If you’re on the hunt for the most affordable state to buy a house in 2023, you may have a lot of factors to consider. From property prices to local taxes and utilities, the cost of living can vary significantly from one place to the next. But don’t worry, we’ve done the research for you! Using data on home prices and incomes, we’ve compiled a list of the top 15 most affordable states for homebuyers. Whether you’re planning a move across the country or just looking for a new place to call home, these states offer some of the best deals around. Keep reading to see which states made the cut and start planning your next home purchase.
15 Cheapest States to Buy a House in 2023
Iowa is a top contender for the most affordable state to buy a home in the United States. With a median home price of just $147,800 and an estimated monthly mortgage payment of $702, it takes only 10.6% of the median household income to afford a home in the Hawkeye State. From bustling cities like Des Moines, Iowa City, and Cedar Rapids, to sprawling acres of farmland, Iowa offers a diverse range of living options for those looking to buy a home without breaking the bank. So if you’re in the market for an affordable place to call home, consider making a move to Iowa!
Looking for an affordable place to buy a home? Ohio may be the perfect state for you. With a median home price of just $145,700, it’s possible to own a house in Ohio for just 11% of the average household income. Plus, with cities like Cleveland and Cincinnati, there’s plenty of excitement and culture to enjoy. So if you’re looking to become a homeowner without breaking the bank, Ohio could be the perfect place for you.
The Cornhusker State, Nebraska, offers affordable housing options for those looking to buy a home. With a median home price of $155,800, the average monthly mortgage payment is just $740.22, representing only 11.19% of the median household income. In addition to its thriving corn and beef industries, Nebraska is home to the cities of Omaha and Lincoln.
In Kansas, the average monthly mortgage payment for a median-priced home is $721.70, requiring just 11.19% of the median household income. With a median home price of $151,900, Kansas offers affordable housing options for residents. Known as the nation’s “breadbasket” due to its abundance of wheat and grain production, Kansas also boasts thriving cities like Kansas City, Wichita, and Topeka.
Mississippi offers some of the most affordable housing options in the country, with a median home price of only $119,000. This means that residents only need to spend about 11.31% of their income on a mortgage payment. This beautiful state is known for its flowering magnolia trees, its catfish industry, and its Southern charm. Major cities include Jackson and Biloxi. If you’re looking for an affordable place to call home, Mississippi may be the perfect choice for you.
Looking for an affordable place to call home? West Virginia may be the perfect choice! With a median home price of just $119,600, it’s easy to find a place that fits your budget. Plus, with a monthly mortgage payment of $568.23, you’ll be able to make a smart financial decision while still enjoying all that West Virginia has to offer. Nestled in the Appalachian Mountains, this state is perfect for outdoor enthusiasts, with plenty of opportunities for hiking, camping, and other activities. So why wait? Start exploring your options in West Virginia today!
The Sooner State is home to some of the most affordable housing in the nation. With a median home price of $136,800, it only takes 11.64% of the median household income to buy a home in Oklahoma. That means the typical monthly mortgage payment is just $649.95.
With a rich Native American history and a strong college football scene, Oklahoma offers a unique blend of culture and entertainment. The state is also home to many reservations and is known for its deep roots in the Choctaw language. From its rolling hills to its bustling cities, Oklahoma has something for everyone. So why wait? Start your journey to homeownership today!
Looking to buy a home in Michigan? Get ready to only spend 11.73% of your median household income on a median-priced home, which costs around $154,900. Located in the Great Lakes region and known for its automotive industry in Detroit, Michigan offers affordable housing options for its residents. Don’t miss out on the opportunity to become a homeowner in this diverse and thriving state.
In Arkansas, you can make the dream of homeownership a reality without breaking the bank. With a median home price of $127,800 and an estimated monthly mortgage payment of just $607.19, this state offers affordable housing options that only require 12% of the median household income. Known for its lakes, hot springs, and rivers, Arkansas is a natural paradise that also happens to be the top producer of poultry in the country. Don’t miss this opportunity to become a homeowner in “The Land of Opportunity”!
Looking to buy a home in a state with a true Southern charm and affordable prices? Look no further than Alabama! The Cotton State boasts a median home price of just $142,700, meaning a monthly mortgage payment of just $677.99 for the average household. And with homes taking up just 12.2% of the average household income, you can be sure you’re getting a great deal on your dream home. Plus, with major cities like Montgomery, Birmingham, and Mobile, you’ll be able to experience the best of Southern hospitality and culture. So why wait? Start your search for your new home in Alabama today!
Looking for an affordable place to call home? Consider North Dakota! With a median home price of just $193,900 and an estimated monthly mortgage payment of $921.24, homes in this state take up only 12.27% of the median household income. Plus, with a median income of over $90,000, you can feel confident in your ability to afford your new home. Known for its wheat production and being one of the least populated states in the nation, North Dakota is named after the Sioux Dakota people who once lived in the area. So why wait? Start your search for a new home in North Dakota today!
If you’re looking for an affordable place to call home, consider the Bluegrass State of Kentucky! With a median home price of just $141,000 and an estimated monthly mortgage payment of $669.91, homes in this state take up only 12.35% of the typical household income, which is $65,100. Known for its horse racing, tobacco farming, fried chicken, and coal mining, Kentucky is home to major cities like Louisville, Lexington, and Frankfort. So why wait? Start your search for a new home in Kentucky today!
Nestled in the heart of the Midwest, Missouri offers affordable home prices that won’t break the bank. With a median home price of $157,200 and an estimated monthly mortgage payment of $746.88, this “Show-Me State” takes up just 12.4% of the typical household income, which is $72,300 per year. But Missouri isn’t just about affordable housing – it’s also known for its rich cultural history, including its blues and jazz scenes and its world-famous barbecue. And let’s not forget about Anheuser-Busch, the largest beer producer in the country, which calls Missouri home. So why wait? Start your search for a new home in this diverse
If you’re looking for a state with affordable housing and plenty of natural beauty, South Dakota should be at the top of your list. With a median home price of $167,100 and an estimated monthly mortgage payment of $793.91, South Dakota takes up just 12.62% of the typical household income. And while it may be best known as the Mount Rushmore State, South Dakota has much more to offer. From its highest point in the Rocky Mountains to its thriving agricultural industry, this state is a true gem. So why wait? Start your search for a new home in South Dakota today and discover all that this beautiful state has to offer!
If you’re a first-time home buyer, it can be tempting to stretch your budget to afford the home of your dreams. However, it’s important to remember that buying a house that’s out of your budget can lead to financial strain in the long run. That’s why it’s crucial to consider the most affordable options when searching for a new home. Now that you know the cheapest states to buy a house, have you made a decision on where you’d like to live? Don’t let budget constraints hold you back from finding the perfect home – start your search today and find a home that fits both your needs and your budget.