Special Report

The Least Expensive Zip Codes In America

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15. ZIP: 21215
> Location: Baltimore, Maryland
> Metro area: Baltimore-Columbia-Towson, MD
> Median home sales price: $58,500
> Median household income: $38,651
> Homes that are at least 50 years old: 84.2%

The 21215 ZIP code, which covers parts of northwestern Baltimore, has some of the least expensive homes in the United States. The median sales price of the 655 area homes that were bought and sold in 2020 was just $58,500 — which is only about 22% of the median home sales price nationwide.

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 Baltimore’s 21215 ZIP code, 84.2% of homes were built before the 1970s, compared to just 38.4% of homes nationwide. The area’s multi-year population decline has likely also contributed to lagging demand for housing.

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14. ZIP: 47302
> Location: Muncie, Indiana
> Metro area: Muncie, IN
> Median home sales price: $57,437
> Median household income: $37,461
> Homes that are at least 50 years old: 71.7%

The 47302 postal code covers parts of Muncie, Indiana, as well as some other towns south of the city. The median home sale price in the area in the last year was just $57,437. 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 fell by 4.3%.

Low home prices make the area one of the most affordable in the country. The typical home sale price in the 47302 ZIP code is just 1.5 times higher than the median household income in the area of $37,461. Nationwide, the median home sale price is 4.2 times higher than the median income of $62,843.

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13. ZIP: 38109
> Location: Memphis, Tennessee
> Metro area: Memphis, TN-MS-AR
> Median home sales price: $56,000
> Median household income: $31,114
> Homes that are at least 50 years old: 62.6%

The 38109 ZIP code, located along the Mississippi River in the southwest corner of Memphis, Tennessee, has some of the least expensive homes in the country. The median home sale price in the last year in the area was just $56,000 — about 21% of the national median.

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 38109 ZIP code earns just $31,114 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, an average of 15.7% of area workers were unemployed, more than double the comparable 5.3% national jobless rate.

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12. ZIP: 46218
> Location: Indianapolis, Indiana
> Metro area: Indianapolis-Carmel-Anderson, IN
> Median home sales price: $53,000
> Median household income: $24,517
> Homes that are at least 50 years old: 81.9%

The median home sale price in the 46218 postal code, which covers parts of Indianapolis, is just $53,000. 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 fell by 2.3%.

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 46218 ZIP code earns just $24,517 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, 16.4% of area workers were unemployed, more than triple the comparable 5.3% national unemployment rate.

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11. ZIP: 19140
> Location: Philadelphia, Pennsylvania
> Metro area: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
> Median home sales price: $48,250
> Median household income: $22,790
> Homes that are at least 50 years old: 87.0%

Philadelphia’s 19140 ZIP code had some of the lowest home sale prices in the country in 2020. More than 600 area housing units sold in the area last year, and the median price was just $48,250 — less than one-fifth the national median home sale price in 2020.

Parts of the country with low home values are often home to relatively large populations that are struggling financially. In the 19140 ZIP code, 41% of the population lives below the poverty line, and 23.3% 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.