by Christy Bieber | Sept. 1, 2020
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Do you live in one of the states with the lowest median home values?
With mortgage rates at record lows right now, many Americans are considering whether it's a good time to buy a home.
If you're financially prepared, there can be plenty of advantages to becoming a homeowner at a time when you can lock in a low mortgage rate. But home prices are also high due to low supply, so you'll still need to shop carefully to find an affordable home.
Recently, The Ascent examined the average house prices per state, which showed where homes are the most and least affordable. Based on our findings, these are the 10 states where homes have the lowest median value. Obviously, when homes have a lower value, they can be more affordable for the average person to buy.
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The list below shows the 10 states where the average home price is the lowest, from least to most expensive.
If you live in one of these states with the 10 lowest median home values in the United States or you are considering relocating to one, it should be much easier for you to buy a home. The prices for an average house should be far below comparable homes in more expensive locales.
However, you still need to be sure you're financially ready for homeownership. That means having a down payment and an emergency fund saved, as well as a credit score that's good enough to qualify for a mortgage at the most affordable possible rate. You should also shop carefully for a loan, comparing rates from at least three mortgage lenders, to ensure you get the best deal.
Chances are, interest rates won't stay put at multi-decade lows for much longer. That's why taking action today is crucial, whether you're wanting to refinance and cut your mortgage payment or you're ready to pull the trigger on a new home purchase.
The Ascent's in-house mortgages expert recommends this company to find a low rate - and in fact he used them himself to refi (twice!). Click here to learn more and see your rate. While it doesn't influence our opinions of products, we do receive compensation from partners whose offers appear here. We're on your side, always. See The Ascent's full advertiser disclosure here.
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