Real Estate

Top 10 Cheapest States To Buy A House in 2022

· Here are the ten cheapest states to buy a home based on home prices. It's worth noting that the national average home price rose from $246,000 
37

What are the cheapest states to buy a house in? What are the prices for houses in that state? When you factor in other lifestyle costs, what is the cheapest state to live in?

Whether the markets keep marching upwards or rumors of a recession prove to be true, affordable housing is going to continue to be a huge need. Now that technology has made it possible to live and invest in real estate anywhere there is an internet connection, and we can work from almost anywhere on the planet, expect the cheapest states to buy a house to start trending.

What Factors Impact Your Housing Costs?

There are a variety of factors that dictate the cheapest states to buy a house and the cheapest states to live in.

Average local prices for houses are the most obvious and significant ones. They can range from an average of just around $50,000 in some neighborhoods and zip codes to over $1M in others.

Unless you are a big real estate developer, you’ll be paying property taxes every year. NY, NJ, and CT are notorious for their extremely high property taxes.

Insurance rates can vary widely too. Even more so based on the risks of natural disasters where you choose to buy a home. If your state is prone to frequent hurricanes, wildfires, and tornadoes, expect to pay more, even if its not reflected in the prices for houses.

Closing costs can vary by state as well. New York has significant real estate transfer taxes, as well as a premium ‘mansion’ tax.

Lenders often charge different interest rates depending on the state a borrower wants a mortgage.

Building regulations and the cost of building permits can make it more or less expensive to buy a brand new home or build your own custom home. Most won’t allow you to go off the grid.

The Cost of Living

Read more: Ranch House Plans | Monster House Plans

It’s also worth calculating the local cost of living before you move. Everything can impact your monthly expenses of living in a certain place. The milk price index shows that in some states you can pay as little as 93 cents for a gallon of milk, and four times that in other states. If all of your daily and monthly expenses are 4x more or less, it is going to make a huge difference in how much or little you have left after the bills are paid, and what you can afford to do for fun.

Utilities are a big one too. Choose Energy reports that you can pay four times as much for your electricity in Hawaii every month compared to living in Louisiana.

A variety of laws can impact how much money you have left to spend on housing each month, and how safe the money you invest in your house is. High-cost states like NY and CA have recently seen a big exodus in population due to their state income taxes. Other states like Wyoming and Florida have no state income taxes. FL also offers homestead protections, meaning most creditors cannot pursue equity and wealth in your home, even if they obtain a judgment against you.

What Are The Cheapest States to Buy a House In?

Here are the ten cheapest states to buy a home based on home prices. It’s worth noting that the national average home price rose from $246,000 in January 2020 to $269,000 a year later in January of 2021 according to Zillow.

  1. State: West Virginia

Average home price: $113,626

West Virginia still boasts many unspoiled miles of nature and majestic mountain views. It may not be one of the best states for internet connection, but you can afford to live here and have plenty of money left over to visit the beaches and major urban areas in surrounding states on the weekends. In general, West Virginia is one of the cheapest states to live in.

  1. State: Mississippi

Average home price: $134,125

Mississippi is also known as one of the most lenient states for building your own home and building sustainable off-grid houses.

  1. State: Oklahoma

Average home price: $141,933

Oklahoma puts you just about smack dab in the middle of the country, with many cost benefits.

  1. State: Arkansas

Read more: Buying an apartment in Berlin: a guide for first-time buyers | SiB

Average home price: $142,070

If you like the quiet life, this state could be for you. Fewer people live in the entire state than in the city of Miami.

  1. State: Alabama

Average home price: $158,809

Alabama offers one of the best states for low property taxes, meaning you’ll pay less for your home each year. They even have beaches too.

  1. State: Iowa

Average home price: $158,930

Iowa, Idaho, and Wyoming are increasingly attracting new home buyers who are tired of the high housing prices and taxes in coastal states.

  1. State: Kentucky

Average home price: $160,589

Kentucky is right in the heart of the most affordable region to live in America. From music to nature there are lots to love about living in KY.

  1. State: Kansas

Average home price: $167,540

Read more: (Updated for 2022) VA Disability Rates: Charts and How to Calculate

There’s a lot to love about Kansas if you don’t mind a few tornadoes. Kansas is also one of the cheapest states to live in.

  1. State: Ohio

Average home price: $168,226

OH may be one of the most underrated states in America. Even in vibrant Cleveland, you can still find homes for just $50,000.

  1. State: Indiana

Average home price: $172,769

Indiana offers a lot more than just cornfields. There is plenty of good Midwest living to be had, in addition to the buzz of urban Indianapolis. This ranking and low taxes make Indiana one of the cheapest states to live in.

Buying and Selling Homes in 2022

2022 offers a unique year when many homes are coming off of their peaks in high priced states. Together with low interest rates, this offers movers the chance to get great prices for homes in one state, while moving too much more affordable ones, and maximizing their finances and lifestyle.

Regardless of whether or not you choose to move to one of the cheapest states to buy a house in, UpNest, which is owned by parent company Realtor.com, offers home sellers the industry’s best agent comparison tool for getting the best deal on home selling help from the top local Realtors. At UpNest home buyers can also get a cash rebate to use towards purchasing and decorating their new affordable dream homes. Try it out and save thousands on your move.

UpNest is a no-cost service for home sellers and buyers to find the best real estate agents locally. The UpNest platform allows you to compare multiple agents in your area so you can compare reviews, commission rates, previous sales, and more.

Our agents have been carefully vetted and often offer competitive, lower than average commission rates to UpNest customers. There is no obligation to sign up with one of our Realtors, but when you can potentially save thousands on commission – why wouldn’t you? If you’re ready to get started, just enter your zipcode below!

Where will you buy a home in 2022?

0 ( 0 voted )

150 Charles

https://150charles.com
A remarkable site overlooking the expanse of the waterfront, 150 Charles Street is sited between the activity on the Hudson River and the history of the West Village

See more