Do you feel frustrated with the real estate market? The dream of homeownership can be achieved in these five states.
Best U.S. States to Buy a Home for Under $150,000
For many people, buying a home is a goal for achieving success. It can also be a great way to build long-term wealth. However, with Zillow’s estimate of the current value of the American home at an average of $339,048 and Indeed.com’s report of the median annual salary at an average of $55,640, homeownership is out of reach for a large number of people. According to CNN, the rising home prices in 2022 deprived 4 million Americans of the ability to buy a home.
Finding an affordable home that meets family needs in the current real estate market requires a lot of patience and research. In addition to the initial price, other factors such as taxes and utility costs in the specific state contribute to the purchase decision. However, if you are in the housing market, finding a home for less than half the national average is challenging but not entirely impossible. So, here we have compiled the states where you are likely to succeed.
West Virginia
Median home value: $151,886
According to Zillow’s Home Value Index (ZHVI), West Virginia is a great place to look for affordable family homes. As of March 2023, nearly 60 percent of homes sold for less than the listing price. The state also features a low tax burden and a low cost of living.
The capital, Charleston, offers a variety of homes ranging from 1,000 to 3,000 square feet for under $150,000. If you are looking for a home within commuting distance of the Washington D.C. area, you can find a fixer-upper in Martinsburg, Charles Town, or Harpers Ferry. At this price point, you can also find affordable homes built in the early 20th century within commuting distance from the Pittsburgh, Pennsylvania area in Weirton. The state has many great outdoor activities options at low prices with plenty of wonderful state parks.
Other major places to live in West Virginia include Parkersburg along the river and Morgantown, home to West Virginia University.
Mississippi
Median home value: $166,966
Mississippi is known as an affordable place to live. Farmers and fishermen have long enjoyed the state’s abundant natural resources, providing access to the Gulf Coast and large gatherings. For value per square foot, you might consider Gulfport, the second-largest city in the state. The city provides many key attractions, but it is wise to check FEMA’s flood zone map to understand the risks or potential insurance costs associated with any home near the water.
With a population nearing 150,000, the state capital, Jackson, offers a good number of homes in a strong job market. For the targeted price, there are many standalone homes with two and three bedrooms available for purchase.
For anyone with a DIY spirit or a renovation heart, there are always listings in Mississippi on Cheap Old Houses. One of the recent listings is a Victorian wooden house spanning 3,400 square feet, with four bedrooms and three bathrooms, built in 1900 in Winona.
Oklahoma
Median home price: $188,453
Oklahoma is one of the largest producers of crude oil, petroleum, and natural gas in America. With a competitive job market and many universities to consider, Oklahoma City, the capital, has a strong real estate market. Although the median price for single-family homes sold in April 2023 was $269,500, anyone looking for a condo or shared apartment can easily find one priced around $120,000 or a townhouse for about $150,000.
In addition to
To the capital, there are also affordable homes in Tulsa, where many healthcare companies are headquartered. Remote workers can also check out the Tulsa Remote program, an initiative where winners can earn $10,000 in grants if they move to Tulsa to work remotely or start a business.
Ohio
Median home sale price: $227,600
With major cities like Cleveland, Cincinnati, and Columbus in mind, it’s hard to imagine affordable homes in the state. But it is very possible, even in those cities themselves. For example, Columbus has various listings under $150,000. Although it is difficult to find move-in ready homes in Cincinnati at such a price point, there are available apartments and homes that could benefit from a touch of love. Cleveland also offers more than 500 homes in this price range at the time of writing this article, including many multi-family homes – perfect for multi-generational living or real estate professionals. If you’re looking to get away from the big cities, try Toledo with more than 250 listings available (at the time of writing this article) and LeBron James’s hometown, Akron, with nearly 200 homes within budget.
Kentucky
Median home sale price: $243,100
You might be surprised to learn that you can get a home for less than $150,000 in a state famous for its great bourbon and the best bluegrass. It’s true that you can find homes in Louisville, the largest city in Kentucky. Whether it’s an apartment or a detached villa suitable for your family, the Kentucky racing destination has budget-friendly hot homes. Alternatively, you could choose a move-in ready home around 1,000 square feet for less than $150,000 in Lexington, the second-largest city in the state.
In short, if you’re looking for a home for less than $150,000, these states are the best places to achieve that. Homeownership can be one of life’s significant milestones and can have a major impact on personal wealth in the long run. So, don’t lose hope and explore these states to achieve the dream of ownership.
Source: https://www.realsimple.com/where-to-buy-a-home-under-150k-in-us-7505217
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