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Packed into West Virginia are quaint small towns, active college towns, historical settings and national parks with radiant fall foliage. No matter where in the Mountain State you choose to live, you’ll likely find an affordable abode. West Virginia has the lowest median home value of any state on our list at $143,000. See what type of property you can get within your budget by checking out the homes for sale in West Virginia.
#7. Indiana – Average Home Value: $228,879
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. If you have children who attend public schools, you may want to scratch Mississippi off your list as it routinely ranks among the worst public school systems in the U.S. Still, the state has a lot going for it, including warm weather, friendly people, good food, and a low cost of living. Whether you're moving for work, retirement, or to be closer to family, it's good to end up each month with extra money in your bank account. In regards to real estate, home sales have cooled off compared to last year, posting a 10.2% year-over-year decline in November 2023.
New ranking says Arizona now among least affordable states to buy a house - The Arizona Republic
New ranking says Arizona now among least affordable states to buy a house.
Posted: Sun, 10 Mar 2024 08:00:00 GMT [source]
Top 10 Strongest & Weakest Housing Markets by State
Of course, the offers on our platform don’t represent all financial products out there, but our goal is to show you as many great options as we can. Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That’s why we provide features like your Approval Odds and savings estimates. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. If you’re about to begin the home buying process, there are some things you should keep in mind.
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It also has a high median home value and inventory, ranking second and third highest, respectively. Diving deeper into our 10 worst states for first-time homebuyers, we see some of the reasons these states didn’t rank well. Massachusetts, for instance, has a 12-month average median sale price of $560,933, which could be a lot for first-time buyers. The state’s overall cost of living is the second highest of all 50 states (behind only Hawaii), and its average homeowners insurance premium cost is the eighth highest of all 50 states. Also, despite high home prices, the one-year home value appreciation is weak compared to most states. The other 10 best states for first-time homebuyers ranked highly due to a similar combination of factors.
Rachel Cruze: 5 Things To Do If You Can't Afford Housing Prices (And 2 To Never Do)
These brands compensate us to advertise their products in ads across our site. We are not a comparison-tool and these offers do not represent all available deposit, investment, loan or credit products. Jealie is a staff writer expert focusing on real estate education, lead generation, marketing, and investing. She has always seen writing as an opportunity to apply her knowledge and express her ideas.
Best states for first-time homebuyers
If you’re able, you may want to consider buying a home that has less square footage, a smaller yard or is farther away from amenities. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. We knew that it was beautiful and provided plenty of ways for a person to entertain themselves, but it's also a relatively inexpensive place to live. And just in case you need more incentives, Michigan rates number one for the number of golf courses and country clubs.
“I believe the most important factor for housing affordability is the local job market. If that is strong, housing prices will tend to be high because people can afford those properties,” adds Reiner. Sheridan has a high livability score and a relatively low median list price, so this might be one way to experience the natural wonder of the Rocky Mountains without having to travel far from home, if at all. Just be sure that you’re buying because you want to live there and not because you’re expecting to get a big return on your money. Home prices in Sheridan are projected to decline a whopping 4-plus percent over the next year. Franconia’s high livability score reflects a town that’s got a lot going for it, but you are clearly paying a premium for the surroundings as the median listing price is approaching half a million.
"Overall my experience has been fantastic due to the very manageable cost of living, the incredible people I have made friends with, and the family-oriented environment," they wrote. From on-the-map locales in Indiana to zip codes in Texas, neighborhood and school ranking site Niche has honed in on the best cities for homebuyers in 2023. Find out if it makes sense to buy a starter home or if a forever home is right for you. Moving to a place with lower home prices is helpful for home buyers on a tight budget, but you can save money during the home buying and moving process no matter where you choose to live. From bustling metro areas like Little Rock and Fayetteville to quiet Ozark Mountain towns, Arkansas has affordable areas to fit various lifestyles and budgets.
If you’re planning on staying in the same place for the foreseeable future, Southaven could be a good pick. Just don’t expect to get a lot more for your home than you paid if you have to sell as home values are barely increasing for now. If you’d like to see all the information used to conduct our study, click here for all the data. The following interactive map of the U.S. shows all 50 states in the study and provides ranking details for each.
The percentage of renters in the area is 30.2% (33rd), and vacancy rates are at 10.1 (47th), which are extremely low compared to other states. Its Y-o-Y rent value increased by 2.14% with an average monthly rent of $876 (32nd), still showing some rental income potential for the future. In addition, the median home price of $257,400 (eighth-lowest) makes it affordable for investors to buy. However, these overall factors combined make it the worst state to invest in real estate for the time being.
The Ascent, a Motley Fool service, does not cover all offers on the market. One fact that seems to surprise some people is just how much Iowans embrace diversity. Home to thousands of people from Asia, Africa, and Europe, Iowa is all about celebrating what makes us different and what we all have in common. From panoramic hills and scenic bluffs, to dramatic cave systems, Iowa is also ideal for outdoor activities. Rocket Homes Real Estate LLC is committed to ensuring digital accessibility for individuals with disabilities.
Along with the purchase price, buyers will also need to pay annual real estate (or property) taxes and homeowners insurance. The Magnolia State is known for its southern hospitality, cuisine and blues music – among other charms. At 15% under the national average cost of living, Mississippi has the lowest cost of living among the top cheapest states to buy a house. For more information on what’s available, check out homes for sale in Mississippi. The capital, Little Rock, is home to the presidential library of Bill Clinton and Pinnacle Mountain State Park – its median home sale price is $205,854. Fayetteville has a growing population, which has caused home prices to rise in recent years.
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