Tuesday, April 30, 2024

10 Best Affordable Cities for Homebuyers on a Budget

cheapest places to buy a house

Mississippi is the 34th-most populous state in the U.S. and home to nearly 3 million residents. Agriculture and manufacturing are two of the largest industries in the state. Jackson is the state capital and also the largest metro area in Mississippi.

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Ohio

Among the city’s popular attractions are the Scovill Zoo, Rock Springs Conservation Area, and Lake Decatur, which is actually a vast man-made reservoir. Set in central Illinois on the Illinois River, Peoria has a cost of living that’s 24.4 percent lower than the U.S. average, making it a budget-friendly destination for aspiring homeowners. Only 109,000 people live across the 50 square miles that make up the city, which contains more than 9,000 acres of parkland. Peoria recently achieved TikTok fame, driven by a new resident who has been promoting the city’s low home prices, quality of life, and acceptance of diversity.

Huntington-Ashland, West Virginia, Kentucky, Ohio

Its median home sale price is $270,125 and has been increasing steadily for several years. Birmingham is a great city for housing affordability with a median home sale price of only $109,083. Meanwhile, the capital city of Montgomery has a thriving riverfront and a typical home sale price of $140,067.

Affordable Places to Buy a House in Southern California

cheapest places to buy a house

Before you shop around and see what mortgage rates you qualify for, compare cost-of-living differences and do sufficient research on the local job market and economy. Once you have a location in mind, work with a licensed real estate agent so you can buy with confidence. While Missouri may be famous for its gigantic objects, including its famous arch, giant eight ball and world’s largest chess piece, underwear and pencil, its expenses aren’t colossal.

Meanwhile, top employers include health systems, grocers, military and academic institutions, most notably Ohio State University. Just as diverse is the Ohio landscape – featuring farmlands, big city skylines and roller coaster summits. To make the Buckeye State your next residence, search current homes for sale in Ohio. It’s important to keep in mind – as with any affordable area – while the cost of living and home price are lower than other areas of the country, so is the median household income. Yet another former industrial city, Rockford, Illinois was famed for furniture manufacturing as well as machinery and tool factories.

Affordable Cities Honorable Mentions

Housing costs were based on a 5.5% interest rate and a 20% down payment in order to eliminate the variable of private mortgage insurance (PMI). Oklahoma may be land-locked, but residents can still enjoy a refreshing dip in one of more than 200 manmade lakes – the most in any state in the country. Something else inhabitants may find refreshing about the Sooner State is it’s cost of living. At 14% below the national average, Oklahoma has one of the lowest costs of living on this list. To find your next place to live, review the current homes for sale in Oklahoma.

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cheapest places to buy a house

In Communications from Alma College and has worked as a writer and editor for various publications in Philadelphia, Chicago and Metro Detroit. Get Forbes Advisor’s ratings of the best mortgage lenders, advice on where to find the lowest mortgage or refinance rates, and other tips for buying and selling real estate. The largest city in upstate New York, Buffalo is about seven hours northwest of Manhattan, but, like Wesser says, it’s nothing like the Big Apple. Buffalo’s population is under 300,000 and, although it was once home to more millionaires per capita than anywhere else on Earth, today Buffalo is an affordable alternative to big city living. First-time buyers in London are looking at an average of £501,934 for a standard two-bed property with mortgage payments at £1,862 per month. North Carolina is the 9th-most populated state in the U.S. and home to over 10.4 million people.

It also features a massive underground cave system, lush forests, waterfalls and mountains. City dwellers can find excitement in Louisville or Lexington, while others who prefer an unhurried way of life will find home in one of many rural areas. Find your place of belonging by checking out the homes for sale in Kentucky. As of August 2023, the state of the housing market is a challenging one for many home buyers – and is expected to continue to be for several reasons. At the time of writing, interest rates remain above 6% and home prices remain elevated, especially compared to prices just a couple years ago. Of course, as we reveal, there are some places where housing prices are less inflated – where median prices are even below $200,000.

It’s also a center of American history, as the home of the HBCU Jackson State University, the Mississippi Freedom Trail, the Mississippi Civil Rights Museum and more. If you’re about to begin the home buying process, there are some things you should keep in mind. Saving up a larger down payment may mean you won’t have to borrow as much money – or could give you more spending power.

Michigan is home to over 10 million residents and the 10th-most populated state in the U.S. The state’s diverse economy is driven by the manufacturing, natural resources, defense, and information technology sectors. Lansing is the state capital and Detroit is the biggest metropolitan area. Buying a house in the U.S. is expensive, but most homeowners and potential buyers know that it’s worth it.

Agriculture, textiles and manufacturing, and high technology help drive the state’s diverse economy. South Carolina is the 23rd-most populated state in the U.S. and home to over 5.1 million people. Agriculture, manufacturing, and healthcare are three of the largest industries in South Carolina. Columbia is the state capital and Greenville-Anderson is the largest metro area. Louisiana is the 25th-most populated state in the U.S. with almost 4.7 million residents.

Scranton — notably the home of fictional TV series “The Office” and real-life president Joe Biden — is located in northeastern Pennsylvania. The city’s Montage Mountain ski resort is popular for winter sports, while also offering year-round fun with outdoor festivals and big-name concerts. But recently, with inflation, rising mortgage rates and prices increasing higher than wages, that expense has become greater, pushing homeownership out of reach for many people.

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