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When it comes to shopping for a new house, and whether you’re looking to put down roots in a family home or to downsize to a smaller place, affordability matters. Finding a house in one of the most affordable places to live could affect your long-term investment, provide financial growth — there’s a lot of possibility with each new home investment. We looked at rising market rates, employment opportunity statistics, and overall quality of life measures to choose these 10 states where you might be able to find a more affordable place to live.
1. Ohio
Ohio’s Midwestern position in the Great Lakes region boasts a median income of $27,535 with home prices averaging around $264,078. The business climate is among the best in the country due to steady growth and development, and low unemployment rates exist statewide in industries like trade, transportation, and utilities. The manufacturing and financial industries in the area are booming, too.
2. Indiana
The vibrant state of Indiana, known for its beautiful farmland and friendly people, is also one of the least expensive states to live in. Aside from affordable housing options, grocery and consumer goods prices are reasonable, monthly energy bills are low on average, and doctor visits likely won’t break the bank. The state’s average home price is around $265,581.
3. Iowa
Iowa, located between the Missouri and Mississippi rivers, is known for its stunning landscapes of cornfields and vast plains. It’s also a great place to buy a house; the median income in Iowa is around $30,097 with an average home price of $294,396. The economy is mainly focused on agriculture and manufacturing, and farming and food processing are major components.
4. Michigan
With a median income of around $26,916 and an average home price of about $261,684, Michigan is a wonderful spot to put down roots. A state in the Great Lakes region, there are more than 11,000 inland lakes across the state of Michigan. The auto industry is a large part of the area’s successful economy and numerous vacationers visit throughout the year, which has created plentiful jobs in tourism.
5. Nebraska
Nebraska is conveniently located near several neighboring states, meaning there’s plenty to see and do in the surrounding area. The state boasts a large agriculture sector, and in Nebraska, the median income is around $30,391. Average home prices are around $304,636. 1.9 million people are lucky enough to call this state home.
6. Oklahoma
Oklahoma is a major producer of natural gas, oil, and agricultural products. The economy is heavily centered around aviation, energy, telecommunications, and biotechnology, and because of these sectors, employment rates are high. The median income is $26,083 and the average home prices are $264,200.
7. Kansas
Kansas boasts low unemployment rates, a high percentage of loan approvals, and a bustling economy that demonstrates low consumer prices. This quirky and charming Midwestern state is filled with things to see and do. In Kansas, the median income is around $28,879 and homes cost $273,596 on average.
8. Kentucky
In the Commonwealth of Kentucky, the median income is about $24,826 and home prices are around $281,496. With excellent farming conditions in the area, there is a focus on agriculture but the economy has expanded with auto manufacturing, energy fuel production, and medical facilities, too.
9. West Virginia
West Virginia boasts a median income of around $23,348 and homes are priced at about $311,942, on average. Tourism contributes billions of dollars and employs thousands of locals. Another major economic resource in the state is coal; West Virginia is a top producer in the country, and almost all of the electricity in the state is generated from coal-fired power plants.
10. Missouri
Would-be-buyers are likely to find a good variety of homes in Missouri due to the high percentage of houses that are on the market at all times. In the Show-Me State, the median income is around $27,122 and homes cost $246,914 on average.
