Buying a house is perhaps the most significant investment a person can make in life. Some people collect money for years only to be able to own their dream home. No doubt, having a private house or apartment gives the feeling of independence and freedom. Still, sometimes it takes too much time to collect the necessary sum for purchasing a house.
The point is that many people are used to making the same mistake. Instead of conducting research to find out about the opportunities of cheap property, they economize to their detriment. Restrictions on travel, food, and educational services (like avoiding to contact an academic essay writer at EssayPro) are not the only way out of the situation. You can still enjoy your life while saving money for the property. The only thing is to find the most expedient variant.
If you are eager to buy your property in the US, we have some important tips. The first and foremost is to search for it on the basis of prices. And the prices directly depend on a state and a city. Thus, in this article, we are going to talk about the cheapest states you can consider to buy your house or apartment.
This place in the eastern part of the country offers you to buy a house for approximately $130,000. But how large will it be? For this price, you can expect to purchase 1,790 square feet of space. That’s why it is very easy to explain why almost 80% of West Virginia residents prefer having their private housing to renting living space.
This state is perfect for you if the plan is to build the house from scratch. Mississippi is known to be one of the most favorable places for doing this. Moreover, it is very common to build sustainable off-grid houses there. A typical home of 1,800 square feet in this part of the US will cost you around $150,000.
A state in the southern part of the country allows you to buy price-worthy property for about $170,000. It is the 28th most populated state in the country, and its homeownership rate is almost 70%.
Property in Arkansas would cost almost the same as in the previously mentioned place. This part of the US is calm and quiet. So if you enjoy a slow and relaxed lifestyle instead of constant rush, this is the best option. It is worth noting that there are fewer residents in the whole of Arkansas than in the city of Miami itself.
Iowa is home to more than 3 million people, which makes it the 31st state in the US in terms of the number of residents. The average price for property here is $180,000. Still, it is worth noting that the property tax rate in Iowa is relatively high. You can expect to pay almost $3,000 in taxes yearly if you choose to live here.
If you want to live in a place where the most famous fried chicken originated, this state is for you. Moreover, it is considered to be one of the cheapest places to own property. Pay around $190,000 and get 1,750 square feet of your personal space.
The Kansas economy is mostly driven by manufacturing and agriculture. That is why this state is home to 3 million US residents. Owning a property here means spending almost $200,000 for the same area, as was mentioned in the previous case.
This state is often described as the most underestimated one. Indeed, moving to Ohio rarely seems to be an option. Still, it is possible to find affordable and quality property here. For around $200,000, you will get 1,600 square feet of housing.
This southern state offers you to purchase a living space of 1,700 square feet for a slightly higher price than in Ohio. But the point is that the property tax rate here is almost three times lower. In the first case, you would pay around $1,000 annually, while in the second, the price would be $3,000. So now you have some food for thought to estimate which option is more advantageous.
The Cheapest Cities
Apart from the cheapest states for owning a property, we will focus on the cities that are considered the most affordable.
Even though the state of Oklahoma has already been mentioned, it is worth looking at the housing prices of Oklahoma City separately. Housing here will cost you 28.8% less than the national average. Moreover, this applies to both prices for the purchase of real estate and rented housing.
The capital of the state of Indiana is a perfect combination of modern urban life with considerable living costs. With its colleges and universities, it can be called a perfect student destination. The average property price is $118,000, which is less than in many American states.
In this city, almost everything costs comparatively less than in many other cities. The housing price will be similar to that in Indianapolis. Still, according to the statistics, the average income is less than in the previously described city.
Saying that Memphis has cheap real estate is saying nothing. In this city, you can buy a house for less than $100,000. Remember all the places listed above? Such a low amount of money is discussed for the first time in this article.
It is obvious that the southern part of the country is the cheapest. In this city, you can purchase a house for about $80,000, which is the lowest on this list so far. Still, note that more than 30% of residents live under the poverty line. Even though the statistics are not the best, the overall living costs here, including housing, food, and medical care, are more than affordable.
As we have smoothly switched to those cities where you can buy your property for less than $100,000, let us provide you with an additional list. Below you will find some more places where owning property is not a miracle but a real opportunity.
- Toledo, Ohio
- Pittsburgh, Pennsylvania
- Springfield, Illinois
- Kansas City, Missouri
- Jacksonville, Florida
- Akron, Ohio
- Dayton, Ohio
- Baltimore, Maryland
- St. Louis, Missouri
- Cleveland, Ohio
- Detroit, Michigan
In some of those cities, the percentage of real estate sale announcements for less than $100,000 is 50-70%.
When investing in real estate, make sure you choose the right place in terms of spending your life there. Housing costs, food, medical care – all these must be affordable and accessible. Still, some cities or states offer much more property opportunities than others. With our list, you can feel free to compare the destinations and choose the one that suits your wallet.
Investing wisely means assessing all the risks and taking all the pros and cons into consideration. Take your time, examine the real estate market, travel around the country, and make your final choice!