The Least Expensive Zip Codes In America

The 63114 ZIP code in Missouri, located northwest of downtown St. Louis, has some of the least expensive homes in the United States. At least half of the 678 homes sold in the area in 2020 went for $82,750 or less. The area’s home prices are among the lowest 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 3.6%.

Low home prices make the area one of the most affordable in the country. The typical home sale price in the 63114 ZIP code is just 1.8 times higher than the median household income in the area of $46,346. Nationwide, the median home sale price is 4.2 times higher than the median income of $62,843.

The 38128 ZIP code, located just northeast of downtown Memphis, has some of the least expensive homes in the United States. The typical area home that sold in 2020 went for just $82,200.

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 household in the 38128 ZIP code earns just $35,832 a year compared to the national median income of $62,843. Both incomes and home values are also affected by the local job market. Over the last five years, 7.9% of area workers were unemployed, considerably higher than the comparable 5.3% national unemployment rate.

The 62040 ZIP code in Illinois is located across the Mississippi River from St. Louis. With a median home sale price of just $80,000 in 2020, it has some of the least expensive homes in the country. Partially as a result, the area is among the most affordable places for homeowners in the country. The typical home sale price in the ZIP code is just 1.5 times higher than the median household income in the area of $51,953. Nationwide, the median home sale price is 4.2 times higher than the median income of $62,843.

Greater affordability means fewer residents need to finance their home, and those who do can pay off the loan in less time. Only 56.5% of owner occupied homes in the area have a mortgage, below the national share of 62.7%.

The 32208 ZIP code, situated along the Trout River just north of downtown Jacksonville, Florida, is one of only 27 ZIP codes nationwide where the typical home sold in 2020 cost less than $80,000. There were over 540 homes bought and sold in the area in the last year and most went for $78,650 or less.

Parts of the country with low home values are often home to relatively large populations that are struggling financially. In the 32208 ZIP code, nearly one in every four residents live below the poverty line, and 12.9% 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.

The 62002 ZIP code, located north of, and across the Mississippi River from, St. Louis, has some of the least expensive housing in the United States. The typical area home that sold in 2020 went for just $78,600. The area’s home prices are among the country’s lowest 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 3.9%.

Low home prices make the area one of the most affordable in the country. The typical home sale price in the 62002 ZIP code is just 1.7 times higher than the median household income in the area of $45,130. Nationwide, the median home sale price is 4.2 times higher than the median income of $62,843.