20 Cheapest States To Buy A House In 2024

• Average Home Value - $155,491

West Virginia is a beautiful state that offers affordable housing and a high quality of life. Known for its natural beauty and friendly communities, the state has many attractions for outdoor enthusiasts carrying a rich history of culture and heritage. 

In this state, it takes more than 10% of the median household income to buy a house as the typical house costs under $120,000 in some of the suburban neighborhoods. Some of the cities you can consider living in include Charleston, Huntington, and Morgantown.

• Average Home Value - $171,613

Here the home prices and the cost of living are more affordable than in other states. It is home to top US universities including the University of Mississippi, Mississippi State University, and Jackson State University which makes adults and families consider this place.

The home price usually sits around $119,000 at its lowest valuation and can go up to $172,000. Some of the affordable cities for homebuyers include Jackson, Gulfport, and Hattiesburg.

• Average Home Value -  $194,308

This state offers a unique blend of cultures and traditions. It is known for its Cajun and Creole cuisine, music, and festivals. It has a lot to offer for the residents from several top universities like Tulane And Louisiana State University.

Louisiana has a lower median home value of around $194,000 as compared to the national average. You can also find cheaper options in areas like Bastrop and Crowley offering between $73,000 and $119,000.

• Average Home Value - $194,847

Kentucky also offers a lower cost of living with its median home value of around $194k which compliments its stunning natural beauty, vibrant culture, and delicious food. 

As of March 2024, the median home price in Kentucky is around $196,550 according to Zillow which is significantly lower than the national average of $416,300. You can find affordable options across different areas of the state, including rural communities, suburbs, and even in some cities.

• Average Home Value: $195,594

The median home price in Oklahoma is significantly lower than the national average, with many cities and towns in this state offering affordable housing options, with some areas like Del City and Spencer boasting home prices below $130,000.

Its overall cost of living is about 14% below the national average, including expenses like groceries, transportation, and utilities. In addition, it is known for its friendly communities and diverse geography and is home to several top-ranked universities such as Oklahoma State and the University of Oklahoma.

• Average Home Value: $196,406

It takes 12 percent of the median household income to afford a house in Arkansas. Home prices are just under $196,406 and the average mortgage payment is around $1200 to $1500 a month depending on myriad factors of the loan agreement.

Known for its natural beauty and thriving arts scene, the state has a lot to offer residents. It is home to many state parks, lakes, and mountains, offering ample opportunities for outdoor recreation. The state also has a rich history and provides an affordable living cost to the residents.

• Average Home Value: $208,375

Iowa stands out as a beacon of affordability in the real estate market, earning its reputation as the cheapest state to buy a house. It takes almost 12-18% of the median household income to afford a home in Hawkeye State.

This state offers beautiful landscapes and a strong agricultural industry and is known for its cornfields, rolling hills, and picturesque small towns. It is home to several top-ranked Universities such as the University of Iowa and Iowa State University.

• Average Home Value - $217,315

Kansas housing market is bolstered by reasonable property taxes and a modest cost of living, making it an attractive destination for individuals and families seeking to establish roots in homeownership without straining their finances.

Whether one craves the serenity of small-town living or the conveniences of larger cities like Wichita or Topeka, Kansas provides an inviting landscape for those looking to invest in homeownership without compromising on affordability.

• Average Home Value - $217,698

The home price in Ohio sits below the national average of $405,700. Prices vary significantly across the state and cities like Youngstown, Steubenville, and Canton offer much lower housing costs, with median prices below $150,000.

You'll find diverse housing options in Ohio, ranging from rural farmhouses to suburban neighborhoods and urban apartments, depending on your preference. In addition to housing, Ohio's overall cost of living is about 6% lower than the national average, helping your budget stretch further.

• Average Home Value - $221,490

Alabama is a state that offers a warm climate and southern hospitality. The state has one of the lowest property tax rates in the nation, further improving affordability.

The home price in Alabama is lower than the national average at around $221,490. You can find even cheaper options in certain areas, with cities like Talladega and Attalla with median home prices below $160,000. The overall cost of living is around 6% lower than the national average, reducing ongoing expenses.

• Average Home Value - $231,533

Nestled in the heart of the Midwest, Indiana offers prospective homeowners an appealing combination of low housing costs and high quality of life. You can find affordable options in certain areas, with cities like Gary, Muncie, and Terre Haute boasting median home prices below $140,000.

It is the state that offers a strong economy and Hoosier hospitality. The house buyers can enjoy a lower cost of living and various urban and rural settings. Some cities, including Indianapolis, Fort Wayne, and Bloomington, are the considerable ones to buy homes in. 

• Average Home Value - $232,511

Michigan is a state that offers a significantly low cost of living and access to the Great Lakes. The home buyers can enjoy numerous activities such as boating, fishing, and swimming. The state boasts a strong economy, particularly in the automotive industry. 

While the median home price sits below the national average, cities like Flint and Saginaw boast houses under $150,000. Beyond housing, Michigan's cost of living dips below the national average, stretching your dollars further. 

• Average Home Value - $238,125

Missouri stands out as an enticing option for prospective homebuyers, renowned for its affordability in the real estate market. The cost of living is also around 5% lower in Missouri, reducing ongoing expenses.

The state offers diverse housing options, from rural farms to urban apartments. Affordable housing can be found in cities like St. Joseph, Joplin, and Poplar Bluff, where median home prices are under $150,000.

• Average Home Value - $248,022

North Dakota takes only around 12-15% of the median household income to buy a house, keeping it in the fourteenth position on the list to live in. The typical home costs around $248,022. 

This state is widely known for its wheat production and is one of the nation's least populated states. Home buyers can enjoy a lower cost of living and a strong sense of community in the state. Also, this state doesn't levy income tax, further boosting affordability.

• Average Home Value - $251,315

The median home value in Nebraska as of October 2023 is approximately $251,315, which is higher than the national average of $405,700.

Although there are significant price variations, some cities, such as Grand Island, Hastings, and Norfolk, offer median home prices below $200,000 despite the overall higher median. It offers a variety of housing types, from rural farmhouses to suburban neighborhoods and urban apartments, depending on your preference.

• Average Home Value - $251,267

The average home value in Illinois sits around $251,267, which is much lower than the national average of $405,700. However, cities like Decatur, East St. Louis, and Peoria boast median home prices below $200,000.

Although higher than the national average, Illinois' cost of living is lower than some neighboring states like Wisconsin and Minnesota. The state offers a wide range of housing types, from urban apartments in Chicago to rural farmhouses and suburban neighborhoods.

• Average Home Value - $255,570

Known for its history and beautiful landscapes, the state provides homebuyers with cultural attractions such as museums and historic sites, as well as outdoor activities like hiking, skiing, and fishing. 

Despite high median home values in Pennsylvania, cities such as Erie, Johnstown, and Scranton offer cheaper options under $200,000. Housing types vary from rural farmhouses and historic homes in small towns to suburban neighborhoods and high-rise apartments in urban areas like Philadelphia and Pittsburgh.

• Average Home Value - $286,394

Wisconsin's median home value fits the budget of the average American household. However, cities like Green Bay, Appleton, and La Crosse have median home prices below $200,000 making this already affordable state more appealing to people with lower income.

Also, homebuyers can enjoy access to cultural attractions such as museums and music festivals. The state is also known for its beer and cheese industries as well as the strong healthcare system.

• Average Home Value - $287,882

The state offers a variety of housing types, from coastal beach houses and historic homes in Charleston to suburban neighborhoods and rural farmhouses. As of February 19, 2024, the median home value in South Carolina is $287,882, which is slightly higher than the national average.

There are many affordable options in certain areas, with cities like Florence, Sumter, and Conway boasting median home prices below $250,000 despite the higher median value.

• Average Home Value - $292,551

While the national median home value sits at $405,700, South Dakota offers a budget-friendly option with a median of $292,551. Several areas boast extremely affordable prices. Cities like Sioux Falls, Rapid City, and Aberdeen show median home values below the state's average, making them further affordable.

You can be your perfect fit, from rural farmhouses to charming small-town homes, suburban neighborhoods, and urban apartments in Sioux Falls. Also, this state doesn't levy income tax, boosting your purchasing power.