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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.
Overall ranking of best states for first-time homebuyers
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.
#7. Indiana – Average Home Value: $228,879
Known for its happy residents, Nebraska ranks among the top 10 happiest states. It combines affordability with a touch of humor, as reflected in its tourism tagline. The state offers a relatively low cost of living and is appreciated for its beauty and recreational activities, including golf. Utah is renowned for its breathtaking landscapes, including national parks, mountains, and picturesque valleys. The state offers a high quality of life, with excellent healthcare, a robust economy, and low crime rates.

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.

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.
Buying A House In 2024: A Step-By-Step Guide - Bankrate.com
Buying A House In 2024: A Step-By-Step Guide.
Posted: Wed, 06 Mar 2024 08:00:00 GMT [source]
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.
worst states for first-time homebuyers plus key factors
What's the State of US Real Estate? - GOBankingRates
What's the State of US Real Estate?.
Posted: Wed, 14 Jun 2023 07:00:00 GMT [source]
And one of the first steps they should take in finding affordable housing is finding the cheapest state to buy a house. The median home sale price in Huntington, which sits on the Ohio River, is $140,818. The median home sale price in Morgantown, home to West Virginia University, is $254,833. In the state’s capital, Charleston, the median home sale price amounts to $181,275. Farmers and fishers have always enjoyed the bountiful nature of the state, which offers access to the Gulf Coast and great tailgating. For value per square foot, consider Gulfport, the state’s second-largest city.
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In fact, you can get 3,212 square feet on a budget of $300,000 based on the state’s excellent price per square foot. If you’re shopping for your first home, there are several factors to consider, such as your current financial situation, the type of home you want, and any first-time homebuyer programs you may qualify for. Our first-time homebuyers guide provides a robust overview of how to go about this process.
"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.
Corvallis is the home to Oregon State University, which could play an important role in boosting its livability score. For many, college towns can be an ideal place to settle down because of the range of amenities they usually offer. GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
“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.
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.
Kentucky has affordable home prices, a relatively low effective property tax rate, and a low foreclosure rate. A major contributing factor to Kentucky’s lower ranking is the overall location opportunity for residents, which ranks 46th. This ranking is a combination of low job growth at 2.20% (34th) and population growth at 0.32% (29th), as well as a low happiness score of 38.36 (48th).
Utah residents pay an average monthly rent of $1,090 (ranked 19th), and the area has the 20th-lowest vacancy rate among all states (5.4%), which causes a rise in housing demand for renters. Its median household income ranks 12th-highest, the cost of living is high (22nd-highest), and the state tax burden ranks 10th-highest. Still, with its high-income state and other positive variables, it’s one of the best states to invest in real estate.
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.