Table Of Content
Homebuyers in Utah can enjoy an active outdoor lifestyle, a family-friendly environment, and a relatively low cost of living. Along with researching the cheapest state to buy a house, dive deeper into more precise locations by searching real estate markets, home values and costs of living at a county – or even city – level. You may be surprised to find a low-cost location in an otherwise expensive state to buy a home. While hundreds of thousands of visitors flock to Kentucky for one of the most prestigious horse races in the world, the Kentucky Derby, more than 4.5 million people call the Bluegrass State Home. 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.
States With the Cheapest Childcare Costs
It earned third place for opportunity, eighth for fiscal stability, and eleventh for infrastructure. Iowa has the fifth lowest cost of living, and housing is particularly affordable compared to other states. This southcentral state is an affordable place to live with a growing economy. Median sale prices in Oklahoma increased by only 2.1% year-over-year in 2023, making it a still-affordable place to live. The median home sale price in Oklahoma City is $199,500 and $196,333 in Art Deco-adorned Tulsa. Ohio ranks #16 among all states for affordability, with a cost of living index of 92.5 – however, job growth in the state is declining at a rate of -0.7% compared to the U.S. average of 0.2%.
Worst state for first-time homebuyers:
The Great Lakes State’s low housing prices make it especially attractive for younger buyers who might have less saved for a down payment. Schererville is another city where the seller’s market can likely be explained by the fact that prices are on the rise there to the tune of nearly 9 percent. With mortgage rates falling and a renewed emphasis put on living space during COVID-19, U.S. home sales have boomed. Data from the National Association of Realtors shows that sales of previously owned homes increased by 20.7% over the month of June and rose an additional 24.7% during July. Meanwhile, based on the Census’ Survey of Construction, sales of new homes increased by 15.1% and 13.8% during June and July, respectively.
These are the top 5 most expensive states to buy a house in 2022 - CNBC
These are the top 5 most expensive states to buy a house in 2022.
Posted: Tue, 20 Sep 2022 07:00:00 GMT [source]
How to Write a Real Estate Investment Business Plan (+ Free Template)
If you’re looking to put down roots in the Midwest, consider homes for sale in Kansas. Not only is Iowa one of the 10 most inexpensive states in the U.S., it's also ranked as the safest. With an overall cost of living at around 90% of the U.S. average, housing will run you just 75% of the U.S. average. That fact alone will prove an immediate benefit when it's time to apply for a mortgage.
Hidden gems in the real estate market
The median home sale price in Louisville, the state’s most populous city, is $234,167. Kentucky home sales have been down since mid-2022, but median home sale prices have risen steadily. Washington State rounds out our list of the top 10 states for homeowners in 2020, ranking well for its one-year home value appreciation and low average closing cost as a percentage of median home value. Homes in Washington had the fourth-highest home value appreciation between January 2019 and January 2020, rising in value by close to 7%. Moreover, average closing costs as a percentage of median home value in the state are the fifth-lowest overall, at about 1%.
How We Evaluated the Best & Worst States for Real Estate Investing
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. Its most populous city is New Orleans, which has a median home sale price of $291,000. The capital city of Baton Rouge is big on college football and has a great parks system; the typical home sells for $221,817.
Cheapest states to buy a house for the first time
Its median home sale price is higher than many other parts of the state at $355,004. Buying a house in the U.S. is expensive, but most homeowners and potential buyers know that it’s worth it. According to Zillow’s Home Value Index (ZHVI), West Virginia is a great place to search for an affordable family home. However, with Zillow indicating the current average U.S. home value as $339,048 and Indeed.com reporting the average annual salary as $55,640, homeownership is out of reach for an increasingly large number of people. According to CNN, increasing home prices in 2022 priced out 4 million Americans from being able to afford a home. 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.
The Magnolia State is heavily forested (in fact, there are six national forests to enjoy) and offers peace and quiet thanks to its low population density. Nicknamed The Mountain State, West Virginia is a mostly rural state with a few small cities, beautiful scenery, and plenty of opportunities for outdoor activities. While the state is the nation’s second-largest coal exporter, it shows promise in the natural gas industry and manufacturing sector. Apart from the capital, there are also affordable homes in Tulsa, where many healthcare companies are headquartered.
At the same time, Hawaii has only one state-level first-time homebuyer program. And though Hawaii benefits from the lowest effective property tax rate, the state’s overall cost of living is the highest in the U.S. Wisconsin ranks in the top third across the country for its percentage of households that are housing cost-burdened (18.49%). In Wyoming, median annual property taxes are the 11th-lowest ($1,452) and the effective property tax rate is the 10th-lowest (0.55%).
The lack of opportunity in these areas deters renters from moving to Vermont. It also has a low number of available homes at 8,154 (28th) and a median home value of $251,300 (48th), making it a complex state for investors to find affordable properties to purchase. Although the percentage of renters is 30.8% (26th), the job growth rate is slow, ranking 20th, and the happiness score is very low (43rd), which could indicate a changing housing market in New Mexico. Also, a very low Y-o-Y home and rent values make it challenging for investors to attract tenants in this state. While it might not be time to purchase a rental property, investors should keep an eye on this state. Contrasting with the 10 best states to invest in real estate, we also evaluated the worst five states to invest in real estate.
This indicates the state will likely see an influx of residents over time, and the population numbers should start increasing. Wisconsin ranks in the top 15 of the study for three of the 10 metrics we considered. It has the 13th-highest home value appreciation (5.30%), 14th-lowest average closing costs ($3,326) and 10th-lowest burglary rate (less than 243 per 100,000 residents).
If you’re looking to get away from the big cities, try Toledo with over 250 available listings (at the time of writing) and Lebron James’ hometown of Akron with nearly 200 homes within budget. With just shy of 150,000 residents, the state capital of Jackson, Mississippi offers solid home values in a strong job market. For the target price, there are many two- and three-bedroom freestanding homes available for purchase. As mortgage rates continue to climb, many millennials may find themselves frustrated that the current real estate climate will make it too difficult for them to become homeowners. The silver lining, however, is that while there are some states where it is expensive and time-consuming to save money and buy a home, this is not true of every state.
Located in the heart of the midwest, Indiana is known as the Hoosier State. It has seen the most manufacturing job growth nationwide and boasts the second-largest automotive industry. Mississippi is a state that’s rich in history and often regarded as the birthplace of the blues.
If you are set on Virginia but want something cheaper, opportunities could be opening up in Richmond, one of the cities where homes are getting cheaper. Oxford might represent one of the best places to buy in the Tar Heel State, but that might not be saying a lot. It has one of the lowest livability scores in this study, and it’s in one of the worst states for first-time homebuyers. Nebraska certainly has pockets where the housing markets are taking off, with Lincoln being one of the cities where home prices are rising the fastest. So it might be worth it to take advantage of Norfolk’s solid buyer’s market and high livability while you can.
No comments:
Post a Comment