The quest for an affordable home in the United States has become increasingly challenging due to record-high home prices and rising interest rates. Many metropolitan areas are caught in the grip of a seller’s market, with remote and hybrid work trends driving up prices in suburban and rural communities. To help prospective homebuyers, some banks and builders are offering incentives, such as down payment assistance and reduced interest rates. However, another way to keep costs down is to explore cities where housing prices are already low. In this article, we’ll highlight 15 of the most affordable places to buy a house in the U.S., taking into account factors like the cost of living, home prices, and local amenities.
1. Joplin, Missouri:
Median home price: $188,300 Median household income: $46,849 Cost of living index: 74.6
Nestled in the scenic Ozarks of Missouri, Joplin boasts a cost of living 17 percent below the national average. With a growing population and a vibrant arts scene, it’s an attractive option for those seeking affordability and natural beauty.
2. Anniston-Oxford, Alabama:
Median home price: $180,000 Median household income: $39,928 Cost of living index: 78.9
Anniston-Oxford offers a gateway to the Talladega National Forest, making it a haven for outdoor enthusiasts. The area features museums and gardens, though it does face challenges related to crime rates.
3. Davenport-Moline-Rock Island, Iowa-Illinois:
Median home price: $179,800 Median household income: $55,659 Cost of living index: 75.7
Known as the Quad Cities, this region along the Mississippi River offers affordability along with distinct personalities, waterfront areas, and a thriving arts and music scene.
4. Toledo, Ohio:
Median home price: $177,200 Median household income: $41,671 Cost of living index: 77.4
Toledo, known as the Glass City, combines industrial history with cultural attractions such as the Toledo Museum of Art and the Toledo Zoo, making it a great option for budget-conscious homebuyers.
5. Rockford, Illinois:
Median home price: $176,300 Median household income: $47,002 Cost of living index: 79.0
Once an industrial hub, Rockford is now repositioning itself as the City of Gardens, with a lower cost of living and numerous public parklands and attractions.
6. Charleston, West Virginia:
Median home price: $173,500 Median household income: $54,101 Cost of living index: 81.3
Nestled in the Allegheny Mountains, Charleston offers affordability and a suburban feel, along with a vibrant year-round farmers market and various cultural institutions.
7. Waterloo-Cedar Falls, Iowa:
Median home price: $171,500 Median household income: $49,430 (Waterloo), $66,838 (Cedar Falls) Cost of living index: 75.7
The Cedar Valley region in northern Iowa has seen revitalization, with a focus on enhancing recreational opportunities and attracting diverse industries.
8. Erie, Pennsylvania:
Median home price: $169,000 Median household income: $40,201 Cost of living index: 80.8
Erie, situated on Lake Erie, offers affordability along with lake vistas, outdoor activities, historic downtown, and an amusement park.
9. Springfield, Illinois:
Median home price: $162,600 Median household income: $57,596 Cost of living index: 78.4
As the capital of Illinois, Springfield combines the cultural advantages of a big city with a small-town feel, all while being budget-friendly.
10. Binghamton, New York:
Median home price: $160,000 Median household income: $39,012 Cost of living index: 80.7
Binghamton in Upstate New York, home to Binghamton University, offers a lower cost of living and plenty of dining, cultural, and entertainment options.
11. Youngstown-Warren-Boardman, Ohio-Pennsylvania:
Median home price: $157,300 Median household income: $54,506 Cost of living index: 75.8
This metropolitan area, part of the Mahoning Valley, embraces its smaller size, reviving commercial districts and waterfronts while offering affordability.
12. Peoria, Illinois:
Median home price: $156,600 Median household income: $58,426 Cost of living index: 75.6
Peoria, located along the Illinois River, provides budget-friendly living along with ample parkland and cultural attractions.
13. Cumberland, Maryland:
Median home price: $145,400 Median household income: $43,699 Cost of living index: 73.2
The Cumberland metropolitan area in Maryland and West Virginia offers lower living costs, historical sites, and a picturesque setting in the central Appalachians.
14. Elmira, New York:
Median home price: $144,500 Median household income: $84,916 Cost of living index: 77.8
Elmira, nestled near the Finger Lakes, presents affordability, outdoor activities, and a wealth of sites related to Mark Twain.
15. Decatur, Illinois:
Median home price: $133,400 Median household income: $45,111 Cost of living index: 72.9
Topping the list as the least expensive place to buy a home in the U.S., Decatur offers a range of affordable living options and attractions, including the Scovill Zoo and Lake Decatur.
These 15 cities represent some of the most affordable places to buy a house in the United States. With low median home prices and attractive amenities, they provide opportunities for budget-conscious individuals and families to achieve their homeownership dreams.
images sources : via AbeEzekowitz Wikimedia Commons – istockphoto – Nyttend via Wikimedia Commons
