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10 States With the Lowest Home Prices in 2022 – The Motley Fool

Image source: Getty Images

Grab a box of tissues — we’ve crunched the numbers, and Hawai…….

Image source: Getty Images

Grab a box of tissues — we’ve crunched the numbers, and Hawaii still doesn’t make the list.


Key points

  • The median home price in the U.S. is $428,700.
  • West Virginia has the most affordable homes in the United States.

Two years ago, the housing market started seriously heating up. With mortgage rates at all-time lows, buyers flocked to the market. As a result, home prices in the U.S. increased by more than 30% from 2020 to 2022, according to recent Ascent research. Despite this, homes continue to sell within days of being listed. 

However, housing in some states remains affordable. The following states have the most affordable home prices this year, way less than the national median of $428,700.

10 states with the most affordable homes

  1. West Virginia has the lowest home prices in the United States. The typical single-family home costs $137,286. Bonus: West Virginia also boasts some of the lowest property taxes in the country.
  2. Mississippi comes in a close second with a typical home value of $164,132. Even though Mississippians’ incomes are less than one-third of the national median, the average mortgage payment is only 22.7% of the state’s median income — well below the 28% threshold advised by many financial experts.
  3. Arkansas offers some of the most affordable homes in the U.S. The median home value is $177,710. That’s a meager 41% of the typical U.S. home price.
  4. Oklahoma is plenty affordable with a median home value of $181,574. And towns like Okmulgee, Okla., offer even more bang for your buck: The average price of a home in Okmulgee is a budget-friendly $69,800.
  5. Iowa combines affordable housing with higher incomes. The typical home value is $192,568. Homeowners typically spend less than 17% of their income on mortgages.
  6. Kentucky offers good value to prospective home buyers. The typical home value is $197,644. That’s a mere 46% of the median price of a U.S. home.
  7. Alabama homes are affordable. The typical home value is $204,965. Consider checking out the historic city of Huntsville “Rocket City,” AL, which has a median home value of $184,500 and is the sixth-best city to buy a house in, according to Niche.
  8. Kansas is another state that combines low housing prices with higher incomes. The median home value is $206,176. Homeowners typically spend less than 18% of their income on …….

    Source: https://www.fool.com/the-ascent/mortgages/articles/10-states-with-the-lowest-home-prices-in-2022/

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