States With The Lowest Average Home Prices – Forbes Home

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West Virginia tops the list of the least expensive homes in the country. With an average price of just $98 per square foot and listings selling for an average of $140,000, that home along one of the state’s scenic highways may be more affordable than you thought. A property tax rate of just .57% doesn’t hurt either, although the median household income sits just above $51,600, and the cost of living index is in the low 90s.

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A little farther west and south of West Virginia is Arkansas, and the state has similar home pricing statistics. At $101 per square foot of real estate, average home prices hover just below $150,000. Coupled with the state’s low property taxes of .61%, it ranks as having the second-lowest average house costs. Arkansas has a cost of living index of just under 90 and median household incomes that average $50,540.

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When it comes down to it, $165,000 will buy a lot of corn. It could also get you an average house in Iowa. The state’s property taxes are high, at 1.53%, but at $114 per square foot, you may not notice as much as in some other states. The median household income is $60,500, and the cost of living, at 88.1, is on the low side of typical for the midwest.

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Alabama hosts the U.S Space and Rocket Center, but the housing market is down to Earth. Average per-square-foot pricing is $114, while average home prices are $170,000. Throw in a .48% property tax, and prices sound even better. The cost of living index is 87.5, and the median household income is $50,500.

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Mississippi has the country’s lowest cost of living index, rated at just 83, and the lowest median household income at just under $45,000. Property taxes are on the low end at just .79%. Surprisingly, homes in the state only rank fifth for least expensive at about $115 per square foot which means average home prices fall in the $140,000 to $145,000 range.

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The current selling rate for houses in the state of Kentucky averages $168,000 or $117 per square foot. Property taxes are well below the national average at .83%, and the cost of living index is around 93 to 94, but the median household income is a bit low at $50,000.

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Nebraska boasts the largest and arguably the best cattle production in the nation. Less attractive is the state’s property tax rate of 1.61%, which is well above the national average of 1.07% and even ranks high among midwest states. Home prices continue to creep higher too and are at $118 per square foot, which means average houses sell for around $206,000. The cost of living is still low at about 92% of the national average, and the median household income is approximately $61,000.

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In 1983, the Rock and Roll Hall of Fame opened in Cleveland and a house in Ohio could be purchased for $75,000. That was then. Rock and roll may never die, but house prices like that are long gone. Average prices for houses in Ohio are up to $181,000, or around $119 per square foot. They’re still the eighth cheapest in the nation, but higher-than-average property taxes hover at about 1.57%.

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Tornadic weather in Oklahoma might blow you away, but the housing prices may not. At $120 per square foot, an average-sized home can be purchased for about $150,000. The cost of living is 15% less expensive than average around the country, and the property tax rate of .87% is also a nice benefit. The median household income in the state sits just under $53,000.

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Louisiana has the highest poverty rate in the nation and a median household income of $51,000. Average home prices are $120 per square foot, with a low rate of .53% for property taxes.

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Someone must have asked the Wizard for inexpensive housing in Kansas. Coming in at around $122 per square foot, the state’s average price for single-family homes is about $176,000. Standard for the middle of the country, Kansas property taxes hover at around 1.37%, which is a bit higher than the national average. Still, the cost of living index is just over 85, and the median household income is $59,600.

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At the crossroads of America, you’ll find a variety of housing prices. Although property tax rates are well above the national average, sitting at 1.37%, the price tag of an average house is about $185,000 or $125 for each square foot. Indiana has a cost of living index below 90 and median household incomes of around $56,300.

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Missouri, the gateway to the West, is also a decent gateway to homeownership. With a property tax rate below the national average of .93% and per square foot pricing averaging $145 per square foot, average homes sell for around $194,000. The median household income in the state is $55,500, and the cost of living index is slightly over 90.

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With nearly 3,300 hundred miles of freshwater coastline and the country’s most prominent auto manufacturing industry, Michigan allows you to drive to your fishing hole with the money you save on buying a house. At $156 per square foot, the state’s average home price of $208,000 ranks it the 14th cheapest place to buy a house.

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Illinois is on the list of places with the lowest average home prices, despite high property values in and around Chicago. Average home prices are around $233,000, and the per-square-foot price is about $174. There’s also a $66,000 median household income and a cost of living index of 92. However, property taxes across the state average a whopping 2.16%, equating to over $4,500 in annual payments for the typical homeowner.