Keeping it Affordable
With a housing supply shortage and a growing demand, home values are ticking up, making it difficult for potential home buyers to land the home of their dreams—or any house. In many metropolitan areas it's a seller's market, but with remote careers picking up steam, more home buyers can choose to live in communities other than the community where their employer is located. Fortunately, buying a house is still affordable in some areas. Keep reading to find the cheapest places to buy a house.
Looking to invest in real estate? Consider heading to Orlando, which appears to be enjoying a strong housing market throughout 2021, according to Norada Real Estate Investments. In just the last year, home values have increased by 10.2 percent, and the city's real estate market has enjoyed being one of the best long-term investments for the past decade, so a house purchased here will likely appreciate in value quickly.
As the fifth-largest city in Ohio, Akron is strategically located on the Little Cuyahoga River, and it has an established history of rubber manufacturing. Akron is enjoying a super-strong job market and a growing economy—the median price of a home is just $157,417, which is 54.5 percent below the national average, according to Insurify. However, potential buyers should know that there's a shortage of available houses in Akron, so make an offer quickly if you don't want to get shut out.
St. Joseph, Missouri
Just 30 minutes north of Kansas City, St. Joseph, Missouri, has quick access to all of the culture you may desire while offering a smaller community atmosphere. With a population of just more than 75,000, this community is known for its relaxed atmosphere, quality schools, and friendly citizens. The current median price of a home in St. Joseph is just $119,756.
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Wichita Falls, Texas
Why buy a home in Wichita Falls? It's the perfect place for young professionals, retirees, and families with children. Known as the Gateway to Texas due to its location on the Oklahoma border, Wichita Falls has grown from a cattle town to a bustling community brimming with arts and culture. According to BestPlaces, the median home cost in Texas is $195,000 but is just $95,700 in Wichita Falls.
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With a population of approximately 130,000, Bloomington is one of two adjacent twin cities, the other being Normal, Illinois. The area offers residents a wide range of recreation and entertainment opportunities. Located 135 miles southwest of Chicago, Bloomington is home to Illinois State University, and State Farm Insurance is its largest employer. Home buyers shopping in this bustling community can expect to pay an average of $122,367 for a home, according to Insurify, which is 64.7 percent lower than the national median home price.
Despite a fast-growing economy, the housing market in Kokomo, Indiana, looks pretty good for a buyer who wants to snag a deal. Following a decade-long boom, Kokomo is now the 15th largest city in Indiana, with a population topping 58,000. The community is home to several major employers, including Chrysler and Coca-Cola. The median price of a home in Kokomo is $129,667, more than 60 percent below the national average, according to Insurify.
With a robust agricultural economy as well as a growing industrial scene that includes iron and steel milling, Muncie, Indiana, features a population of about 68,750 and is an affordable place to buy a house or open a business. According to Insurify, a home here will cost an average of just $85,217, putting the median cost of residential real estate in Muncie about 75 percent below the national average.
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Located in Comanche County in southwest Oklahoma, Lawton has a population of more than 96,000 residents and is the fifth-largest city in Oklahoma. Ripe with Native American culture and history, Lawton also is prized for its educational opportunities, healthcare, and manufacturing industries. Living in Lawton won't break the bank, however. A home here sells for a median price of $109,783, which is about 68 percent below the national average, according to Insurify.
The capital of Kansas, Topeka, is home to more than 126,000 residents. Its claims to fame include the Brown vs. Board of Education Historical Center, Old Prairie Town, and a growing economy. According to Insurify, house hunters in Topeka can buy a home for the median price of $147,383, about 57 percent lower than the national average.
Located on the Mississippi River, Davenport, Iowa, is known for its abundance of parks and outdoor recreational trails. The city, with a population of over 102,000, is rife with festivals and art galleries. Insurify notes that buying a home in Davenport will set you back an average of $148,317, which is about 57 percent below the national average, making this a lovely spot for families and outdoor enthusiasts.
Related: 11 Signs It's Time to Move
Waterloo-Cedar Falls, Iowa MSA
According to Insurify, the Metropolitan Statistical Area (MSA) of Waterloo and Cedar Falls, Iowa is a good area to find an affordable home. The median price of a house in the MSA region is $165,067, nearly 55 percent below the national average. The two cities sprawl over three counties in Iowa and are home to more than 170,000 residents. The metropolitan area is known for job opportunities in manufacturing, education, and healthcare.
With a population of nearly 70,000, Youngstown is the ninth-largest city in Ohio. It nestles alongside the Mahoning River and is located just 61 miles northwest of Pittsburgh, Pennsylvania. In recent years, Youngstown has become a bustling community known for its innovation, culture, and entertainment. According to Insurify, buying a house here runs an average of $135,967, approximately 60 percent lower than the average median house price.
The largest city along the Illinois River, Peoria, Illinois, is home to a population of 113,532 residents. It boasts the famous Peoria RiverFront district, which is filled with a variety of eateries, live entertainment, and diverse cultural centers. The median price of buying a house in Peoria will set you back approximately $114,163, which is about 67 percent below the national average, according to Insurify.
Huntington-Ashland, West Virginia-Kentucky MSA
The metropolitan statistical area of Hunting, West Virginia, and Ashland, Kentucky, is home to 361,580 residents spread over seven counties in the Appalachian Plateau. The metro area provides a diverse range of industries and cultural offerings. While home prices will vary, depending on the exact location, according to Insurify, the median price of a house in the Huntington-Ashland area runs $139,833, which is more than 59 percent below the national average.
Located on the banks of Lake Erie in the far northwestern corner of Pennsylvania, residents of the city of Erie spend warm days enjoying the clear waters of the Great Lake and a host of other outdoor recreational opportunities, including walking, hiking, and biking trails. A mid-sized city, Erie has a population of 97,263 and boasts a growing economy. Insurify lists the median cost of a home in Erie at about $138,433—about 60 percent less than the national average.
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