Are you looking for affordable housing? Then read this article to know the 20 cheapest states to buy a house.
Getting an affordable home varies from one place to another, especially with unique taxes, utilities, and other expenses that are associated with the city.
There are so many variables that can make it difficult to find the cheapest state to buy a house. As some regions may have more expensive home prices, there are also differences in salaries to offset those price points.
If you are looking for the cheapest state to buy a house in? In this article, we make use of income data and home prices to determine the top 20 most affordable states in the nation.
READ MORE: 20 Cheapest States to Buy a House in 2023
20 Cheapest States to Buy a House
Table of Contents
1. Iowa
Iowa is the first on the list of the most affordable homes. It takes a mere 10 6% of the median household income to afford a home in Hawkeye State. Homes clock in at just $147,800.
This Midwestern state is the largest producer of for in the country and its miles of farmland are a testament to that. Moreover, there are many big cities to live in, and the largest housing markets in Iowa include Iowa City, Des Moines, and Cedar Rapids.
2. Indiana
Indiana takes the runner-up spot with a median home price of $141,1700. With just 11.03% of the median income to buy a house in Indiana. Moreover, it was estimated on the monthly mortgage payment is over $670. Indiana is flat and full of farmland.
The biggest cities are Indianapolis, Fort Wayne, and Bloomington, and major universities like Ball State, Purdue, and Indiana University.
3. Ohio
Ohio is the third place in the Midwestern trend. The Buckeye State requires just 11% of the average earner’s income to buy a house. The home price is $145,700.
4. Nebraska
In Nebraska, residents spend 11 19% of their income which is about $740.22 on the mortgage payment for the median-priced home. Houses prices in the state are just under $156,000.
Furthermore, it was a nickname for Cornhusker State which is an indication, Nebraska is big in corn farming. Their biggest towns are Omaha and Lincoln.
5. Kansas
Kansas and Nebraska technically tied for fourth with each costing 11.19% of the median household income to buy a house. Moreover, the homes in Kansas are low priced and home costs are $151,900 in this state. Kansas is playfully referred to as the nation’s “bread basket” because of its numerous wheatfield and grain production.
6. Mississippi
Mississippi is also called the Magnolia State because it is a flowering state tree. Also, it is one of the leading producers of catfish and is full of down-home Southern charm. Its biggest cities are Jackson and Biloxi.
7. West Virginia
In West Virginia, homes are right on point with Mississippi. As it takes 11.31% of the median household income to buy a house and the typical home cost $120,000. It was named after the Mountain State, of West Virginia, which is nestled right with the Appalachians.
8. Oklahoma
Oklahoma homes are affordable for Mississippi, with the clock at 11.64% of the median household income. The home costs $136,600 double the state’s median income.
Additionally, Oklahoma is known for its deep Native American history. As the name comes from the Choctaw language and the state is still home to many reservations.
9. Michigan
In Michigan, the median price of a home is 11.73% of the household income which is $75,300. The home prices cost a median is $154,900 in the state. Also, it is well known for the Great Lakes and its auto production that takes place in the Motor City of Detroit.
10. Arkansas
It is 12% of the median household income to afford a good in Arkansas. The home prices check is at $129,000 below and the average mortgage payment is $607.19.
READ MORE: Cheapest States to Buy a House
11. Alabama
Alabama is the eleventh on the list for the cheapest state to buy a house. The Cotton State, home is 12.2% of the average household income. As the price for the home is $142,700.
12. North Dakota
North Dakota homes had 12.27% of the median household income to buy a house, which is the twelfth on the list of cheapest states to live in. The cost is $193,900 and the median income is more than $90,000.
13. Kentucky
Kentucky homes are 12.35% of the typical household income that clocks in at $65,100. The median home costs $141,000 which makes it the thirteenth cheapest state to buy a house.
14. Missouri
The median-priced home in Missouri takes 12 4% of the household income in the state. Home prices are more than $157,000 while the average household earns $72,300 yearly.
15. South Dakota
In South Dakota, you will pay 12 62% of your income to buy a median-priced house which is at the rate of $157,200. The mortgage payment is $800 per month.
16. Louisiana
Louisiana is a state that gives a unique blend of cultures and traditions. They are known for Creole cuisine and Cajun, music and festivals. Also, they have many things to offer to their residents. The state is home to top universities like Tulane University and Louisiana State University.
17. Illinois
Illinois is a state that gives a mix of urban and rural living with a strong economy. Homebuyers in Illinois will enjoy access to cultural attractions with a variety of outdoor activities like fishing, hiking and skiing.
18. Pennsylvania
Pennsylvania is a state that is known for its history be beautiful landscapes. Homebuyers in Pennsylvania enjoy cultural attractions like museums and historic cities.
19. Wisconsin
Wisconsin is a state that gives a low cost of living and access to outdoor activities that include fishing, skiing, and hiking. The state is known for its cheese and beer industries as well as its strong healthcare system.
20. South Carolina
South Carolina is a state that is known for its beautiful beaches and warm climate. Homebuyers in South Carolina will enjoy a low cost of living and access to outdoor activities like boating and fishing.
READ MORE: A Step-By-Step On How To Buy A House In Texas Illinois
Conclusion
If you are considering buying a house in any of these states, you must keep this thing in mind. The cost of living and housing prices are low in each state, so consider the factors like local amenities, job opportunities, and quality schools before you make your decision.
