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. In the vast majority of states, there is at least one metro area where the typical home costs less than the national median home value of $240,500.
Using data on median home value from the U.S. Census Bureau, 24/7 Wall St. identified the least expensive metropolitan areas to buy a home in every state. It is important to note that Delaware, New Hampshire, Rhode Island, and Vermont have only one metropolitan area each, and as a result, these metro areas rank as the least expensive place to buy a home by default only.
Home values in a given area are often a reflection of what residents can afford, and in nearly every metro area on this list, the median household income is lower than it is across the state as a whole. 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 would need to rely on a mortgage. In well over half of the metro areas on this list, the share of homeowners who are financing with a mortgage is below the comparable share of homeowners statewide. This is the American city with the most foreclosures.