CHEAPEST REAL ESTATE IN US: Cheapest Housing Markets in 2023

Acquiring a residential property is a significant financial undertaking. In recent times, due to inflation, escalating mortgage rates, and prices accelerating beyond wages, the cost of homeownership has risen substantially, rendering it unattainable for a considerable number of individuals. However, it should be noted that there are variations in the real estate markets. The purchasing power of your real estate budget may vary significantly depending on the geographical location. However, if you possess the ability to relocate or work remotely, it would be prudent to contemplate relocating to a region where the cost of homeownership is comparatively lower. Let us delve further into the cheapest state and cities to buy a house with land in US and Texas. So, let’s delve right in!

Cheapest Real Estate in Us 2023

The cheapest real estate in US include the following:

#1. Indianapolis

This is one of the cheapest real estate in the US that is located in central Indiana. The metropolitan area has a population of almost one million, rendering it the most cheapest real estate in the US on our list and the third largest in the Midwest, following only Chicago and Columbus, Ohio. Indianapolis boasts a diverse array of attractions, including numerous Fortune 500 corporations, esteemed museums and universities, and two prominent professional sports franchises, namely the Colts and the Pacers. Additionally, the city is renowned for hosting the prestigious Indy 500 race. The urban area has experienced a consistent demographic expansion in the past few decades, and its reasonable cost of living coupled with its abundant amenities make it a compelling choice for residents.

#2. Rochester

This city is on our list of the cheapest real estate in the US, but there is a chance that it may become less affordable in the near future. According to the current report from ATTOM Data Solutions, a real estate analytics company, Rochester is one of the U.S. cities with a population of at least 1 million in 2020 where the return on investment (ROI) for sellers went up significantly. The ROI surged by 49.9%, making it one of the highest in the country.

This trend has garnered the attention of numerous housing professionals, as individuals are relocating from Manhattan in search of larger living spaces and more affordable housing options.

#3. Memphis

This is also one of the cheapest real estate in US. The locality accommodates a population of approximately 650,000 individuals, with a median age of approximately 34 years. This city in the Mississippi Delta seems to be in a good place for technological growth to grow.

According to Anthony Young, who holds the position of Capital Executive in Residence at Epicenter, a non-profit organization established to foster entrepreneurship in the wider Memphis region, Memphis is surpassing other major cities in terms of Black-owned businesses’ access to venture capital. This was recently reported by AfroTech. In the Memphis region, approximately 16% of early-stage companies that have accessed venture capital have a founder who is Black, which is significantly higher than the national average of 1%. Furthermore, around 13% of the total invested startup capital has been allocated to businesses with a Black founder.

#4. West Virginia

West Virginia boasts the most affordable state in the United States to purchase a home, with a Zillow Home Value Index of $146,578. Notwithstanding the affordable housing market, the state offers remarkable natural landscapes and ample prospects for outdoor activities, rendering it a desirable alternative for cost-conscious homebuyers.

#5. Mississippi

According to the Zillow Home Value Index, Mississippi currently has a value of $162,292, positioning it as the second most affordable state in the United States to purchase a residential property. The state presents a favorable cost of living and a culturally significant past, however, it also confronts obstacles such as elevated poverty rates and restricted employment prospects.

Cheapest State to Buy a House 2023

The cheapest state to buy a house in 2023 including the following:

#1. Arkansas

The Zillow Home Value Index for the state of Arkansas is $180,544, making it the third cheapest state to buy a house. The state is well-known for its natural beauty and charming Southern culture, and it also has a cheap cost of living and a variety of housing options that are reasonable.

#2. Louisiana

Because the Zillow Home Value Index for Louisiana is at 182,959, it is among the cheapest state to buy a house. The state is well-known for its cuisine, musical instruments, and culture, but it also has a significant level of crime and is prone to natural disasters. Despite its fame, the state has many obstacles.

#3. Oklahoma

The Zillow Home Value Index for Oklahoma is $188,453, making it the fifth cheapest state in the United States in which to purchase a house. Because the state is well-known for the friendliness of its residents, the variety of its terrain, and its relatively low cost of living, it is an appealing choice for purchasers who are searching for affordable housing.

#4. Kentucky

The Zillow Home Value Index for Kentucky is $190,037, which places it as the fourth cheapest state to buy a house. This state is well-known for its whiskey, horse racing, and warm Southern hospitality, as well as offering affordable housing alternatives and a low cost of living.

#5. Lowa

The Google Home Value Index for Iowa is under $200,000, making it the fifth cheapest state to buy a house. The state is well-known for its agricultural and welcoming residents. Additionally, the state has a cheap cost of living and a variety of housing options that are reasonable.

#6. Ohio

This state is well-known for its rich industrial heritage, its professional sports teams, and its relatively low cost of living; in fact, many of the state’s cities provide reasonably priced housing options as well.

Cheapest Cities to Buy a House

The cheapest cities to buy a house include the following:

#1. Michigan’s Detroit

Detroit is number one on the list of the cheapest cities to buy a house. Home prices in these places are among the most affordable on this list despite having a median salary that is towards the bottom of the pack. The normal Detroit household spends only approximately 6% of its monthly income on mortgage payments.

Detroit has been on the upswing over the past several years after suffering huge blows over the years, including a failing auto sector, racism-fueled out-migration to the suburbs, and damaged areas created by the Great Recession.

#2. The City of Toledo, Ohio

This is also one of the cheapest cities to buy a house that is ideally situated both economically and geographically. From this location on the western shore of Lake Erie, you may reach Detroit in an hour, Cleveland in two, and Chicago in around four hours by car. Although Toledo’s economy has been stagnant since the 1980s, the metropolis of the rust belt has made progress toward a brighter future in recent years.

#3. Milwaukee

On the western side of Lake Michigan, Milwaukee, Wisconsin, is possibly best known for its long history of making beer. Milwaukee has had breweries since before the city became a legal entity. Milwaukee is home to some of the oldest American breweries, including Schlitz, Pabst, and Budweiser. The city’s baseball franchise, the Brewers, even names itself after a regional beer.

#4. Buffalo

Over the past decade, this has seen significant change, with the addition of numerous eateries, entertainment venues, activities, and events. According to Amber Wesser, a real estate broker at Hunt Real Estate in Buffalo, this convergence of commercial enterprises and community activities has injected the city (renowned for its hard winters) with a lot of fun and vitality.

#5. Kansas City

One of the cheapest cities to buy a house in the United States is Kansas. It has great parks, nice people, fun things to do, and a tasty barbecue. Kansas City is a great example of how homes in the Midwest can be bought for a reasonable amount of money.

Cheapest Real Estate in Texas

The cheapest real estate in Texas include the following:

#1. Glen Rose

Located an hour southwest of Fort Worth, the small hamlet of Glen Rose has a population of 2,700 and a typical home price that has dropped by a stunning 27% since February 2021. The unemployment rate in Glen Rose is around an average at 6.7%, and the city is adding jobs at a rate of 2.7% each year.

#2. Humble

The proximity to Houston undoubtedly contributes to the 0.98% yearly growth rate of Humble’s current population of 17,000. Humble’s median home price of $272,000 is still rather affordable, having increased by only 0.7% since February 2021. This modest city may have once been an oil boomtown, but these days it’s more like any other pleasant suburban region, complete with cheap housing and a 3.2% increase in employment opportunities.

#3.Brownsville

Located in South Texas, Brownsville is right on the border with Mexico. It has the lowest rental costs and lowest overall cost of living index. Rents here are cheaper than in the rest of the country. Many of the city’s buildings and battlefields date back to the American Civil War. This place has a lot of the best public schools in Texas. The city is home to hospitals, fire stations, and police stations. It has long, scorching summers and short, dry winters.

#4. Jacksonville

Jacksonville, Texas is a small city in the state of Texas with a population of under 14,000. It is about three hours north of Houston and two hours south of Dallas. The median home price there has dropped by 5 percent since June 2021, making it a potentially attractive option for anyone in the market for a cheap piece of Texas real estate. Experts predict that the unemployment rate in Jacksonville will increase from 7.6% to 24.4% over the next decade. The primary economic activities in this region are farming, manufacturing, and retail trade.

#5. Texas City of Wichita Falls

If you’re looking for an inexpensive house in Texas, go no further than Wichita Falls. This city built the “world’s smallest skyscraper” in 1919, and it has become an icon for the whole area. Lake Wichita Park is a great place to go hiking or biking. There is a duck pond, disc golf, and picnic tables in Lucy Park. Also, there are options for both public and private education. There are a lot of places where you can get your bachelor’s and master’s degrees. The public has access to airports, interstate bus lines, and the Skylark van service.

#6. Beaumont

Beaumont sits on the Neches River in southeastern Texas. The city’s environs get the majority of the state’s precipitation. There are two distinct seasons in this area: the wet and the dry. The city’s largest employer is Lamar University. It’s also important to point out how important the Port of Beaumont is to the local business. There are many locations of interest for both visitors and locals to visit, including museums, historical sites, and parks.

What State Has the Lowest Housing Cost?

Mississippi has been ranked as the most affordable state to reside in the United States, with a cost of living index score of 83.3. Additionally, this location boasts the distinction of having the most affordable housing costs in the entire country, with an average that is 33.7% lower than the national average.

What Us Town Has the Lowest Cost of Living?

It has been recently announced that Fort Wayne, Indiana has been awarded the prestigious title of being the city with the lowest cost of living for the upcoming year of 2023. This is a remarkable achievement for the city and its residents, as it reflects the hard work and dedication put in by the local authorities and community members to ensure that the cost of living remains affordable and accessible for all.

What State Has the Best Cost of Living?

According to the cost of living index, Mississippi is ranked as the state with the best cost of living in the United States, with a score of 85. This indicates that the cost of living in Mississippi is 15% below the national average. The state exhibits a comparatively low cost of living concerning housing, food items, and utility services.

What Is the Cheapest State to Retire in 2023?

Alabama has been identified as the most cost-effective state for retirement. The study conducted a comprehensive analysis of all 50 states, evaluating them based on three primary categories: medical services, quality of life, and cost-effectiveness.

References

forbes.com
bankrate.co
homebuyer.com