25. ZIP: 30906
> Location: Augusta, Georgia
> Metro area: Augusta-Richmond County, GA-SC
> Median home sales price: $75,331
> Median household income: $37,536
> Homes that are at least 50 years old: 41.4%
The 30906 postal code, which covers a large portion of Augusta, Georgia, south of the downtown area, has some of the least expensive homes in the country. A total of 824 area homes were bought and sold in 2020, and most went for $75,331 or less.
Parts of the country with low home values are often home to relatively large low-income populations. In the 30906 ZIP code, the poverty rate stands at 28.4%, and 11.5% of households earn $10,000 or less a year. Nationwide, 13.4% of the population live below the poverty line, and 6.0% of households earn less than $10,000 annually.
24. ZIP: 31204
> Location: Macon, Georgia
> Metro area: Macon, GA
> Median home sales price: $75,000
> Median household income: $34,407
> Homes that are at least 50 years old: 65.0%
The 31204 postal code, which covers much of the western part of Macon, Georgia, had a median home sale price of just $75,000 in 2020.
Home values in a given area are typically a reflection of what residents can afford. In the 31204 ZIP code, which is one of the poorest in the country, most households earn less than $34,500 a year, and 30.3% of the population live below the poverty line. Nationwide, the typical household earns $62,843 and 13.4% of the population live in poverty.
23. ZIP: 38122
> Location: Memphis, Tennessee
> Metro area: Memphis, TN-MS-AR
> Median home sales price: $70,000
> Median household income: $38,681
> Homes that are at least 50 years old: 86.6%
Homes in the 38122 postal code, located in eastern Memphis, Tennessee, are among the least expensive in the country. There were nearly 530 home sales in the area in 2020, and among them, the median sale price was just $70,000.
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 Memphis’ 38122 ZIP code, 86.6% of homes were built before 1970, compared to just 38.4% of homes nationwide.
22. ZIP: 38301
> Location: Jackson, Tennessee
> Metro area: Jackson, TN
> Median home sales price: $69,500
> Median household income: $32,114
> Homes that are at least 50 years old: 59.8%
In the 38301 postal code, which covers much of Jackson, Tennessee, and sits mostly south of Interstate 40, is one of only 22 ZIP codes in the U.S. where most homes sold in 2020 went for less than $70,000. The median price of the more than 500 housing units sold in the area last year was just $69,500.
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 7.8%.
21. ZIP: 47203
> Location: Columbus, Indiana
> Metro area: Columbus, IN
> Median home sales price: $69,430
> Median household income: $62,958
> Homes that are at least 50 years old: 33.7%
The 47203 ZIP code, which includes parts of Columbus, Indiana, has some of the least expensive homes in the United States — and is also one of the most affordable housing markets in the country.
There were 523 home sales in the area in 2020 and the median sales price was just $69,430, which is only 1.1 times higher than the median household income in the area of $62,958. Nationwide, the median home sale price is 4.2 times higher than the median income of $62,843.
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.