5 Most Affordable Housing Markets in the US in 2023

This article will look at the 5 Most Affordable Housing Markets in the US in 2023. For an in-depth insight into cities that offer affordable housing, read our article 20 Most Affordable Housing Markets in the US in 2023. 

5. Mississippi

Median Effective Property Tax Rate: 0.791%

Average Cost of Rent/Month: $760

Homeownership Rate: 73.1%

Final Score: 8.5

Mississippi, also known as the Magnolia State, has one of the most affordable housing markets in the US in 2023. The region is known for its affordable housing, higher education, and low childcare costs. It is also famous for its delicious food, southern hospitality, and mild winters.

4. Louisiana

Median Effective Property Tax Rate: 0.565%

Average Cost of Rent/Month: $871

Homeownership Rate: 69.6%

Final Score: 8.3

In 2023, the Louisiana Housing Corporation and partners unveiled the new Arbours at the Lafayette apartment complex on Alcide Dominique Drive. Arbors at Lafayette is an 84-unit apartment building that offers residents one-, two-, and three-bedroom units to provide safe, affordable, and resilient housing for Lafayette families, helping address the state’s affordable housing needs.

3. South Carolina

Median Effective Property Tax Rate: 0.563%

Average Cost of Rent/Month: $924

Homeownership Rate: 74.7%

Final Score: 6.9

South Carolina is one of the lowest-taxed states in the US, so living there offers residents lower real estate taxes, sales tax, and personal income tax. Gas taxes are also low, meaning the state’s transportation costs are among the country’s lowest. Property taxes are also among the lowest in the nation.

2. West Virginia

Median Effective Property Tax Rate: 0.587%

Average Cost of Rent/Month: $656

Homeownership Rate: 78.6%

Final Score: 4.6

Consumer Affairs analyzed housing and rental costs, utility, food, gas prices, and tax rates to identify the states with the US’s lowest and highest living costs. West Virginia ranked second for the lowest cost of living.

1. Alabama

Median Effective Property Tax Rate: 0.411%

Average Cost of Rent/Month: $823

Homeownership Rate: 72.1%

Final Score: 4.1

Alabamans are fiercely proud of their state, and for good reason. It has a rich college football legacy, delicious Southern cuisine, and affordable housing. According to the Bureau of Economic Analysis, the average cost of living in Alabama for a single individual in 2021 was around $39,657 annually. 

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