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Oklahoma, known as “The Sooner State,” sits right below Kansas in the middle of the United States. It has a population of with its biggest city being its capital – Oklahoma City – with 681,054 residents. Oklahoma’s economy is based on energy, as it’s a large producer of crude oil and natural gas. If you’re interested in getting a piece of Oklahoma, it can be had for relatively cheap. Northeast of Kansas, Iowa is another major agricultural state, with corn being its biggest export. Population-wise, it’s around the same size as Kansas, with 2,937,880 residents as of 2020.
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Baltimore is home to high-profile employers, including John Hopkins University and Northrop Grumman, one of the world’s largest weapons manufacturers and military technology providers. The government is also a big player in Baltimore’s economy, with more than 18% of workers employed by the federal (145,695), state (99,127) or local (245,253) government. Memphis is home to about 650,000 people, and the median age is around 34. In fact, this Mississippi Delta city might be primed for a tech surge. According to a report by the Federal Reserve Bank of Cleveland, Toledo saw the most employment growth in construction (6.4% between March 2018 and 2019). For more details, including the income-to-mortgage ratio in the other states, check out Homebuyer.com's full report.
Montgomery, Alabama
Shreveport, which offers proximity to Dallas and Arkansas, provides the most bang for your buck with a median home sale price of $166,750. Kansas is the eighth-cheapest state to buy a home in, with a typical home costing $198,199. This home price gets a homeowner about 1,782 square feet of living space.
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Illinois is a state that offers a mix of urban and rural living and a strong economy. Homebuyers in Illinois can enjoy access to cultural attractions, as well as a variety of outdoor activities such as hiking, fishing, and skiing. For this price, a homeowner can expect an average of 1,786 square feet of living space.
But like three of the others, it has a low population—1.79 million—and a population density of 74.6 people per square mile. The Mountain State also ranks as the fifth most affordable according to the NAR’s December 2021 ratings. Its property-tax rate as a percentage of home values was 0.55%, the fifth lowest in the nation. You’ve saved up for a down payment and are in a position to buy a home, but you want the best deal and you’re willing to move to another state to find it.
In addition to its natural beauty, Iowa also has many cultural attractions such as museums, theaters, and festivals. Michigan is home to over 10 million residents and the 10th-most populated state in the U.S. The state’s diverse economy is driven by the manufacturing, natural resources, defense, and information technology sectors. Lansing is the state capital and Detroit is the biggest metropolitan area. We used median home value and median household income data to determine what percentage of a household’s income paid the monthly mortgage payment in each state to determine affordability.
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The state’s also big on football — and most residents cheer for the Cincinnati Bengals, the Cleveland Browns, or the Ohio State Buckeyes. Lauren is a Content Editor specializing in personal finance and the mortgage industry. Her writing focuses on reporting the best places to live in the U.S. based on certain interests and lifestyles. In Communications from Alma College and has worked as a writer and editor for various publications in Philadelphia, Chicago and Metro Detroit.
With cities like Cleveland, Columbus and Cincinnati, as well as a variety of small, rural towns, Ohio gives you a lot to choose from when it comes to affordable living. Along with Kansas and its neighboring West Virginia, Ohio is one of three states where the median home sale price is under $200,000. With its rolling hills and winding rivers, West Virginia has plenty to offer in terms of outdoor exploration. As you can see, the median sale price last year was under $200k, making it one of three states under that mark.
Kansas City, Kansas
At a rate of 1.58%, Ohio's state property taxes are significantly higher than the other states on this list. The typical homeowner can expect to pay about $3,159 in state property taxes each year. Forbes Advisor compared 100 cities with a population of 100,000 or more and weighed typical household expenses and home prices against median income to come up with the most affordable cities.
Agriculture, transportation, and tourism are three of the largest business sectors in Louisiana. Baton Rouge is the state capital and New Orleans is the largest metro area. Previously, he served as an editor and content producer for World Company, Gannett, and Western News & Info, where he also served as news director and director of internet operations. The notable dip seen in 2010, following the 2008 housing market crash, serves as a stark reminder of the market’s volatility. Wave goodbye to waiting times and say hello to our Immediate Mortgage Approval.
Iowa is one of the cheapest states for home down payments - Axios
Iowa is one of the cheapest states for home down payments.
Posted: Mon, 10 Jul 2023 07:00:00 GMT [source]
The state also has many outdoor attractions such as lakes, mountains, and state parks, making it a great place for nature lovers. Louisiana is a state that offers a unique blend of cultures and traditions. Known for its Cajun and Creole cuisine, music, and festivals, Louisiana has a lot to offer residents.
Situated on Lake Erie, people there enjoy water sports and boat parties. It's also important to know which states have the highest income-to-mortgage ratio, especially for families looking to move to allow for more financial stability. Looking at the top five most expensive states to buy a house, the affordability measure is double — triple in some states — what the cheapest states' income-to-ratio sits at. Over the past several years, the housing market has become increasingly unaffordable to families.
With a real estate property tax rate of 0.55%, the typical homeowner can expect to pay $1,133 annually. Mississippi is the second-cheapest state to buy a home in, with a typical home valued at $157,828. This is less than half of the typical home price in the United States.
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