There are many reasons why we choose to live in the places we live: convenience, proximity to family and friends, personal preferences, jobs and the like. One of the most important factors, of course, is affordability. After all, housing is the most important item in most Americans' budgets. Where you live can have a big impact on your finances, for better or worse.
To determine which states are the most affordable for homebuyers, we turned to census data. We looked at median home value, median household income, and the percentage of their monthly income that homeowners with mortgages spend on housing costs. Many experts recommend using the 30% rule to determine how much you should spend on housing. Basically, the rule states that you shouldn't spend more than 30% of your gross income on monthly housing costs.
Those who spend more than 30% on these costs are considered “cost burdened”. In practice, the amount a person must spend each month on housing varies from household to household. However, for our purposes, the 30% rule gives a general idea of how affordable a given area is because it compares median income to average housing costs. Of course, if you search hard enough, you can find a bargain and buy great homes at affordable prices anywhere.
But with the national median as a reference point, which it sets in the U.S. UU. Are they best for budget-conscious buyers? As we see with the 30% rule, true affordability isn't just about which houses cost the least money to buy. Let's say, for example, that you move to an area where home prices are well below the national average, but average incomes are also relatively low.
Even though home prices are cheap, if your income is too low, you may still not be able to afford to buy one of those cheap homes. Alternatively, you could move to an area where home prices are higher, but average incomes are also higher to better match the area's cost of living. All states have affordable housing zones, but if the cost of living is too high, it can be difficult for buyers to realistically afford it, so let's take a look at states that are not only cheap, but also affordable, with below-average housing costs and average monthly housing costs by below the 30% threshold. From the cool vibe of the city of Indianapolis, to the trendy college town of Bloomington, to an area affectionately known as “the region,” which hosts the wonderfully crazy annual Pierogi Fest and is a short train ride from Chicago, the Hoosier State has a lot to offer.
It's also the most affordable place to live on our list, with a 24% housing cost ratio. Even though the state is the nation's top producer of corn, Iowa isn't just rural farmland. It's a great place to live for those looking for that “urban living experience” with a more affordable cost of living and friendlier neighbors. There's the arts and culture of Cedar Rapids, the shopping and dining of nearby Iowa, or the expansive economic opportunity of Des Moines (the state of Iowa has the third lowest unemployment rate in the country), to name a few of Iowa's many large urban areas.
Beautiful and mountainous West Virginia is an excellent choice for those who love nature and all the activities that take place in it, such as hiking, fishing or even rafting. In this state, you'll get beautiful natural views no matter where you are. West Virginia also has a few smaller cities, such as the charming capital of the state of Charleston, for those who don't want to feel so remote. Known for its lakes, rivers and hot springs, Arkansas has a wide range of indoor and outdoor attractions, from 218-mile long hiking trails through the Ozark Mountains to the only active diamond mine in the U.S.
For a picturesque setting, the mountain town of Eureka Springs is full of Victorian-style homes, offering boutiques and antique stores, and is known as one of the country's top arts destinations. For a more urban experience, the capital city of Little Rock is a historic downtown area, offering plenty of museums, restaurants, and nightlife to enjoy. When you think of Kentucky, you can first think of the Kentucky Derby, an annual horse race that has been held in Louisville for nearly 150 years. But Kentucky has a lot to offer beyond horse farms.
Good food, hello? Kentucky fried chicken and world-class bourbon are just a few of the things the Bluegrass State is known for. Whether you're looking for a comfortable cottage in the country or a spacious suburban property, there's something for everyone in Kentucky. In addition to the great weather, Alabama is known for its southern hospitality, so anyone can feel at home here, whether it's in the artist-centric community of Fairhope, the notable home of creatives like Winston Groom and Jimmy Buffett, or downtown Birmingham. Did you know that an unusual number of astronauts come from Ohio? If the idea of raising the next Neil Armstrong doesn't convince him to move his family to Ohio, affordable living, vibrant cities and wide cultural offerings could.
Michigan is an extremely diverse state, both in terms of its people and its localities. There's the hustle and bustle of Detroit and its many surrounding suburbs, the eternal freshness of Ann Arbor, the liveliness of Grand Rapids, the charm of Traverse City, the tranquility of the Upper Peninsula, and much more. Missouri is very affordable, family-friendly, and its cities have offers for all types of interest, whether it's art, shopping or dining. And for outdoor enthusiasts, this state also offers 85 state parks and historic sites, with more than 840 miles of walking and biking trails.
Located where the Midwest meets the Great Plains, the state of Nebraska has a lot to offer homebuyers, from a relatively low cost of living to some of the nation's highest average incomes. And while Cornhusker State is best known for its agriculture, there's a lot to experience beyond the obvious plains, sand dunes and rock formations outside, from the bustling Gateway to the West in Omaha to the historic city of Lincoln. Starting your life to move to a new state is not a decision that should be taken lightly. Just because the price is right doesn't mean you really enjoy living there, so take the time to think about the benefits and drawbacks of an area before moving out of state.
Consider the types of activities you enjoy, the transportation options you need, and the style of homes available when choosing a location. What's right for one family may not be right for the next, so as long as you choose a place that fits your needs, you can find the perfect place to live without breaking the bank. Looking for the cheapest real estate properties in the U.S. It's a great way to save money on your new home, but buyers shouldn't choose a location based solely on price.
Still, if you move to a new state, understanding your average real estate costs and your cost of living can help you plan your future budget. Are you thinking about a change of pace? Once you have a location in mind, work with a verified partner agent so you can shop with confidence. Katie Ziraldo found her love of writing through her experience working with several newspapers, such as the Detroit Free Press. Her financial education stems from her four years as a recruiter, when she learned the ins and outs of each role in the mortgage process.
As a writer, she uses that knowledge to create content relevant to homeowners to help them achieve their goals. There are many cities that are affordable and perfect if you like the idea of affordable housing, reasonable living expenses, and lots of entertainment. Here's a look at several of America's most affordable cities. Find and buy the perfect car or truck from thousands of vehicles, all in one marketplace Wear OS by Google and Google Play are trademarks of Google LLC.
Mississippi is the 34th most populous state in the U.S. And home to nearly 3 million residents. Agriculture and manufacturing are two of the largest industries in the state. Jackson is the state capital and also the largest metropolitan area in Mississippi.
Oklahoma has a population of nearly 4 million people and is the 28th most populous state in the U.S. The diverse economy is driven by agriculture, manufacturing and natural resources sectors. Oklahoma City is the state capital and largest metropolitan area. Kentucky is the 26th largest state in the U.S.
Agriculture, Manufacturing, Healthcare, and Natural Resources Help Keep the Economy Strong. Frankfort is the state capital and Louisville is the largest metropolitan area. Just over 5 million people reside in Alabama, making the state the 24th largest in the U.S. Alabama's diverse economy is driven in part by the agriculture, manufacturing, healthcare and financial sectors.
Montgomery is the state capital and Birmingham is the largest metropolitan area. Another Midwestern state on the list, Ohio is the seventh largest state in the U.S. And home to nearly 12 million residents. Manufacturing and financial services are the two largest sectors of the economy.
Columbus is the state capital and Cincinnati is the largest metropolitan area. Louisiana is the 25th most populous state in the U.S. Agriculture, Transportation and Tourism Are Three of Louisiana's Largest Business Sectors. Baton Rouge is the state capital and New Orleans is the largest metropolitan area.
With nearly 2.0 million residents, Nebraska is the 37th largest state in the U.S. Agriculture, Transportation, Manufacturing, and Information Technology Help Boost State Economy. Lincoln is the state capital and Omaha Council Bluffs is the largest metropolitan area. Nearly 6 million people reside in Wisconsin, making the state the twentieth largest in the U.S.
Major industries, such as agriculture, manufacturing and consumer goods, drive the economy. Madison is the state capital and Milwaukee is the largest metropolitan area. About 12.8 million people live in Illinois, making the state the sixth largest in the U.S. Agriculture, Manufacturing, Finance and Investment, and Service Sectors Keep Diverse Economy Growing.
Springfield is the capital and Chicago is the largest metropolitan area. South Carolina is the 23rd most populous state in the U.S. And home to more than 5.1 million people. Agriculture, Manufacturing, and Healthcare Are Three of South Carolina's Largest Industries.
Columbia is the state capital and Greenville-Anderson is the largest metropolitan area. New Mexico is the 36th most populous state in the U.S. And home to more than 2.1 million people. Roughly half of its economy is based on the service sector, while much of the rest is focused on extractive industries (mining and oil production).
Santa Fe is the state capital and Albuquerque is the largest metropolitan area. Texas is the second largest state by population in the U.S. Texas's major industries include agriculture and mining, energy and natural resources, and technology. Austin is the state capital and Dallas-Fort Worth is the largest metropolitan area.
Are you ready to invest in one of these 25 cheapest states to buy a home? If you haven't already, create your free Roofstock account and set up alerts. We'll notify you when we have an investment property that matches your search criteria. Jeff has more than 25 years of experience in all segments of the real estate industry, including investment, brokerage, residential, commercial and property management. While his real estate business runs on autopilot, he writes articles to help other investors grow and manage their real estate portfolios.
With house prices rising, it may seem like a difficult task to find a place to live that has affordable housing and great weather, but those places do exist. Cities with populations greater than 150,000 based on housing costs and how comfortable their climates are, and found the top 20 places with good weather where homeowners earning a median income would not spend more than 30% of their earnings on a monthly housing payment. We use data and science to determine which places in South Carolina are easy to use in your wallet. The South, of course, and in particular South Carolina.
That's right, southern states are an important region in the U.S. That won't erase your bank account. But what is a good state to live in? While it may be hard to believe at first, South Carolina is a great place to live and not just because it's cheap. In the Palmetto State, you can have easy access to both the beach and the mountains.
You can eat some ridiculously good peaches and get your fill of the local breweries. You can also meet very nice people. The South is known for its Southern hospitality. So where are the most affordable places to live in South Carolina? Read on to learn more about how we calculate the numbers and the other super affordable cities South Carolina has to offer.
We can't believe Batesburg-Leesburg included in The Palmetto State's list of the cheapest places to live as the most affordable city. This city has five-star restaurants and stylish shops, and yet it's the third most affordable place to buy a home according to median income data. So if you want to know where to steal the best deal in South Carolina, The Twin Cities are like a ripe peach N Such a peach waiting to be picked. Have you heard? Laurens is the second most affordable city in South Carolina and “Gateway to the Upstate” shows no signs of slowing down.
It's not often that you'll find an offer as good as South Carolina's third most affordable city, Fountain Inn. Located just southeast of Greenville, “The Diamond Tip of the Golden Strip” is South Carolina's eighth most affordable place to buy or rent a home. Climbing the ranks to solidify South Carolina's fourth least-expensive city, “The Gateway to Tree City USA, Irmo, must be made of money trees because this city has made life super affordable. The fifth most affordable place to call home is Lake City, a city of 6,562 people approximately half an hour south of Florence.
Sure, Lake City has a low cost of living, with things like medical care, transportation, and services that cost less than in a typical American city. But what really stands out in Lake City is the thriving community. Located on the north bank of the Savannah River, North Augusta is not only South Carolina's sixth most affordable city, it's the epitome of Southern hospitality with a dash of Southern charm. The best part of this offer is that you won't have to win the South Carolina lottery to own your home in North Augusta because “The Riverfront is the twelfth best place to buy a home based on the city's median income.
For example, Little Pee Dee State Park is right in your neighborhood, with some of the best camping, hiking, and fishing in the area. This “Protected Character, Community Perfected” City Has Made Home Buying Affordable, Education and Safety a Priority, and Its 23,200 Employed Residents. Kemet, Milliken and Pare-Chem are three companies in Simpsonville that are helping to keep South Carolina's 10th most affordable economy moving to live in; and take us, it's paying off. We Think Buying Your Simpsonville Forever Home Is a Smart Choice.
You need to understand your costs in the context of how much money you make. We simply add the median home price because high home prices generally correlate with higher expenditures for all home-related costs (heating, electricity, etc.). You can then compare these metrics at each of the locations in South Carolina to determine which is the most economical. What remains is a “Cost of Living Index”, taking the average ranking of each of these metrics for each city.
So we used that cost-of-living index to rank the 64 places in South Carolina that have more than 5,000 people. The place with the lowest cost of living in South Carolina according to data is Batesburg-Leesville. You can download the data here. Chris Kolmar has been in the real estate business for almost ten years.
He originally worked for Movoto Real Estate as a marketing director before founding HomeSnacks. He believes the key to finding the right place to live comes down to looking at the facts, reading about things to do, and most importantly, checking for yourself before you move. If you've been looking for a place to live in the past few years, you've probably already stumbled across their writing. You can learn more about him on LinkedIn or on his website.
HomeSnacks is headquartered in Raleigh, NC. Our goal is to provide bite-sized information and entertainment about where you live. We use data, analysis and a sense of humor to determine quality of life in locations across the country. We looked at several factors to measure affordability, including that city's median income, average housing costs, and median real estate taxes.
It has also been on the radar of many housing experts, as people leave Manhattan in search of more space and lower housing costs. Price increases aside, there are still many housing markets in the United States that would be considered affordable for the average family. Ensuring you have independent inspectors and contractors to inspect your home for any major problems can help save you a headache in the long run. Kansas and Nebraska are technically tied for fourth place, each costing 11.19% of median household income to buy a home.
Making sure you know the area and not focusing on a home can help ensure that you are making the best possible decision when making an offer, and not necessarily choosing the first one on the list. If you live in an expensive subway, you can avoid the tiny house with a huge price and move to greener, cheaper pastures. Natalie Campisi is a Los Angeles-based reporter who covers mortgage and housing news for Forbes Advisor. The United States is slowly emerging from a housing deficit of up to 3.8 million units, according to an estimate by federal mortgage company Freddie Mac, created by years of low construction and local zoning laws that prevent increased housing density.
Often, if the seller is motivated enough to sell the home, they may work with you and include light repairs and renovations as a stipulation in the contract for the sale of the home. . .
Leave Reply