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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.
Ohio
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.
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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.
The 12 Most Expensive States to Buy and Own a House
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.
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.
Alabama
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.
West
The 5 Cheapest Places to Buy Property Abroad in 2024 - Money Talks News
The 5 Cheapest Places to Buy Property Abroad in 2024.
Posted: Thu, 28 Dec 2023 08:00:00 GMT [source]
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.
Cheapest Region To Buy a House in the U.S.
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.
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.
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.
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.
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.
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