In this article, we will be covering the 50 cheapest places to buy a house in every state. If you wish to skip our detailed analysis, you can move directly to the 10 Cheapest Places to Buy a House in Every State.
Housing Dynamics in the US
The US housing market has long been subject to a rigid crisis where the supply of houses has been unable to cater to the growing demand. Other than a persistent housing shortage, high mortgage rates have restricted potential home buyers from investing in homes for which median prices have been on the rise.
However, an increasing housing supply has been witnessed in the market. A further increase has also been predicted as long-term interest rates fall. On December 20, Reuters reported that single-family housing starts jumped 18.0% to a seasonally adjusted annual rate of 1.143 million units in November. Single-family homebuilding went up, especially in the Northeast, Midwest, and the densely populated South. Permits for future construction of single-family housing increased to the highest level in November 2023, since May 2022. This new construction had previously been opposed by rising mortgage rates.
Leading Homebuilders in the US
Amid a crisis in the US housing industry, numerous homebuilders continue to offer reasonable living options across the country. Some of these include LGI Homes, Inc. (NASDAQ:LGIH), Beazer Homes USA, Inc. (NYSE:BZH), and KB Home (NYSE:KBH). Let’s take a look at what these firms have been up to.
LGI Homes, Inc. (NASDAQ:LGIH) is a leading American home construction company that operates across 36 markets in 21 states. The company has closed more than 65,000 homes up till now. On December 14, LGI Homes, Inc. (NASDAQ:LGIH) reported the opening of two new communities in the Houston market. Emberly in Beasley is the first community that allows a convenient commute to Houston’s top employers and nationally recognized medical facilities. New homes at Emberly start in the $290,000s. Wayside Village is the second community which is situated in northeast Houston and is close to downtown Houston. New homes at Wayside Village start in the $220,000s.
Beazer Homes USA, Inc. (NYSE:BZH) is another popular home construction company in the US. On November 16, Beazer Homes USA, Inc. (NYSE:BZH) reported strong earnings for the fiscal fourth quarter of 2023. The company reported earnings per share of $1.80 and outperformed EPS estimates by $0.41. The company’s revenue for the quarter amounted to $645.41 million and beat revenue estimates by $18.11 million. As of December 20, Beazer Homes USA, Inc. (NYSE:BZH) has returned over 153% to investors on a year-to-date basis.
KB Home (NYSE:KBH) is one of the largest homebuilders in the United States. The company has built over 670,000 quality homes. It focuses on fostering interpersonal relationships with its customers by building homes unique to each customer based on their budget. On December 8, KB Home (NYSE:KBH) reported the grand opening of its community within the popular Twelve Bridges master plan in Lincoln, California. Family-friendly amenities such as parks, picnic areas, sports fields, and open space will be available to the residents. The new community Aurora at Twelve Bridges has new homes with prices starting in the mid $400,000s. The greater Sacramento area’s major employment centers and downtown Lincoln can be conveniently accessed.
You can also look at some of the best housing stocks to buy. Now that we have taken a look at the housing market in the US, let’s move to the 50 cheapest places to buy a house in every state.
50 Cheapest Places to Buy a House in Every State
Our Methodology:
In order to compile a list of the 50 cheapest places to buy a house in every state, we sourced data from Zillow, a leading real estate source. The latest available data is as of November 2023. The results were screened by metro. Filters were applied to find the most cheap place for every state. Hence, the results included the cheapest metro areas in every state.
Moving on, we sorted all the states and their respective cheap place to buy a house based on the median list price. The 50 cheapest places to buy a house in every state have been ranked in descending order of their median list price.
50 Cheapest Places to Buy a House in Every State
50. Hilo, Hawaii
Median List Price: $646,925
Hilo is the cheapest place to buy a house in Hawaii since its median list price of $646,925 is the lowest in the state.
49. Providence-Warwick, Rhode Island
Median List Price: $526,750
Providence-Warwick is the cheapest place to buy a house in Rhode Island since its median list price of $526,750 is the lowest in the state.
48. Dover, Delaware
Median List Price: $415,000
Dover is the cheapest place to buy a house in Delaware since its median list price of $415,000 is the lowest in the state.
47. Hartford-West Hartford et al, Connecticut
Median List Price: $398,450
Hartford-West Hartford et al is the cheapest place to buy a house in Connecticut since its median list price of $398,450 is the lowest in the state.
46. Winnemucca, Nevada
Median List Price: $383,725
Winnemucca is the cheapest place to buy a house in Nevada since its median list price of $383,725 is the lowest in the state.
45. Othello, Washington
Median List Price: $362,500
Othello is the cheapest place to buy a house in Washington since its median list price of $362,500 is the lowest in the state.
44. Barre, Vermont
Median List Price: $357,200
Barre is the cheapest place to buy a house in Vermont since its median list price of $357,200 is the lowest in the state.
43. Price, Utah
Median List Price: $352,500
Price is the cheapest place to buy a house in Utah since its median list price of $352,500 is the lowest in the state.
42. Springfield, Massachusetts
Median List Price: $350,000
Springfield is the cheapest place to buy a house in Massachusetts since its median list price of $350,000 is the lowest in the state.
41. Mountain Home, Idaho
Median List Price: $348,675
Mountain Home is the cheapest place to buy a house in Idaho since its median list price of $348,675 is the lowest in the state.
40. Berlin, New Hampshire
Median List Price: $327,475
Berlin is the cheapest place to buy a house in New Hampshire since its median list price of $327,475 is the lowest in the state.
39. Sierra Vista-Douglas, Arizona
Median List Price: $327,000
Sierra Vista-Douglas is the cheapest place to buy a house in Arizona since its median list price of $327,000 is the lowest in the state.
38. Butte-Silver Bow, Montana
Median List Price: $324,250
Butte-Silver Bow is the cheapest place to buy a house in Montana since its median list price of $324,250 is the lowest in the state.
37. La Grande, Oregon
Median List Price: $323,875
La Grande is the cheapest place to buy a house in Oregon since its median list price of $323,875 is the lowest in the state.
36. Fairbanks North Star Borough, Alaska
Median List Price: $312,400
Fairbanks North Star Borough is the cheapest place to buy a house in Alaska since its median list price of $312,400 is the lowest in the state.
35. Susanville, California
Median List Price: $310,000
Susanville is the cheapest place to buy a house in California since its median list price of $310,000 is the lowest in the state.
34. Sterling, Colorado
Median List Price: $302,475
Sterling is the cheapest place to buy a house in Colorado since its median list price of $302,475 is the lowest in the state.
33. Palatka, Florida
Median List Price: $299,975
Palatka is the cheapest place to buy a house in Florida since its median list price of $299,975 is the lowest in the state.
32. Rock Springs, Wyoming
Median List Price: $296,000
Rock Springs is the cheapest place to buy a house in Wyoming since its median list price of $296,000 is the lowest in the state.
31. Bangor, Maine
Median List Price: $293,950
Bangor is the cheapest place to buy a house in Maine since its median list price of $293,950 is the lowest in the state.
30. Vineland-Bridgeton, New Jersey
Median List Price: $254,975
Vineland-Bridgeton is the cheapest place to buy a house in New Jersey since its median list price of $254,975 is the lowest in the state.
29. Minot, North Dakota
Median List Price: $226,725
Minot is the cheapest place to buy a house in North Dakota since its median list price of $226,725 is the lowest in the state.
28. Marinette, Wisconsin
Median List Price: $225,450
Marinette is the cheapest place to buy a house in Wisconsin since its median list price of $225,450 is the lowest in the state.
27. North Platte, Nebraska
Median List Price: $219,000
North Platte is the cheapest place to buy a house in Nebraska since its median list price of $219,000 is the lowest in the state.
26. Austin, Minnesota
Median List Price: $210,000
Austin is the cheapest place to buy a house in Minnesota since its median list price of $210,000 is the lowest in the state.
25. Huron, South Dakota
Median List Price: $203,675
Huron is the cheapest place to buy a house in South Dakota since its median list price of $203,675 is the lowest in the state.
24. Dyersburg, Tennessee
Median List Price: $194,450
Dyersburg is the cheapest place to buy a house in Tennessee since its median list price of $194,450 is the lowest in the state.
23. Portales, New Mexico
Median List Price: $190,325
Portales is the cheapest place to buy a house in New Mexico since its median list price of $190,325 is the lowest in the state.
22. Fitzgerald, Georgia
Median List Price: $189,850
Fitzgerald is the cheapest place to buy a house in Georgia since its median list price of $189,850 is the lowest in the state.
21. Laurinburg, North Carolina
Median List Price: $188,725
Laurinburg is the cheapest place to buy a house in North Carolina since its median list price of $188,725 is the lowest in the state.
20. Morgan City, Louisiana
Median List Price: $187,750
Morgan City is the cheapest place to buy a house in Louisiana since its median list price of $187,750 is the lowest in the state.
19. Cumberland, Maryland
Median List Price: $159,900
Cumberland is the cheapest place to buy a house in Maryland since its median list price of $159,900 is the lowest in the state.
18. Middlesborough, Kentucky
Median List Price: $158,450
Middlesborough is the cheapest place to buy a house in Kentucky since its median list price of $158,450 is the lowest in the state.
17. Saginaw, Michigan
Median List Price: $152,450
Saginaw is the cheapest place to buy a house in Michigan since its median list price of $152,450 is the lowest in the state.
16. Weirton-Steubenville, Ohio
Median List Price: $149,950
Weirton-Steubenville is the cheapest place to buy a house in Ohio since its median list price of $149,950 is the lowest in the state.
15. Ogdensburg-Massena, New York
Median List Price: $149,950
Ogdensburg-Massena is the cheapest place to buy a house in New York since its median list price of $149,950 is the lowest in the state.
14. Charleston, West Virginia
Median List Price: $146,125
Charleston is the cheapest place to buy a house in West Virginia since its median list price of $146,125 is the lowest in the state.
13. Marshalltown, Iowa
Median List Price: $145,189
Marshalltown is the cheapest place to buy a house in Iowa since its median list price of $145,189 is the lowest in the state.
12. Bennettsville, South Carolina
Median List Price: $144,250
Bennettsville is the cheapest place to buy a house in South Carolina since its median list price of $144,250 is the lowest in the state.
11. Woodward, Oklahoma
Median List Price: $139,025
Woodward is the cheapest place to buy a house in Oklahoma since its median list price of $139,025 is the lowest in the state.
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Disclosure: None. 50 Cheapest Places to Buy a House in Every State is originally published on Insider Monkey.
