Cheapest Places to Buy a House in the US in 2024
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When it comes to buying a house in the United States, some states are more affordable than others. In this article, we will explore the cheapest states to buy a house, according to the Zillow Home Value Index as of last December. With the rising cost of living, finding an affordable place to live has become increasingly important for many Americans.
While some areas of the country have seen significant increases in home prices, there are still many regions where housing remains relatively inexpensive. Several factors can influence the cost of housing in a particular area, including local job markets, population density, and regional economic conditions. As a result, the cheapest housing markets in the US can be found in both urban and rural areas across the country.
Despite the lower prices, these areas may still offer a range of amenities, including access to outdoor recreation, cultural attractions, and local businesses. For those willing to relocate or invest in a second property, the cheapest housing markets in the US can be an excellent option to consider.
10 Cheapest Housing Markets to Buy a House in the US
The latest data on housing markets in the United States reveals some hidden gems where budget-conscious homebuyers can find their dream homes without breaking the bank. Let’s delve into the top 10 cheapest housing markets, exploring each state’s unique characteristics and attractions.
1. West Virginia
Topping the list with a Zillow Home Value Index of $154,370.75, West Virginia emerges as the most budget-friendly state for prospective homebuyers. The state not only offers affordable housing but also boasts breathtaking natural beauty and a plethora of outdoor recreational opportunities. For those seeking affordability without compromising on scenic landscapes, West Virginia stands out as a compelling choice.
2. Mississippi
Following closely is Mississippi, with a Zillow Home Value Index of $172,965.03. The Magnolia State presents an attractive option for individuals looking to invest in real estate without breaking the bank. Its rich cultural heritage, warm hospitality, and diverse landscapes contribute to making Mississippi an affordable and appealing housing market.
3. Louisiana
With a Zillow Home Value Index of $194,452.99, Louisiana offers a unique blend of affordability and vibrant cultural experiences. Homebuyers in the Pelican State can enjoy a rich tapestry of music, cuisine, and history while benefiting from relatively low housing costs. Louisiana stands out as a testament to the idea that affordability need not come at the expense of cultural richness.
4. Kentucky
Kentucky secures its place on the list with a Zillow Home Value Index of $194,847.81. Known for its bluegrass music and equestrian heritage, the state provides an inviting backdrop for homebuyers seeking affordable housing. Kentucky’s charming communities and scenic landscapes make it an appealing destination for those looking to invest wisely in the real estate market.
5. Oklahoma
Boasting a Zillow Home Value Index of $195,594.44, Oklahoma stands out as a haven for affordable housing. The Sooner State offers a diverse range of urban and rural living options, ensuring that homebuyers can find the perfect property to suit their preferences. With a low cost of living and a thriving cultural scene, Oklahoma presents an attractive package for budget-conscious individuals.
6. Arkansas
Arkansas, with a Zillow Home Value Index of $196,406.12, combines affordability with stunning natural beauty. The state’s picturesque landscapes, including the Ozark Mountains and Hot Springs National Park, make it a hidden gem for those seeking budget-friendly housing without sacrificing access to outdoor recreation.
7. Iowa
Positioned with a Zillow Home Value Index of $205,375.08, Iowa offers affordable living in the heart of the Midwest. The state’s friendly communities, strong educational system, and low housing costs make it an appealing option for families and individuals alike. Iowa’s central location also provides convenient access to various amenities and attractions.
8. Kansas
With a Zillow Home Value Index of $212,995.01, Kansas shines as an affordable housing market. The Sunflower State boasts a diverse range of landscapes, from rolling plains to vibrant cities, providing homebuyers with options that cater to different preferences. Kansas’s affordability, coupled with its Midwestern charm, makes it a compelling choice for those seeking a budget-friendly home.
9. Ohio
Ohio secures its spot with a Zillow Home Value Index of $213,149.09, offering affordable living in the heart of the Midwest. The Buckeye State’s diverse cities, including Columbus, Cleveland, and Cincinnati, provide a range of housing options to suit various budgets. Ohio’s affordability, combined with its cultural and economic opportunities, positions it as a desirable destination for homebuyers.
10. Alabama
Rounding out the top 10 is Alabama, with a Zillow Home Value Index of $216,564.09. The Yellowhammer State welcomes homebuyers with its warm Southern hospitality and affordable housing options. Alabama’s rich history, diverse landscapes, and cost-effective living make it an attractive choice for those seeking an affordable place to call home.
Hence, these 10 states stand out not only for their affordability but also for the unique characteristics and attractions they offer. Homebuyers can explore a variety of options, from the scenic landscapes of West Virginia to the cultural richness of Louisiana, all while staying within their budget.
ALSO READ: 20 Cheapest States to Buy a House
10 Cheapest Counties in the US to Buy a House
Buying a home can be a major financial decision, and the cost of housing can vary greatly depending on the location. While some areas of the country may have high housing costs, there are also many counties where homes are relatively affordable. In this section, we will look at the top 10 cheapest counties in the United States to buy a house according to the Zillow Home Value Index (ZHVI) as of December 31. We will explore some of the features that make these counties attractive to home buyers.
1. McDowell County, West Virginia:
Nestled in the southern part of West Virginia, McDowell County emerges as the most affordable county in the country to buy a home. With a Zillow Home Value Index (ZHVI) of just $30,424.76, this county boasts a rich cultural history. Home to the McDowell County War Museum and Coal Heritage Trail, residents can immerse themselves in the tapestry of the region’s past while enjoying the benefits of affordable homeownership.
2. Alexander County, Illinois:
Moving across state lines, Alexander County in Illinois stands as the second most affordable option. With a ZHVI of $38,985.03, this county, situated in the heart of the Midwest, offers prospective homeowners an attractive combination of affordability and community charm.
3. Phillips County, Arkansas:
Venturing into the Southern United States, Phillips County in Arkansas secures the third spot on the list. Boasting a ZHVI of $43,219.60, this county is known for its scenic landscapes and Southern hospitality, providing an affordable haven for those seeking a slower pace of life without compromising on quality living.
4. Tillman County, Oklahoma:
Further west, Tillman County in Oklahoma offers a cost-effective choice for aspiring homeowners. With a ZHVI of $43,777.05 and a warm community spirit, this county presents an opportunity for residents to enjoy the benefits of homeownership without the burden of exorbitant costs.
5. Harmon County, Oklahoma:
In the same state, Harmon County secures the fifth position. With a ZHVI of $45,446.85, the county’s blend of affordability and tranquility positions it as an appealing destination for those seeking a peaceful retreat while maintaining a budget-friendly lifestyle.
6. Wyoming County, West Virginia:
Returning to West Virginia, Wyoming County claims the sixth spot on the list. With a ZHVI of $49,070.77 and surrounded by the beauty of the Appalachian Mountains, this county invites residents to experience affordable living without sacrificing access to natural wonders.
7. Coahoma County, Mississippi:
Crossing the Mississippi River, Coahoma County in Mississippi emerges as the seventh most affordable county. Boasting a ZHVI of $52,212.93, the county is rich in cultural heritage and offers a warm Southern ambiance, providing an attractive option for budget-conscious homebuyers.
8. Hardeman County, Texas:
Venturing into the Lone Star State, Hardeman County in Texas claims the eighth position. With a ZHVI of $52,476.59, its expansive landscapes and friendly community present an affordable yet inviting option for those looking to settle down.
9. Cochran County, Texas:
Texas continues to make a mark on the list as Cochran County secures the ninth spot. With a ZHVI of $56,035.41 and offering a blend of affordability and Texan charm, this county stands out as an excellent choice for those seeking a cost-effective yet culturally rich living experience.
10. Bertie County, North Carolina:
Closing the list is Bertie County in North Carolina. Boasting a ZHVI of $56,225.48 and positioned on the eastern seaboard, this county provides a unique blend of affordability and coastal living, making it an intriguing option for those dreaming of budget-friendly homeownership with a touch of coastal charm.
These 10 cheapest counties in the US to buy a house not only offer budget-friendly housing options but also provide residents with distinctive cultural, historical, and natural attractions. Whether nestled in the mountains, amid Midwestern landscapes, or along the Southern coastline, these counties showcase the diversity of affordable living opportunities available across the country. As prospective homeowners weigh their options, these counties stand out as promising destinations for those seeking an affordable and fulfilling homeownership experience.
Most Affordable Housing Markets to Buy a House
Here’s another report published on Forbes in October 2022. They also looked at 100 metro areas with a population of at least 100,000 to identify the top 10 most affordable cities for homebuyers. They looked at several factors to gauge affordability, including the median income of that city, average home costs, and median real estate taxes.
1. Detroit, Michigan
Motor City ranks first on the list of the most affordable areas to buy a property. Despite the fact that the median salary is among the lowest of the cheap locations on this list, house costs are also among the lowest. In reality, the average Detroit household will spend only approximately 6% of its monthly income on mortgage payments, which is extraordinarily low.
2. Cleveland, Ohio
Cleveland is not only a cheap city, but it is also a young one; the median age is around 36, which is slightly lower than the national average. Cleveland’s vibrancy is what distinguishes it. People enjoy water activities and boat parties in this town on Lake Erie.
3. Toledo, Ohio
Toledo ranks third in the list of most affordable housing markets for buyers. It is in an excellent geographical location. It’s a one-hour trip to Detroit, a two-hour journey to Cleveland, and a four-hour drive to Chicago from the western edge of Lake Erie. Although Toledo has struggled with a poor economy since the 1980s, the rust belt city has made progress toward a brighter future in recent years.
4. Memphis, Tennessee
Memphis is one of the most affordable cities in the United States, with a cost of living that is 19% lower than the national average, making this Southern metropolis a terrific place to call home! People who live in Memphis do not have to pay state income tax, which allows them to save even more money.
5. Baltimore, Maryland
6. Rochester, New York
Rochester made Forbes’ list of most affordable cities—but it could be poised to become slightly less affordable in the future. According to a recent report by real estate analytics firm ATTOM Data Solutions, Rochester was among the metro areas (with a population of at least 1 million in 2020) that saw the biggest leaps in return on investment (ROI) for sellers in the country, up by 49.9%.
It is not surprising that many properties in Rochester receive several offers, and that the majority of homes sell within 12 days for approximately 1% more than the asking price. The reason Rochester’s real estate market is so affordable is that higher-paying jobs become scarcer the farther north you travel in New York State.
7. Milwaukee, Wisconsin
Milwaukee metro area is one of the more affordable places to own a home in the U.S. It has become an attractive destination for people fleeing more expensive metro areas, including Chicago, according to data from Apartment List. Just over 90 miles north of the Windy City, Milwaukee median home listing prices are almost half as much as Chicago, which was $370,000 in 2020.
8. Montgomery, Alabama
The Montgomery housing market is supported by a number of demographic and economic indicators. The neighborhood offers inexpensive homes and a robust economy to ensure sustainability. Perhaps even more importantly, prices remain lower than in the majority of the country. This may be the ideal moment to purchase a property in this city. 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.
9. Buffalo, New York
Buffalo, New York, is the most affordable housing market in the state. It has gone through a major transformation over the last decade, with new restaurants, entertainment, activities, and events popping up year after year. Buffalo has a population of less than 300,000, and although it historically had more billionaires per capita than anywhere else on Earth, it is now an economical option to live in a large city.
10. Kansas City, Kansas
Kansas is one of the most affordable cities in the United States and offers superb museums, pleasant people, entertaining activities, and delicious barbecues. The Midwest is home to some of the most affordable regions for first-time homeowners, and Kansas City is a prime example. With median listing prices below $200,000, this neighborhood may be ideal for budget-conscious purchasers.
Source:
- https://www.zillow.com/research/data/
- https://www.forbes.com/advisor/mortgages/real-estate/most-affordable-cities-to-buy-a-home/
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