Special Report

The Least Expensive Zip Code in Every State

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Hawaii: ZIP 96792
> Location: Waianae
> Metro area: Urban Honolulu, HI
> Median home sales price: $410,000 (state: $580,000)
> Median household income: $66,766 (state: $81,275)
> Homes that are at least 50 years old: 24.5% (state: 30.3%)

Hawaii’s real estate market is the most expensive in the United States. Of the more than 14,000 single-family homes that were bought and sold in the state in 2020, the median sale price was $580,000, the highest of any state.

Even homes in Hawaii’s least expensive area sell for far more than the typical American home. The 96792 ZIP code, located on the island of O’ahu, had the lowest median home sale price in the state in 2020 at $410,00 — which is still $145,000 more than the typical home sold for across the U.S. as a whole.

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Idaho: ZIP 83201
> Location: Pocatello
> Metro area: Pocatello, ID
> Median home sales price: $201,263 (state: $300,000)
> Median household income: $50,526 (state: $55,785)
> Homes that are at least 50 years old: 49.0% (state: 24.8%)

Of the 16 ZIP codes in Idaho with sufficient home sale data, the 83201 ZIP code in Pocatello had the least expensive homes in 2020. The typical area home sold for $201,263 last year, about $100,000 less than the typical home across the state as a whole, and $64,000 less than the sales price of the typical home nationwide.

Home values are appreciating rapidly in much of Idaho as the population surges in the state. Due in large part to increased demand for housing, most ZIP codes in the state reported median home sale price increases well above the comparable 12.8% national increase. In the 82201 ZIP code, however, the annual increase in median home price was 13.2%, closely in line with the national average.

Illinois: ZIP 61401
> Location: Galesburg
> Metro area: Galesburg, IL
> Median home sales price: $68,000 (state: $215,000)
> Median household income: $38,027 (state: $65,886)
> Homes that are at least 50 years old: 71.2% (state: 51.9%)

The 61401 ZIP code, which includes the city of Galesburg, Illinois, has some of the least expensive housing in the United States. The typical area home that sold in 2020 went for just $68,000. The area’s home prices are among the lowest 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 4.9%.

Like many areas with multi-year population decline and low home values, the 61401 postal code has had little in the way of new residential construction in the last several decades. About 71% of area homes were built before 1970, and less than 4% of homes were built since 2000. Nationwide, only 38.4% of housing units were built before 1970, and 19.1% have gone up since 2000.

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Indiana: ZIP 46218
> Location: Indianapolis
> Metro area: Indianapolis-Carmel-Anderson, IN
> Median home sales price: $53,000 (state: $189,268)
> Median household income: $24,517 (state: $56,303)
> Homes that are at least 50 years old: 81.9% (state: 44.7%)

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.

Iowa: ZIP 52601
> Location: Burlington
> Metro area: Burlington, IA-IL
> Median home sales price: $89,250 (state: $175,000)
> Median household income: $49,613 (state: $60,523)
> Homes that are at least 50 years old: 69.1% (state: 50.9%)

The typical home sold in 2020 in Iowa’s 52601 ZIP code, located in the southeastern corner of the state along the Mississippi River, went for just $89,250. Low home values in the area are due in part to lack of demand. Over the last five years, the number of people living in the area declined by 4.5%.

The area’s low home values make it one of the most affordable in the United States. The local median home sale price is only 1.8 times the local median household income of $49,613. Nationwide, the median home sale price is 4.2 times the median income of $62,843.