A surge in demand for homes in the United States, in addition to limited housing inventory, has created a sellers market unlike anything seen in recent memory. Homes are now selling faster than ever before — and also for more money than ever before.
While rapidly rising housing prices may discourage many would-be buyers, there are parts of the country where home values are relatively low and affordable to a wider range of budgets.
Using data on median home value from the U.S. Census Bureau, 24/7 Wall St. identified the least expensive city to buy a home in every state. We included cities, towns, villages, and unincorporated communities with populations of at least 25,000 in our analysis.
Home values in a given area are often a reflection of what residents can afford, and in nearly every city on this list, incomes are lower than they are across the state as a whole. Additionally, in all but two of these cities, the median household income is below the $62,843 income that the typical American household earns annually. Here is a look at the poorest city in every state.
Despite the lower incomes, home values in these areas are often low enough to make it less likely that buyers need to rely on a mortgage. In the majority of the cities on this list, the share of homeowners who finance with a mortgage is lower than it is across the state as a whole. This is the American city with the most foreclosures.
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