklahoma
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If you can handle a little wind, Oklahoma’s housing prices might just blow you away. For around $196,095, you can get a home at $98 per square foot. Not too bad, especially with the cost of living 15% below the national average and friendly property taxes at 0.89%.
Louisiana
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Down in Louisiana, where the spirit of Mardi Gras lingers all year, you can find homes averaging $192,173 and very low property taxes at 0.62%. It’s an excellent spot for anyone looking to enjoy vibrant culture without a hefty price tag.
Kansas
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No need to click your heels three times; affordable homes in Kansas are no fairy tale. With an average price of $214,347, plus a cost of living index of just over 85, it’s as real as it gets. The property taxes are a bit higher, but the savings on everything else might just balance it out.
Indiana
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In Indiana, you can enjoy the crossroads of America with a home averaging $185,000. Despite higher property taxes, the low cost of living and decent median incomes make it an attractive option for homebuyers looking for value.
Missouri
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Missouri is your gateway to affordable homeownership with a touch of Midwestern charm. Average homes go for about $194,000, and the property tax rate is manageable at 0.93%. It’s a great spot to settle down without stretching your finances too thin.
Michigan
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Imagine living near beautiful lakes and not worrying about your mortgage. In Michigan, you can buy a home for around $208,000. It’s a fantastic deal, especially considering you can save the extra cash for a boat or a fishing rod!
Illinois
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Last but not least, Illinois offers a range of housing options, from bustling Chicago to quieter rural areas. While average home prices are about $247,809, the high property taxes of 2.08% are something to consider. Still, with a cost of living index of 92 and a median income of $66,000, it’s worth a look.