Buying and selling homes right now is tough. Buyers have to battle high interest rates and record-breaking home prices, while sellers have to stay competitive with other homes for sale, which can limit the number of interested buyers.
If you’re ready to become a homeowner but are struggling with the exorbitant prices in your area, maybe a move is in order. Below are the top ten states with the cheapest home prices.
What’s the Median Home Price Nationwide?
To determine the best-priced homes per state, it’s important to first gain some perspective on the median home prices nationwide. According to Redfin, a national real estate brokerage, the median home sale price as of May 2024 is $438,483.
The 10 States with the Most Affordable Housing
Median house prices by state are pulled from housing data available for November of 2023. As you would imagine, most of the list is comprised of midwestern states. Prices will vary from region to region, affecting the buying and selling of a house.
1. Ohio—$228,000
Ohio has the most affordable home prices nationwide, with a median sales price of $228,000 as of November 2023. The cities with the fastest-growing sales prices (not the highest prices) include Canton, Warren, and Wadsworth.
The top three cities with the lowest house prices include Canton, with a median home price of $105,000; Youngstown, with a median home price of $109,500; and Dayton, with a median home price of $122,000.
2. Mississippi—$232,800
The state with the second lowest median home price is Mississippi, ringing in at $232,800. The metros with the fastest-growing sales prices include Biloxi, Jackson, and Pascagoula.
The top three cities with the lowest prices in Mississippi are Meridian, with a super low home price of $32,000; Jackson, with a median home price of $135,000; and Greenville, with a median home price of $150,000.
3. Oklahoma—$233,900
Oklahoma is third for the most affordable home prices by state, at $233,900. Shawnee, Mustang, and Chickasha are the metros with the fastest-growing sales prices.
As for affordability, the top three cities in Oklahoma are Lawton, with a median home price of $150,000; Enid, at $171,500; and Midwest City, at $199,250.
4. Indiana—$242,500
Indiana has the fourth-lowest housing prices in the country. The cities with the fastest-growing sales are Gary, Shelbyville, and Kokomo.
If you’re looking for affordability, check out Gary, with a median home price of $70,000; Muncie, with a home price of $108,000; and Terre Haute, with a median home price of $139,000.
5. Louisiana—$243,300
At the halfway mark is Louisiana, with a median sale price of $243,300. You’ll find the fastest-growing home prices in Lake Charles, Houma, and Prairieville.
Lake Charles also tops the list for the most affordable homes, with a median sales price of $184,000. Shreveport is the second most affordable city, with a median price of $202,500, and Baton Rouge is number three at $227,500.
6. Missouri—$243,500
Missouri’s median home price as of November 2023 was $243,500, earning it the sixth spot. Ferguson, Rolla, and Chesterfield are the three metros with the quickest growing sales pierce.
The most affordable housing in Missouri is in St. Joseph, with a median home price of $156,000. Florissant is the second most affordable city, at $158,000, and Springfield is the third, at $159,000.
7. Arkansas—$246,000
Arkansas is the seventh most affordable state for housing, with a median home price of $246,000. Pine Bluff, Rogers, and Paragould are the metros with the quickest increasing sales price.
If you’re looking for affordability, check out North Little Rock, with a median sales price of $163,500, Fort Smith at $170,500, and Jonesboro at $224,950.
8. Kentucky—$246,700
Kentucky offers the eighth most affordable homes in the US, with median prices of $246,700. Areas experiencing the fastest growth in home prices include Paducah, Dayton, and Hopkinsville.
The three cheapest places to buy homes in Kentucky are Hopkinsville, with a super low median home price of $17,500; Owensboro, with home prices of $185,400; and Covington, at $199,000.
9. Kansas—$263,700
The median home price in Kansas is $263,700, earning it the ninth spot on our list. Basehor, Leawood, and Shawnee are the fastest-growing metro areas in terms of home prices.
Regarding affordability, Topeka is number one, with a median home price of $175,000. Salina is second at $184,000, and Wichita is third at $210,000.
10. Illinois—$266,800
The tenth most affordable home price by state is Illinois at $266,800. Glen Ellyn, Forest Park, and Western Springs are the three metro areas with the quickest increasing home prices.
If you’re looking for the cheapest place to buy a home in Illinois, Decatur is the top choice, with a median home price of $112,000. Peoria is second, with a median home price of $160,000, and Springfield is third, at $169,000.
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