Home affordability varies greatly from one location to the next. Each city has its own set of taxes, utilities, and other costs. Finding the cheapest states to buy a house might be difficult considering the inflation prevailing.
If you are seeking the cheapest state to buy a house in 2023, keep reading below.
1- West Virginia
West Virginia is the 40th cheapest state to buy a house in the US. The state capital is Charleston and the most populous metropolitan region in Huntington-Ashland. It has a population of little under 1.8 million people. Tourism and natural resources are the largest sectors. West Virginia is known for its breathtaking mountain scenery, unparalleled outdoor recreation possibilities, and some of the friendliest people in the country.
Cost of living index: 78.1
Median Home Value: $126,948.
Average Rent: $850 to $930
Mississippi is the 34th cheapest state to buy a house in the United States. It has a population of almost 3 million people. Jackson is the state capital as well as Mississippi’s largest metro region. It has a diverse collection of historical monuments and museums. Magnolias, catfish, bluegrass music, and southern charm are all popular in the state. Agriculture and manufacturing are two of the state’s most important industries.
Cost of living index: 84.8
Median Home Value: $157,885
Average Rent: $989 to $1,000
Arkansas is the thirty third largest state in the United States. It has a population of over 3 million people. Little Rock is the capital urban region of Arkansas. The state is fueled by agriculture, manufacturing, and tourism. Arkansas is noted for its lakes, rivers, rice, and poultry production. It is the United States’ only active diamond mine.
Cost of living index: 87.8
Median Home Value: $146,900
Average Rent: $926
Oklahoma is the 28th cheapest state to buy a house in the United States. It has a population of about 4 million people. The state capital and largest urban region in Oklahoma City. Oklahoma is a true western gateway. It is a region of red dirt and buffalo roaming the plains, and oil rigs pumping riches. Agriculture, manufacturing, and natural resource industries all contribute to the varied economy.
Cost of living index: 83.7
Median Home Value: $167,450
Average Rent: $1,000 to $1,015
Iowa is the 31st most populated state in the United States, with over 3.1 million residents. The state capital is Des Moines, while Omaha Bluffs is the largest urban region. Iowa has the most pigs of any state and is the nation’s top pork producer. Manufacturing, biotech, agriculture, and natural resource industries contribute to the economy.
Cost of living index: 94.4
Median Home Value: $180,839
Average Rent: $1,010 to $1,021
So Iowa is also one of the cheapest states to buy a house in the US.
With a population of about 4.5 million people, Kentucky is the 26th largest and cheapest state to buy a house in the United States. The state capital is Frankfort, and Louisville is the major urban region. Agriculture, manufacturing, healthcare, and natural resources all contribute to a healthy economy. Kentucky is famous for its Horse racing, Coal, College basketball, Kentucky Fried Chicken, and Bluegrass.
Cost of living index: 83.6
Median Home Value: $185,331
Average Rent: $1,025
Alabama is the 24th-largest state in the United States. It has a population of just over 5 million people. The state capital is Montgomery, while Birmingham is the major metro region.
Agriculture, industry, healthcare, and finance are all important parts of Alabama’s economy. Peanuts, southern courtesy, the magnificent Gulf Coast beaches, and college football, are all popular in Alabama.
Cost of living index: 82.3
Median Home Value:
Average Rent: $1,060
Kansas is the 35th most populous state in the United States, with about 3 million residents. The capital city is Topeka and the largest metropolitan area in Kansas City.
Kansas’ economy is fueled by agriculture, natural resources, and manufacturing. It was long known as “the wheat state”. Kansas is famous for oil wells, the Wizard of Oz, the Great Plains, scorching summers, and freezing winters.
Cost of living index: 87.9
Median Home Value: $194,951
Average Rent: $1,050
Ohio, the 7th largest state in the US is home to roughly 12 million people. It is another Midwest state on the list. The state capital is Columbus and the major urban region in Cincinnati. Manufacturing and financial services are the two most important economic sectors. Cedar Point, the Rock and Roll Hall of Fame, and the Pro Football Hall of Fame are all located in Ohio. The phonograph, gas-powered automobiles, golf balls, are all Ohio innovations. And then there’s Neil Armstrong, the first man to set foot on the moon.
Cost of living index: 82.6
Median Home Value: $196,213
Average Rent: $1,024
With over 4.7 million citizens, Louisiana is the 25th most populous state in the United States. Agriculture, transportation, and tourism are three of Louisiana’s most important industries. Louisiana is a southeastern state. It is a cultural “melting pot” of French, African, French-Canadian, and modern American cultures. It is known for its distinct Cajun culture, cuisine, jazz music, and Mardi Gras festivities. The state capital is Baton Rouge, and the largest metro area is New Orleans.
Cost of living index: 86.9
Median Home Value: $203,222
Average Rent: $988
So These are the cheapest states to buy a house in the US.
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