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Finding a home is one of the most important investments people make in their lives and it can be a challenge at the best of times. Since the COVID-19 pandemic threw the housing market into disarray, many potential buyers are hoping to make the most of their budgets by moving to more affordable states. Learn more about ten of the cheapest states to buy a house.
8 Cheapest States to Buy a House
Determining the most affordable states for potential house buyers depends on several factors, including average house prices, monthly mortgage costs and median household income.
Iowa is more than rural farmland — it’s also the first state on our list of the most affordable places to live. You can enjoy city living without breaking the bank in the Des Moines, Iowa City and Cedar Rapids areas. With a booming agricultural sector and low unemployment rates throughout the state, Iowa is a top destination for new homeowners.
If you’re looking for affordable living and natural beauty in the Midwest, Ohio has plenty to offer. Each city throughout the state, including Cleveland, Columbus, Cincinnati and Dayton, are unique cultural hubs. Explore cities and suburbs with low-cost housing options.
The Hoosier State offers a little bit of everything for everyone — including buyers on a budget. You’ll find cities like Indianapolis, home of the Indy 500, and college towns in Bloomington and West Lafayette. If you’d prefer small-town life, check out the affordable housing market in the southern part of the state.
The Magnolia State is known for its Southern charm, catfish, and — of course — the Mississippi River. Buyers can find homes at low prices in the state’s major cities, like Jackson and Biloxi, as well as the Mississippi Delta region, also known as the birthplace of blues music.
Mississippi’s neighbor on the other side of the river, Arkansas is famous for its own hot springs, lakes and rivers. From the capital city of Little Rock to the famous Ozark Mountains, you can find affordably priced housing around the state.
6. West Virginia
Wild, wonderful, and low housing costs! West Virginia is an often overlooked state that offers beautiful views at great prices. Charming cities and small towns populate this Appalachian region. If you love the outdoors, you can find everything you’re looking for in West Virginia’s mountains and valleys.
While Kentucky is among the smaller U.S. states, it makes up for its size with personality. From sports icons like the Kentucky Derby and Louisville Sluggers to delicious fried chicken and world-class bourbon, this state has it all — including one of the cheapest housing markets in the country.
Alabama’s Southern hospitality is world-famous — until it comes to the state’s college football rivalries. Whether you root for Alabama or Auburn, major cities like Montgomery, Birmingham and Mobile are excellent places for homeowners who want affordable urban living.
Affordable Housing Markets in the U.S.
Average housing prices can vary widely within the same state or even city. There are many reasons people move to new places, and the cost is just one factor. Do your research carefully and consider every factor to find your dream home wherever you are.