Kansas: ZIP 66104
> Location: Kansas City
> Metro area: Kansas City, MO-KS
> Median home sales price: $103,344 (state: $218,129)
> Median household income: $39,726 (state: $59,597)
> Homes that are at least 50 years old: 79.1% (state: 44.9%)
The 66104 ZIP code in Kansas City, Kansas, is the least expensive place in the state to buy a single-family home. In every other Kansas ZIP code with sufficient data, the median home sale price last year exceeded a quarter of a million dollars. In the 66104 ZIP code, the median sale price was just $103,344.
Home values are often a reflection of what local residents can afford, and the 66104 ZIP code is a relatively low-income area. Most households in the postal code earn less than $40,000 a year, while the typical household in Kansas earns nearly $60,000 annually.
Kentucky: ZIP 42240
> Location: Hopkinsville
> Metro area: Clarksville, TN-KY
> Median home sales price: $123,000 (state: $170,000)
> Median household income: $42,955 (state: $50,589)
> Homes that are at least 50 years old: 39.1% (state: 34.2%)
More than 39,000 homes were bought and sold in Kentucky in 2020, and the median sale price among them was $170,000, nearly $100,000 below the national median. In some parts of the state, home values are even lower. The typical home in the 42240 ZIP code in the southwestern corner of the state sold for $123,000 in 2020.
Low home values in the area mean more people are able to afford a home without taking a loan. An estimated 48.6% of owner-occupied housing units in the area do not have a standing mortgage, the largest share in the state and well above the comparable 37.3% share nationwide.
Louisiana: ZIP 71112
> Location: Bossier City
> Metro area: Shreveport-Bossier City, LA
> Median home sales price: $135,000 (state: $182,000)
> Median household income: $51,623 (state: $49,469)
> Homes that are at least 50 years old: 34.9% (state: 32.9%)
The 71112 ZIP code in Bossier City, Louisiana, is the only postal code in the state where most homes sold in 2020 went for less than $150,000. The area’s median home sale price of $135,000 is nearly $50,000 below the statewide median and $130,000 below the national median.
Home values in a given area can be affected by the local job market to some degree. Over the last five years, 7.2% of area workers were unemployed, the highest jobless rate of any ZIP code in Louisiana with sufficient home sale data, and above the comparable 5.3% national unemployment rate.
Maryland: ZIP 21223
> Location: Baltimore
> Metro area: Baltimore-Columbia-Towson, MD
> Median home sales price: $26,000 (state: $300,000)
> Median household income: $28,549 (state: $84,805)
> Homes that are at least 50 years old: 86.1% (state: 40.0%)
The 21223 ZIP code in Baltimore, located just west of the city’s Inner Harbor area, has the least expensive housing of any postal code with a sufficient sample size in the United States. Of the 556 homes that were bought and sold in the area in 2020, most went for $26,000 or less — below the local median household income of $28,549. For context, the median home sale price nationwide is 4.2 times higher than the national median household income of $62,843.
Home values are often an indication of what area residents can afford — and serious financial hardship is relatively common in the ZIP code. About 37% of residents live below the poverty line, and one in every five 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.
Both incomes and home values are also affected by the local job market to some degree. Over the last five years, 15.3% of area workers were unemployed, nearly three times the comparable 5.3% national jobless rate.
Michigan: ZIP 48228
> Location: Detroit
> Metro area: Detroit-Warren-Dearborn, MI
> Median home sales price: $34,500 (state: $175,000)
> Median household income: $27,337 (state: $57,144)
> Homes that are at least 50 years old: 87.6% (state: 49.2%)
The 48228 ZIP code, located in western Detroit, has some of the least expensive homes in the United States. The typical area home that sold in 2020 went for just $34,500.
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 48228 ZIP code earns just $27,337 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, 19.0% of area workers were unemployed, more than triple the comparable 5.3% national unemployment rate.
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