Special Report

The City With the Lowest Housing Costs in Every State

Source: Sean Pavone / iStock via Getty Images

Massachusetts: Springfield
> Est. annual housing costs: $13,548 (Massachusetts: $22,294)
> Median family income: $79,907 (Massachusetts: $106,526)
> Homeownership rate: 63.9% (Massachusetts: 62.5%)
> Median home value: $236,200 (Massachusetts: $398,800)
> No. of metros considered in ranking: 5

Source: ShriramPatki / iStock via Getty Images

Michigan: Bay City
> Est. annual housing costs: $9,312 (Michigan: $11,467)
> Median family income: $62,204 (Michigan: $75,470)
> Homeownership rate: 76.1% (Michigan: 71.7%)
> Median home value: $106,400 (Michigan: $162,600)
> No. of metros considered in ranking: 14

Source: Jacob Boomsma / iStock via Getty Images

Minnesota: St. Cloud
> Est. annual housing costs: $9,852 (Minnesota: $13,486)
> Median family income: $80,403 (Minnesota: $92,692)
> Homeownership rate: 68.4% (Minnesota: 71.9%)
> Median home value: $192,100 (Minnesota: $235,700)
> No. of metros considered in ranking: 5

Source: dszc / iStock via Getty Images

Mississippi: Gulfport-Biloxi
> Est. annual housing costs: $9,720 (Mississippi: $9,546)
> Median family income: $62,967 (Mississippi: $58,923)
> Homeownership rate: 66.0% (Mississippi: 68.8%)
> Median home value: $153,600 (Mississippi: $125,500)
> No. of metros considered in ranking: 3

Source: DenisTangneyJr / iStock via Getty Images

Missouri: Jefferson City
> Est. annual housing costs: $8,136 (Missouri: $10,344)
> Median family income: $75,505 (Missouri: $72,834)
> Homeownership rate: 71.7% (Missouri: 67.1%)
> Median home value: $162,100 (Missouri: $163,600)
> No. of metros considered in ranking: 8

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.