Buzz
Owning a home is often seen as a key milestone in life. Not only does it provide stability, but it’s also a means to accumulate wealth over time. However, with Zillow reporting the average U.S. home price at $360,681 and Indeed.com stating that the typical yearly salary is $55,640, homeownership is becoming increasingly unaffordable for many. CNN highlights that soaring home prices in 2022 left 4 million Americans unable to afford a home.
In today’s competitive housing market, securing a home that fits a family’s needs demands both time and careful consideration. Beyond the sale price, other factors like property taxes and utility costs can play a crucial role in the decision-making process. But if you’re looking for a home priced below half the national average, it’s a challenge—but not an impossible one. Below, we’ve listed the states where your chances of success are highest.
Photo by Douglas Keister/Getty ImagesWest Virginia
Average home price: $167,862
West Virginia, according to Zillow’s Home Value Index (ZHVI), stands out as an ideal location for those looking for budget-friendly family homes. As of March 2023, nearly 60% of homes were sold below the asking price. The state offers a favorable tax environment and an affordable cost of living.
Charleston, the state capital, provides a wide range of homes between 1,000 and 3,000 square feet for under $150,000. If you’re interested in a property close to the Washington, D.C. area, there are fixer-uppers available in Martinsburg, Charles Town, and Harper’s Ferry. For a home built in the early 1900s near Pittsburgh, Pennsylvania, consider Wierton. The state is also home to numerous state parks offering outdoor activities at affordable prices.
Other notable places to consider for housing in West Virginia include Riverfront Parkersburg and Morgantown, home to West Virginia University.
Mississippi
Average home price: $180,452
Mississippi, also known as the Magnolia State, is renowned for its affordability. The state has long been a haven for farmers and fishermen, offering abundant natural resources and access to the Gulf Coast, along with a vibrant tailgating culture. Gulfport, Mississippi's second-largest city, provides excellent value per square foot. However, be sure to check FEMA’s flood zone map to gauge potential risks or insurance expenses for homes near the water.
With a population just under 150,000, the state capital Jackson presents solid home values within a strong job market. For homes in this price range, there is an ample selection of two- and three-bedroom freestanding houses available for purchase.
For those with a passion for DIY projects or historical restoration, Mississippi frequently features gems on Cheap Old Houses. A recent standout is a 3,400-square-foot, four-bedroom, three-bathroom wood-framed Victorian home in Winona, built in 1900.
Oklahoma is a state known for its strong presence in crude oil, natural gas, and petroleum production. The state's capital, Oklahoma City, offers a thriving housing market with a competitive job scene and numerous universities to consider. In April 2023, the median sale price for single-family homes was $269,500, while condos and co-ops can be found for around $120,000, and townhouses for about $150,000.
Oklahoma's median home price is currently $202,848, as highlighted by the state's growing market for petroleum, natural gas, and crude. This statistic speaks volumes about the affordability of homes in a region with plenty of job opportunities and top universities.
With Oklahoma City being a hub for energy production and home to a strong housing market, it's no surprise that the city remains attractive to those looking to settle. Aside from the median price of $269,500 for single-family homes in April 2023, buyers can also find reasonably priced condos and townhouses, especially for $120,000 and $150,000, respectively.
Tulsa, another city in Oklahoma, offers an affordable housing market, especially with the presence of several healthcare companies. Remote workers can explore the Tulsa Remote program, which offers a unique opportunity to earn $10,000 in grants by moving to the city and either working remotely or launching a business.
Ohio, like Oklahoma, has its own unique appeal, offering affordable housing options in cities such as Tulsa and Oklahoma City, with competitive markets for both residents and remote workers alike.
The median home sale price in this area is currently $259,500, making it an attractive option for those looking to purchase in the region.
In Ohio, homebuyers can still find affordable properties even in major cities like Cleveland, Cincinnati, and Columbus. For instance, Columbus offers a wide range of listings under $150,000. While Cincinnati may be more challenging for finding move-in ready single-family homes at this price, there are still condos and homes in need of some renovation. Cleveland offers over 500 homes in this price range, including many multi-family options perfect for multi-generational living. If you're interested in more affordable alternatives, Toledo has over 250 listings, and Akron, LeBron James' hometown, offers nearly 200 homes within budget.
Kentucky is home to a rich history of bourbon production and bluegrass music, but it also offers affordable housing options. With homes under $150,000 available in the state's major cities, there’s plenty of opportunity to settle in without breaking the bank.
In Kentucky, the median sale price for homes is $268,500. However, it is still possible to find affordable options in the state’s vibrant cities, including properties under $150,000 in areas like Louisville and Lexington.
In Louisville, Kentucky's largest city, you can find homes under $150,000, from condos to charming bungalows, all while being in close proximity to the excitement of the Kentucky Derby. Alternatively, in Lexington, the second-largest city, there are move-in ready homes measuring about 1,000 square feet available for less than $150,000.
