What’s the Cheapest State to buy a House in US? Buying a house is one of the most important decisions in your life. It’s also one of the largest purchases you’ll ever make, so it makes sense to do some research first and find out which states are cheapest to buy a house in the U.S.
The truth is that some states are more expensive than others and if you’re thinking about buying your first home, it would be wise not to pick one of these states. For example, California ranks as the most expensive state for buying a house in the U.S.
To determine which states are the cheapest to buy a house in the U.S, we must consider median home price, average annual property tax and average monthly mortgage payment. All these factors play an important role when determining how much you will pay in total in order to purchase your home in particular state.
So what’s the Cheapest State to buy a House in U.S? Let’s dive right in!
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List of the Cheapest State to buy a House in 2024
You might want to consider buying a home in one of these states If you’re looking for inexpensive real estate options. This list includes 10 of the cheapest states to buy a house in America today.
1. North Dakota
The cheapest state to buy a house in the U.S. is also one of the smallest states by population, with just over 700,000 residents as of 2010 (U.S Census Bureau). Although it ranks among the top five sparsely populated states, North Dakota has more than 80 cities and towns spread across its expanse (StateMaster.com). You’ll get more house for your money in North Dakota than any other state, with the median home value less than $120,000 (Zillow.com).
2. South Dakota
The second cheapest state to buy a house in U.S is South Dakota, and like North Dakota it’s among the least populous states with just over 800,000 residents (U.S Census Bureau). South Dakota real estate is even more affordable than North Dakota homes, and the median home value is less than $120,000 (Zillow.com).
3. Iowa
The third cheapest state to buy a house in U.S today is Iowa, which is also one of the least populous states with just over 3 million residents as of 2010 (U.S Census Bureau). Iowa has a lot going for it, including affordable real estate and a high quality of life. The median home value in Iowa is a mere $126,000 (Zillow.com)
4. Arkansas
The fourth cheapest state to buy a house in U.S is Arkansas, which has more than 3 million residents (U.S Census Bureau). Like the other least populous states composing this list, it ranks among the top five most sparsely populated states (StateMaster.com), and features affordable housing prices with a median home value of $120,000 (Zillow.com).
5. West Virginia
The fifth cheapest state to buy a house in U.S is West Virginia, which has more than 1.8 million residents (U.S Census Bureau), but still ranks among the top five least populous states (StateMaster.com). Even though it’s one of the smallest states by population, it has more than 160 cities and towns (MontgomeryCty.org). West Virginia’s median home value is $119,600 (Zillow.com)
6. Kentucky
The sixth cheapest state to buy a house in U.S is the Bluegrass State of Kentucky, which has more than 4.3 million residents (U.S Census Bureau). Kentucky is large enough to have more than 150 cities and towns, but small enough that it’s among the top five least populous states (StateMaster.com). Even though housing prices are relatively affordable in Kentucky, median home value is still well below the national average at $117,000 (Zillow.com)
7. Mississippi
The seventh cheapest state to buy a house in U.S is Mississippi, which is the second largest by area and has more than 2.9 million residents (U.S Census Bureau). It ranks among the top five least populous states (StateMaster.com) with almost 150 cities and towns (Mississippi Historical Society). The median home value in Mississippi is $116,400 (Zillow.com)
8. Alabama
The eighth cheapest state to buy a house in U.S is Alabama, which has more than 4.7 million residents (U.S Census Bureau), and ranks among the top five least populous states (StateMaster.com). Like many of the states with affordable housing on this list, Alabama has more than 150 cities and towns (StateMaster.com). The median home value in Alabama is $115,000 (Zillow.com)
9. Oklahoma
The ninth cheapest state to buy a house in U.S today is Oklahoma, which has more than 3.8 million residents (U.S Census Bureau). It’s among the top five most sparsely populated states (StateMaster.com), and features more than 120 cities and towns (Oklahoma Statemaps.org). The median home value in Oklahoma is $114,000 (Zillow.com)
10. Nebraska
Rounding out the list of cheapest states to buy a house in U.S is Nebraska, which has more than 1.8 million residents (U.S Census Bureau). It ranks among the top five least populous states with almost 100 cities and towns within its borders (StateMaster.com). The median home value in Nebraska is also below the national average at $111,400 (Zillow.com).
Nebraska ranks among the top five least populous states in U.S with almost 100 cities and towns within its borders (StateMaster.com)
Conclusion
As you can see, there are a number of states in America that offer affordable housing. If you’re looking to buy your first home, it would be wise to consider one of these states. Depending on what you need, some might offer more amenities than others. However, keep in mind that the cost of living varies from state to state, so make sure to do your research before making a decision.
Which state did YOU decide was most appealing?