Best Place to Buy a House in Us

Last updated on January 5, 2022

As a real estate investor, you want to find properties where your investment dollar will get the furthest.

To assistance yous do that, we decided to compile a list of the cheapest states to buy a house in America in 2022. We analyzed data from several sources:

• Zillow Research for home values and celebrated price trends (as of November 2021)
• GOBankingRates for average rent of a iii-sleeping accommodation place
• Yahoo to find the cheapest cities to buy a habitation
• World Population Review to determine the current cost of living index for each state

Notation: The post-obit data is on a country level and will naturally vary by market within each state.

→View investment properties listed nether $100K on our marketplace

1. West Virginia

West Virginia is domicile to just under 1.8 million people and is the 40th-most populated land in the U.Southward. Largest industries in Westward Virginia include tourism and natural resources. Charleston is the state capital letter and Huntington-Ashland is the largest metropolitan area.

• Median abode value: $122,342 (Zillow)
• ane-year price change: 9.seven% (Zillow)
• 5-year price change: 23.9% (Zillow)
• Average rent: $912 (GOBankingRates)
• Cheapest cities to buy a house: Bluefield, Clarksburg, Beckley, Huntington (Yahoo)
• Cost of living alphabetize: 91.1 (World Population Review)

2. Mississippi

Mississippi is the 34th-nigh populous state in the U.S. and home to almost three 1000000 residents. Agriculture and manufacturing are two of the largest industries in the state. Jackson is the state capital and likewise the largest metro area in Mississippi.

• Median home value: $151,190
• 1-twelvemonth cost change: 12.6%
• five-year toll change: 30.2%
• Average rent: $989
• Cheapest cities to purchase a house: Jackson, Greenville, Meridian, Gulfport
• Cost of living index: 86.i

>> Browse Mississippi investment properties

3. Arkansas

Dwelling house to more 3 one thousand thousand people, Arkansas is the 33rd-largest state in the U.S. Agriculture, manufacturing, and tourism help drive the economy in Arkansas. Lilliputian Rock is the capital metropolis and also the biggest metropolitan area.

• Median home value: $161,570
• 1-yr price alter: 15.half-dozen%
• 5-year toll change: 38.i%
• Average hire: $926
• Cheapest cities to purchase a firm: Pine Barefaced, Texarkana, North Footling Rock, Fort Smith
• Cost of living alphabetize: 86.9

>> Browse Arkansas investment properties

4. Oklahoma

Oklahoma has a population of almost 4 million people and is the 28th-nigh populated land in the U.South. The various economy is powered by the agriculture, manufacturing, and natural resource sectors. Oklahoma City is the state upper-case letter and the biggest metro area.

• Median home value: $162,409
• i-year price change: 14.6%
• 5-year price change: 36.v%
• Average rent: $1,015
• Cheapest cities to buy a house: Muskogee, Lawton, Shawnee, Enid
• Cost of living index: 87.0

>> Browse Oklahoma investment backdrop

5. Iowa

Abode to more than three.1 1000000 people, Iowa is the 31st-virtually populous state in the U.S. The diverse economy is driven past the manufacturing, information and biotechnology, agronomics, and natural resources sectors. Des Moines is the state capital letter and Omaha Bluffs is the biggest metropolitan area.

• Median home value: $176,499
• i-year price change: 11.four%
• 5-year toll change: 28.8%
• Average rent: $1,021
• Cheapest cities to buy a house: Waterloo, Sioux Metropolis, Davenport, Council Bluffs
• Cost of living index: 90.i

6. Kentucky

Kentucky is the 26th-largest state in the U.Due south. with over 4.v million people. Agronomics, manufacturing, healthcare, and natural resources help continue the economy stiff. Frankfort is the state majuscule and Louisville is the largest metro expanse.

• Median habitation value: $180,024
• 1-year price alter: 13.viii%
• five-twelvemonth price change: 41.7%
• Average rent: $one,025
• Cheapest cities to purchase a house: Hopkinsville, Covington, Owensboro, Bowling Green
• Cost of living alphabetize: 90.ix

>> Scan Kentucky investment properties

vii. Alabama

Just over 5 million people reside in Alabama, making the land the 24th-largest in the U.S. The various economic system of Alabama is driven in function by the agronomics, manufacturing, healthcare, and financial sectors. Montgomery is the country capital and Birmingham is the largest metro area.

• Median home value: $183,101
• 1-year price alter: sixteen.0%
• v-year toll change: 43.0%
• Boilerplate rent: $1,060
• Cheapest cities to buy a house: Gadsden, Birmingham, Montgomery, Phenix City
• Cost of living index: 89.3

>> Browse Alabama investment properties

eight. Kansas

Kansas is the 35th-most populated state in the U.Due south. and dwelling to about 3 million people. Agronomics, natural resources, and manufacturing help drive the Kansas economic system. Topeka is the upper-case letter metropolis and Kansas City is the biggest metropolitan area.

• Median dwelling value: $190,409
• ane-twelvemonth price modify: 15.0%
• 5-yr toll change: 40.0%
• Average rent: $1,050
• Cheapest cities to buy a house: Hutchinson, Kansas City, Topeka, Salina
• Cost of living alphabetize: 89.0

>> Browse Kansas investment properties

9. Ohio

Another Midwest state on the listing, Ohio is the 7th largest state in the U.S. and home to nearly 12 million residents. Manufacturing and financial services are the ii largest sectors of the economy. Columbus is the state capital and Cincinnati is the largest metro expanse.

• Median home value: $192,352
• i-year cost change: sixteen.0%
• 5-year price change: l.2%
• Average rent: $1,024
• Cheapest cities to buy a house: Youngstown, Warren, Dayton, Marion
• Cost of living index: 90.8

>> Scan Ohio investment backdrop

x. Louisiana

Louisiana is the 25th-most populated state in the U.S. with about 4.7 million residents. Agriculture, transportation, and tourism are three of the largest business sectors in Louisiana. Billy Rouge is the country capital and New Orleans is the largest metro area.

• Median home value: $199,541
• 1-yr price alter: ten.five%
• 5-year price change: 20.9%
• Average rent: $988
• Cheapest cities to buy a business firm: Shreveport, Alexandria, Monroe, Marrero
• Cost of living index: 93.9

eleven. Indiana

Indiana is domicile to most half-dozen.8 million residents and is the 17th-largest state in the U.S. The economy is driven by the manufacturing, agronomics, and healthcare sectors. Indianapolis is the state capital and also the biggest metropolitan area.

• Median home value: $200,056
• 1-yr price alter: 17.v%
• five-yr toll change: 52.7%
• Boilerplate rent: $1,052
• Cheapest cities to buy a house: Gary, Anderson, Muncie, Richmond
• Cost of living index: 90.0

>> Browse Indiana investment backdrop

12. Missouri

Missouri is the 19th-most populated state in the U.S. and home to more than 6.1 million people. Major industries include aerospace, transportation, manufacturing, and financial services. Jefferson Urban center is the state capital and St. Louis is the largest metro surface area.

• Median dwelling value: $218,419
• 1-year cost change: 16.7%
• five-twelvemonth price modify: 54.ix%
• Boilerplate rent: $ane,086
• Cheapest cities to buy a business firm: St. Joseph, Florissant, Joplin, Independence
• Cost of living alphabetize: 87.1

>> Scan Missouri investment properties

13. Michigan

Michigan is home to over 10 million residents and the 10th-near 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 expanse.

• Median home value: $218,419
• 1-twelvemonth price modify: 16.vii%
• 5-year price change: 54.9%
• Average rent: $1,140
• Cheapest cities to buy a house: Flint, Detroit, Bay City, Saginaw
• Price of living index: 88.9

>> Scan Michigan investment properties

14. Nebraska

With almost 2.0 million residents, Nebraska is the 37th-largest state in the U.S. Agriculture, transportation, manufacturing, and information technology help drive the country's economy. Lincoln is the country majuscule and Omaha-Council Bluffs is the biggest metropolitan area.

• Median dwelling value: $218,939
• ane-yr price alter: 14.0%
• v-year toll change: 41.0%
• Average rent: $1,103
• Cheapest cities to buy a house: Beatrice, Lexington, Hastings, Scottsbluff
• Cost of living index: ninety.8

xv. Wisconsin

Nearly half-dozen million people reside in Wisconsin, making the state the 20th-largest in the U.South. Major industries such as agriculture, manufacturing, and consumer goods bulldoze the economy. Madison is the country capital and Milwaukee is the largest metropolitan area.

• Median dwelling value: $242,541
• one-year toll change: 14.vii%
• 5-year cost change: 47.9%
• Average rent: $1,133
• Cheapest cities to buy a house: Beloit, Manitowoc, Racine, Addicted du Lac
• Cost of living index: 97.3

>> Browse Wisconsin investment backdrop

16. Illinois

About 12.8 1000000 people alive in Illinois, making the land the 6th-largest in the U.S. Agriculture, manufacturing, finance and investment, and the service sectors keep the diverse economy growing. Springfield is the capital city and Chicago is the largest metropolitan area.

• Median home value: $244,494
• one-year cost alter: 13.5%
• 5-year cost change: 30.one%
• Average rent: $1,240
• Cheapest cities to buy a house: Danville, Galesburg, Decatur, Peoria
• Toll of living index: 94.5

>> Browse Illinois investment backdrop

17. Pennsylvania

Home to over 13 million residents, Pennsylvania is the fifth-largest state in the U.S. Finance and agriculture are the 2 largest industries in the country. Harrisburg is the capital metropolis and Philadelphia/Delaware Valley is the largest metro area.

• Median abode value: $246,873
• i-year price modify: 15.3%
• 5-year price alter: 41.8%
• Average rent: $ane,154
• Cheapest cities to buy a firm: Harrisburg, Wilkes-Barre, Altoona, Scranton
• Cost of living index: 101.vii

>> Browse Pennsylvania investment backdrop

eighteen. South Carolina

Due south Carolina is the 23rd-most populated state in the U.S. and home to over five.1 1000000 people. Agronomics, manufacturing, and healthcare are 3 of the largest industries in South Carolina. Columbia is the state capital and Greenville-Anderson is the largest metro area.

• Median home value: $252,309
• 1-year price change: twenty.3%
• 5-year price modify: 48.4%
• Boilerplate rent: $1,115
• Cheapest cities to buy a house: Sumter, Spartanburg, Florence, Columbia
• Toll of living index: 95.ix

>> Browse Southward Carolina investment properties

19. North Dakota

The population of Due north Dakota is well-nigh 780,000 making information technology the 3rd-smallest state. Agriculture is the largest industry in N Dakota, followed past petroleum, food processing, and applied science. Bismarck is the state capital letter and Fargo is the largest metropolitan area.

• Median dwelling value: $258,101
• i-year price alter: 8.5%
• 5-twelvemonth price change: thirteen.ii%
• Average rent: $1,190
• Cheapest cities to buy a house: Jamestown, Minot, Thou Forks, Fargo
• Cost of living index: 98.viii

20. Tennessee

Almost 7 million people live in Tennessee, making the state the 16th-largest in the U.S. Major industries include automotive manufacturing, agriculture and textiles, and energy. Nashville is the capital urban center and likewise the biggest metropolitan expanse.

• Median home value: $258,586
• ane-twelvemonth price change: 22.1%
• five-year cost change: 60.half dozen%
• Boilerplate rent: $i,121
• Cheapest cities to purchase a house: Memphis, Jackson, Kingsport, Johnson Urban center
• Toll of living index: 88.seven

>> Browse Tennessee investment backdrop

21. New Mexico

New Mexico is the 36th-most populated land in the U.Southward. and habitation to over 2.1 million people. Most one-half of its economy is based on the service sector, while much of the residuum is centered on extractive industries (mining and oil product). Santa Atomic number 26 is the country capital and Albuquerque is the biggest metro area.

• Median dwelling value: $263,685
• 1-year price change: 18.six%
• five-year toll alter: 47.iii%
• Average rent: $1,134
• Cheapest cities to purchase a firm: Roswell, Alamogordo, Farmington, Clovis
• Cost of living index: 87.v

22. Due south Dakota

With simply under 890,000 residents, South Dakota is the 4th-smallest state in the U.S. Agriculture and service sectors such as retail, finance, and healthcare bulldoze the economy. Pierre is the state capital and Sioux Falls is the largest metro area.

• Median dwelling value: $264,362
• 1-twelvemonth price alter: 16.9%
• 5-year cost change: 40.six%
• Average rent: $979
• Cheapest cities to buy a business firm: Huron, Mitchell, Aberdeen, Vermillion
• Price of living index: 99.eight

23. Texas

Texas is the 2nd-largest state by population in the U.S. with nearly 29.ii 1000000 residents. Major industries in Texas include agriculture and mining, energy and natural resource, and engineering science. Austin is the land capital and Dallas-Fort Worth is the largest metro area.

• Median dwelling house value: $271,172
• 1-twelvemonth price modify: 20.9%
• five-year price alter: 49.0%
• Boilerplate rent: $1,289
• Cheapest cities to buy a house: Port Arthur, Wichita Falls, Brownsville, Pharr
• Cost of living index: 91.5

>> Browse Texas investment properties

24. Georgia

Georgia is the 8th-most populated state in the U.S. and home to more than than 10.7 million people. The diverse economy is driven past the agriculture and mining, industry and logistics, and defense sectors. Atlanta is the state capital and also the largest metropolitan region in Georgia.

• Median dwelling house value: $275,116
• 1-year price change: 23.v%
• 5-year toll change: 62.7%
• Average rent: $one,179
• Cheapest cities to buy a house: Albany, Macron, Columbus, Augusta
• Cost of living alphabetize: 89.2

>> Browse Georgia investment properties

25. N Carolina

North Carolina is the 9th-most populated country in the U.S. and home to over 10.4 million people. Agriculture, textiles and manufacturing, and high engineering help drive the state's diverse economy. Raleigh is the land capital and Charlotte is the biggest metro area.

• Median home value: $277,795
• one-year price change: 23.6%
• five-year cost modify: 57.eight%
• Average rent: $1,140
• Cheapest cities to purchase a firm: Rocky Mount, Fayetteville, Wilson, Burlington
• Cost of living index: 94.9

>> Browse North Carolina investment properties

Macro trends to watch in 2022

The housing marketplace in 2022 was characterized by low interest rates with more demand than supply. Will adjacent twelvemonth be more of the same, or something completely different?

While there'due south no such thing as a crystal ball, at that place are several macro trends that investors tin can monitor to aid predict how the housing market place will perform in 2022:

• Continued migration of people to the suburbs and smaller secondary and third markets, as the COVID-xix pandemic normalized work-from-habitation.
• Budgetary policy and the consequence on mortgage interest rates.
• Economic growth and gross domestic product.
• Consumer confidence and changes in the job market.
• Average median abode price and affordability.
• Existing and new home sales.
• Homeownership vs. renter-occupied rate.
• Single-family housing starts and overall supply of housing.
• Markets that brand sense for real manor investing.

Ready to invest in one of these top 25 cheapest states to purchase a home? If you haven't already done and so, create your free Roofstock business relationship and set up alerts. We'll notify y'all when we have an investment property that matches your search criteria.

keoughsheraor.blogspot.com

Source: https://learn.roofstock.com/blog/cheapest-states-to-buy-a-house