35. ZIP: 35810
> Location: Huntsville, Alabama
> Metro area: Huntsville, AL
> Median home sales price: $88,000
> Median household income: $37,488
> Homes that are at least 50 years old: 55.6%
The 35810 ZIP code, located just north of downtown Huntsville, Alabama, has some of the least expensive housing in the country. A total of 690 homes were bought and sold in the area in 2020 at a median sale price of just $88,000.
Home values are often a reflection of what area residents can afford — and just as home values are low in the area, so are incomes. The typical area household earns just $37,488 a year compared to the national median income of $62,843. Both incomes and home values are also affected by the local job market to some degree. Over the last five years, 9.0% of area workers were unemployed, well above the comparable 5.3% national unemployment rate.
34. ZIP: 47201
> Location: Columbus, Indiana
> Metro area: Columbus, IN
> Median home sales price: $86,600
> Median household income: $63,510
> Homes that are at least 50 years old: 41.9%
The 47201 ZIP code in Indiana is located just south of Indianapolis and includes the city of Columbus. The typical home that is sold in the area has a price tag of just $86,600.
The area’s low home prices make it one of the most affordable in the country. The typical home sale price in the 47201 ZIP code is just 1.4 times the area’s median household income of $63,510. Nationwide, the median home sale price is 4.2 times the national median income of $62,843.
33. ZIP: 61604
> Location: Peoria, Illinois
> Metro area: Peoria, IL
> Median home sales price: $85,500
> Median household income: $46,803
> Homes that are at least 50 years old: 74.7%
The 61604 ZIP code in Illinois, located just west of downtown Peoria, has some of the least expensive and most affordable homes in the United States. The typical area home sold in 2020 went for just $85,500, only 1.8 times more than the local median household income of $46,803. Meanwhile, nationwide, the median home sale price is 4.2 times higher than the median income of $62,843.
The area’s home prices are among the lower ones in the country likely due in part to reduced demand, precipitated by population decline. Over the last five years, the number of people living in the area contracted by 5.8%.
32. ZIP: 33417
> Location: West Palm Beach, Florida
> Metro area: Miami-Fort Lauderdale-West Palm Beach, FL
> Median home sales price: $85,000
> Median household income: $37,924
> Homes that are at least 50 years old: 16.6%
The broader Miami metropolitan area has some of the most expensive ZIP codes in the United States. Though it is located in West Palm Beach in the Miami metro area, the 33417 ZIP code is on the other end of the spectrum. There were over 900 homes bought and sold in the ZIP code in 2020, and most went for $85,000 or less.
Parts of the country with low home values are often home to relatively large populations that are struggling financially. In the 33417 ZIP code, about one in every five residents live below the poverty line, and one in every 10 households earn $10,000 or less a year. Nationwide, 13.4% of the population live below the poverty line, and 6% of households earn less than $10,000 annually.
31. ZIP: 48221
> Location: Detroit, Michigan
> Metro area: Detroit-Warren-Dearborn, MI
> Median home sales price: $85,000
> Median household income: $42,952
> Homes that are at least 50 years old: 94.6%
Detroit symbolizes the economic decline of the American Rush Belt, which is evident in the 48221 ZIP code. Located north of downtown Detroit, the ZIP code’s median home sale price in the last year was just $85,000, less than half of the median nationwide in 2020.
Many parts of the country with low home values are in areas where demand for housing has not climbed much in recent decades and development has stalled. In Detroit’s 48221 ZIP code, nearly 95% of homes were built before the 1970s, compared to just 38.4% of homes nationwide.