If you’re in the market for budget-friendly housing, there are plenty of options in the United States. In this article, we’ll delve into the ten most affordable states to purchase a house in the US in 2023, ranked from the least to the most expensive based on their Zillow Home Value Index (ZHVI) as of March 31, 2023. In contrast to the national US home value of $334,269 on the same date, these ten states boast lower ZHVIs.
The Zillow Home Value Index (ZHVI) metric represents the median home value and market trends across a particular region and housing type. It represents the standard value for homes in the 35th to 65th percentile range. It is available as a smoothed, seasonally adjusted, and raw measure.
The disparity between the ZHVI of these states and the national US home value varies across states, with West Virginia exhibiting the most significant difference of $187,691 (57% below the national average). These ten states provide cost-effective housing options and distinct lifestyles, from conditions with a high proportion of rural homes to southern states where even urban areas remain affordable. With thorough research and careful consideration of your goals and needs, buying a house in one of these ten states might be an excellent option for those who want to become homeowners and still find a good place to live.
10 Cheapest states to buy a house in 2023:
State/Median home value
- West Virginia: $146,578
- Mississippi: $162,292
- Arkansas: $178,744
- Louisiana: $182,959
- Oklahoma: $188,453
- Kentucky: $190,037
- Iowa: $200,038
- Ohio: $205,800
- Alabama: $206,044
- Kansas: $210,742[1]
1. West Virginia Home Value: $146,578
Renowned for its breathtaking scenery and welcoming communities, West Virginia is a stunning state with economical housing and a high standard of living due to low costs. Outdoor enthusiasts will appreciate the state parks, hiking trails, and picturesque drives. The state also features a rich history and cultural heritage evident in its museums and festivals. Prestigious universities like West Virginia University and Marshall University offer outstanding educational opportunities.
2. Mississippi Home Value: $162,292
Mississippi is celebrated for its rich history and culture, low living costs, and temperate climate. The state offers beaches, forests, and parks for outdoor activities. It is also home to good universities such as the University of Mississippi, Mississippi State, and Jackson State.
3. Arkansas Home Value: $178,744
Famous for its natural beauty and vibrant arts scene, Arkansas provides a high quality of life and reasonably priced housing. The state boasts numerous state parks, lakes, and mountains. Its rich history is reflected in its museums and historical landmarks. Top universities in the state include the University of Arkansas, Arkansas State University, and the University of Central Arkansas. It is also the headquarters of Wal-Mart.
4. Louisiana Home Value: $182,959
Louisiana is recognized for its unique mix of Cajun and Creole cuisine, music, and festivals. Outdoor attractions encompass state parks, wildlife refuges, and historical sites. The state’s top universities include Tulane University and Louisiana State University. It has some of the best food in the world.
5. Oklahoma Home Value: $188,453
Characterized by its amiable communities and robust economy, Oklahoma provides a low cost of living and varied geography. Top universities like the University of Oklahoma and Oklahoma State are located here. Lakes, mountains, and state parks make it an ideal destination for nature enthusiasts.
6. Kentucky Home Value: $190,037
Offering a low cost of living and rich history, Kentucky is famous for horse racing, bourbon, and bluegrass music. The state’s picturesque landscapes make it a haven for outdoor enthusiasts. Prominent universities include the University of Kentucky and the University of Louisville. Kentucky has an overall mild climate throughout most of the year.
7. Iowa Home Value: $200,038
Iowa, known for its scenic landscapes and strong agricultural sector, offers idyllic small towns and rolling hills. The state is also home to many cultural attractions and top-ranked universities like the University of Iowa and Iowa State University—plenty of rural living opportunities for those interested in having small farms.
8. Ohio Home Value: $205,800
With a low cost of living and a diverse economy, Ohio is known for its industrial roots. Outdoor attractions encompass state parks, lakes, and forests. Ohio is home to top universities like Ohio State University and the University of Cincinnati. Several big cities in Ohio, like Cincinnati and Cleveland, have every type of professional sports team.
9. Alabama Home Value: $206,044
Known for its warm climate and Southern charm, Alabama offers historic sites, museums, and beaches. The state also has numerous outdoor recreational opportunities. Top universities include the University of Alabama and Auburn University. It has two of the best college football programs in the country, The University of Alabama and Auburn University.
10. Kansas Home Value: $210,742
Kansas, known for its expansive prairies and friendly communities, offers a low cost of living and a robust agricultural industry. The state also has many cultural attractions and is home to top universities like the University of Kansas and Kansas State University.
Key Takeaways:
Affordability and Nature: States such as West Virginia and Arkansas are affordable and renowned for their natural beauty, making them ideal for outdoor enthusiasts.
Low Living Costs: States like Mississippi, Oklahoma, and Kentucky offer a low cost of living, which is appealing to potential homebuyers.
Cultural Richness: Louisiana and Kentucky provide a unique mix of cultures and traditions that add to the quality of life for residents.
Diverse Economies: States like Ohio and Iowa have mixed economies, from industrial to agricultural, offering job opportunities in various sectors.
University Hubs: Alabama, Louisiana, and Iowa are home to top-ranked universities, making them great for academic pursuits and cultural activities.
Friendly Communities: Oklahoma and Alabama are known for their welcoming communities and Southern hospitality, enhancing the appeal of these states.
Conclusion
There are numerous options for affordable homes in the United States. These ten states offer a combination of affordability, natural beauty, cultural diversity, and varied economic opportunities. Whether you love the great outdoors, are a history enthusiast, or seek a friendly community; you can find a state that matches your preferences. The low cost of living in these states makes them even more attractive for homebuyers looking for value. Ultimately, your preferences, priorities, and needs depend on the best choice.