10 States With the Cheapest Home Prices

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KEY POINTS

  • The average median home price was $428,700 in the first quarter of 2022.
  • It's possible to buy a home for much less if you look at these 10 states.
  • In addition to a cheaper home, you'll also find culture and fun things to do in every one of these states.


Dream big, don't spend big.

Have you been watching the housing market and wondering if you'll ever be able to get on the property ladder? Perhaps you've also wondered where you might be able to find an affordable home. In the United States, the median home price stood at $428,700 as of the first quarter of 2022, per research from The Ascent. The good news is that if you're willing to find a new state to call home, there are definitely deals in the 10 states with the lowest home prices.

It may sound scary to pull up roots and move, but that's something I've done many times. I've lived and worked all over the U.S., including in a few of the states mentioned here, and there is natural beauty, culture, and affordable fun to be had in every single one, along with cheaper home prices that won't break your budget. Let's count them down and discuss the state features not to be missed.

10. Louisiana

Average home price: $214,522

Living in the Pelican State comes with easy access to some of the most vibrant and interesting culture in the U.S. New Orleans is home to the annual Mardi Gras festival every year in either February or March, and also a wide variety of museums. And if you want to go back to school (or have kids who will be looking at higher education), Louisiana offers many top-rated colleges and universities.

9. Ohio

Average home price: $213,360

The Buckeye State is the place to live if you're a sports fan or an aspiring athlete, as there are nine major league teams (football, baseball, soccer, basketball, ice hockey, and even rugby) headquartered in the three largest cities (Columbus, Cleveland, and Cincinnati). Ohio is also home to many minor league and college sports teams, so there's always a match to watch or a game to play.

8. Kansas

Average home price: $206,176

The Sunflower State offers residents diverse landscapes and the opportunity to explore the ancient history of our planet. So if you make the move, be sure to check out Strataca: Kansas Underground Salt Museum, which takes visitors 650 feet underground to explore an active salt mine. Another can't-miss stop is the Sternberg Museum of Natural History at Fort Hays State University, to see fossils and other examples of now-extinct life.

7. Alabama

Average home price: $204,965

The Heart of Dixie is home to beautiful Gulf Coast beaches, delicious fried food (and barbecue), and deep roots in American history, with many of the most notable events of the 20th century Civil Rights Movement happening in Alabama. Huntsville (the most populous city) was named the Best Place to Live in the U.S. by U.S. News and World Report this year.

6. Kentucky

Average home price: $197,644

Everyone knows the Bluegrass State is known for horse racing, and especially the Kentucky Derby (held every May in Louisville), but did you know Kentucky is also home to Mammoth Caves National Park? It's the world's longest known cave system.

5. Iowa

Average home price: $192,568

The largest event in the Hawkeye State is the Iowa State Fair, and it's also one of America's oldest agricultural and industrial expositions. It's known for launching major political campaigns, as many presidential hopefuls visit to drum up support in advance of the country's first presidential primaries of the election year.

4. Oklahoma

Average home price: $181,584

If you love animals, the Sooner State has attractions aplenty for you. You can find the Wichita Mountains Wildlife Refuge in the southwestern part of the state, where you can watch the majesty of roaming herds of bison. Or if getting a taste of the wild in a city is more your speed, the Oklahoma City Zoo is highly rated and is in fact the state's most popular attraction.

3. Arkansas

Average home price: $177,710

The Natural State lives up to its nickname with Crater of Diamonds State Park, where you can actually dig for your very own diamonds. Or head to Hot Springs to check out the natural thermal water bubbling up from underground. The city offers museums and spas, and the national park nearby was the very first one established in this country.

2. Mississippi

Average home price: $164,132

The Magnolia State is rich in natural beauty. Biloxi has a 30-mile-long white sand beach and a historic cast iron lighthouse that dates to 1848. Or you can check out the Natchez Trace Parkway, which is a scenic route covering 444 miles in three states (it runs from Tennessee through a bit of Alabama to Mississippi), welcoming drivers, hikers, and bikers.

1. West Virginia

Average home price: $137,286

The Mountain State truly is "almost heaven," both for having the cheapest average home price as well as New River Gorge National Park and Preserve in the southern part of the state, where you can experience the beauty of the New River and perhaps try out whitewater rafting. And if you're a history buff, don't miss Harper's Ferry, where Civil War buffs gather to remember John Brown's Raid.

Ready to buy?

If you're looking to buy a house, check out our coverage of the best mortgage lenders. And before you apply for a pre-approval and start house hunting, it's a good idea to dive into the real costs of homeownership so you'll have the best idea of what to expect.

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