An increase in demand for housing in the United States, in addition to a limited stock of housing, has created a seller’s market unlike anything seen in recent memory. Homes are now selling faster than ever, and also for more money than ever.
While the rapid rise in house prices can put off many potential buyers, there are areas of the country where home values are relatively low and affordable for a wider range of budgets. In every state, there are places where home prices are well below the national median home value of $ 217,500.
Using median home value data from the US Census Bureau, 24/7 Wall St. identified the cheapest zip codes to buy a home in each state. Among the postal codes on this list, the median home value ranges from $ 18,400 to $ 181,100.
Home values in a given area are often a reflection of what residents can afford, and in each ZIP on this list, the median household income is lower than the typical statewide household. wins every year. Here’s a look at the poorest city in each state.
Despite the lower incomes, home values in these areas are often low enough that buyers are less likely to need a mortgage. With one exception, in every zip code on this list, the share of homeowners financing with a mortgage is lower than the comparable share of homeowners statewide. It is the American city with the most foreclosures.
Click here to see the cheapest zip code to buy a home in each state.
Click here to see our detailed methodology.