10 Cheapest Real Estate Markets in the U.S.

It's no secret that home prices have boomed over the last two years as a flood of stimulus money, record-low mortgage rates, and the stay-at-home nature of the pandemic have pumped up prices to all-time highs.

According to the S&P CoreLogic Case-Shiller National Home Price Index, the median home sale price in the U.S. jumped 19% in 2021, following a 10% gain in 2020. The National Association of Realtors estimated that the median home price in the U.S. had reached $347,900 by the end of 2021.

While rents have also spiked nationwide, there are still some affordable housing markets out there. Keep reading to see the top 10 on the list.

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If you're a fan of the Netflix show Ozark and happen to be looking for an affordable home, Joplin, Missouri, might be calling your name. In Joplin, the median home price is just $175,000. In fact, the area has been wracked by the opioid epidemic, which has led to low prices, but that affordability has also attracted retirees to the area.

The Joplin metro area is located in Southwest Missouri and extends into Oklahoma. It has a population of 210,000 and is near the Arkansas and Kansas borders. It's two-and-a-half hours from Kansas City and an hour and 15 minutes from Bentonville, the upscale Northwest Arkansas community that's home to Walmart.

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The Texas housing market has boomed during the pandemic as the state is experiencing one of the fastest population growth rates. With no state income tax, plenty of space, and affordable prices compared to the coasts, it's attracted transplants from states like California.

While cities like Austin have gotten pricey, you can still find bargains in Wichita Falls, where the median home price is only $159,900. Layoffs in the manufacturing sector have kept prices low in areas where the biggest employer is the Air Force.

Wichita Falls is located on the Oklahoma border, and the metro area has a population of 150,000. It's approximately two hours from Oklahoma City and Dallas.

Georgia has been a fast-growing state in recent years, but much of that growth has come to the Atlanta area. Smaller metros like Albany -- located in Southwest Georgia, two hours north of Tallahassee and 3 hours south of Atlanta -- have actually lost population. The metro area currently has a population of 165,000.

There, you'll find median home prices of just $145,000, and though Albany has experienced job losses and high crime, parts of the area, like Lee County, offer a high quality of life.

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Like much of the Midwest, Davenport offers high affordability for a relatively good quality of life. The city is located on the Mississippi River, close to three hours west of Chicago, and the median home price is just $144,000.

Davenport is across the river from Moline, Illinois, which experienced heavy layoffs at the beginning of the pandemic. Local attractions include craft breweries, an arts festival, and several museums and casinos.

The quad cities metro area, as it's known, has a population of 384,000, straddling Iowa and Illinois.

Like much of Michigan and the rest of the Rust Belt, Saginaw has struggled over the last generation, with layoffs from manufacturers like carmakers and a declining population. In fact, the city has even demolished 4,600 homes over the last 15 years.

That helps explain why the median home price is just $142.500.

The Saginaw metro area has a population of 200,000 and is located one and a half hours from Detroit and close to Lake Huron. The city has a number of attractions for kids, including a children's zoo and a children's museum.

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West Virginia is a great option if you're looking for outdoor adventure. The state has ample opportunities for activities like hiking, skiing, and paddling.

Huntington, which is on the Ohio River -- near where West Virginia, Ohio, and Kentucky all meet -- offers some of the cheapest home prices in the country, with a median of just $139,900.

Huntington has been hit hard by unemployment and the opioid epidemic, its population declining by 8% over the last decade. However, the city is also home to Marshall University and is two hours from New River Gorge National Park. It's also 2.5 hours from Columbus and Cincinnati, Ohio.

The metro area has a population of 361,000.

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Youngstown may be more synonymous with the Rust Belt decline than any other city. The population has declined by 60% since the 1970s as the manufacturing and steel industry shrank, and the area experienced round after round of layoffs.

However, with a median home price of just $135,000, Youngstown has attracted transplants looking for cheap housing. And the city could benefit from the growth of remote work as it's only a little more than an hour from both Pittsburgh, Pennsylvania, and Cleveland, Ohio.

With a population of 541,000, the Youngstown metro is a good option if you're looking for cheap housing with access to larger cities.

French for "highland," Terre Haute is yet another small Midwestern city -- home to Indiana State University -- to find itself on the most affordable housing list.

The median price for a home in this Western Indiana community is just $120,000. Part of the reason home prices are so low in this city -- which is an hour and 15 minutes west of Indianapolis, also one of the most affordable large metros -- is that housing supply outstrips demand.

Terre Haute's population has been declining, down 2.1% over the last decade. The metropolitan area has a population of just 171,000.

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Not too far from Terre Haute is a slightly cheaper metropolitan area in Peoria, Illinois -- about 3 hours southwest of Chicago and two and a half hours north of St. Louis -- with a median home price of just $119,000.

Like other small cities on this list, Peoria lacks proximity to a major metropolis, and the population has shrunk as big cities have attracted more young people. Peoria is home to Bradley University and a number of local attractions like a casino, zoo, and museums.

Business closures and high taxes have weighed on the local economy, keeping home prices low. The Peoria metro area had a population of 400,000 in 2020, while Peoria the city had 113,000 people.

Home to Yuengling, the oldest operating brewery in the country, Pottsville, Pennsylvania, tops the list of most affordable housing markets, clocking in with a median home price of just $109,900.

The Pottsville area was historically known for coal mining, though it's struggled with layoffs and high unemployment in recent years.

Being two hours from Philadelphia and two and a half hours from New York City, the area did experience some interest from urbanites during the pandemic and those looking for outdoor activities like hiking and fishing.

The Pottsville metro area has a population of just 141,000, making it one of the smallest metro areas in the country.

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Most of the cities on this list are small and in the country's interior. They're away from big cities, and a number of them are in areas of the country that have been economically depressed.

In other words, many of them are cheap for a reason, but that doesn't mean they're not worth exploring, especially if you're looking to get a larger home for an affordable price. If you don't need to be near a major city for a job and don't mind doing without the amenities of a city, one of these communities may be right for you.

Though your home value won't appreciate as fast as it would in some other parts of the country, you can put that money you save on your home to work elsewhere, whether that means investing in the stock market or spending it on something that improves your life.

Jeremy Bowman owns Netflix. The Motley Fool owns and recommends Netflix. The Motley Fool has a disclosure policy.