The median list price in 2017 was $179k with the average mansion listed at just over $500k. The collection of islands in the South Pacific sea attract more than nine million people each year. Not in any particular order, here are the top 11 cheapest places in the US to buy a home. The 10 Most Affordable Places to Buy a Lake House Nestled on the Mississippi River, it's a city that represents opportunity with the Gateway Arch and some of the best barbecue in the United States. The median home price in Wisconsin is $209K, well below the national average. Housing in the northern part of the state is more expensive, but if you go south towards Pella, Ottumwa, and Burlington, the prices drop to closer to $60 per square foot, and you could easily afford a refurbished mansion that dates back to the 1800's. Planing To Walk The Camino De Santiago? When you get into some of the older neighborhoods in the big city where some mansions date back as far as the 1700's, those prices can skyrocket to multi-millions. Hawaii. Median Home Value: $139,100. The median home price is $615k and the price per square foot is a whopping $508. Methodology: To find the states with the most affordable mansions, GOBankingRates first compiled data on the median list price per square foot for homes in every state from Zillow. But when you look at the mansions, it's a different story. Homes listed in Chicago and the highly populated surrounding areas are averaging about a $324k list price, which is high, but not unreachable. West Virginia. Who doesn't dream about living in a mansion someday? There are also a number of incredible state parks featuring breathtaking foliage, hiking trails, bridges, waterfalls, and so much more. For $220,000, you can buy this three-bedroom, three-bathroom house near the actual Hobe Sound. Learn more: Buying a House in Indiana: An In-Depth Guide. The median home price is $180k with a median price per square foot of $101. Check out these safe, affordable places to raise your family. Back in 2008 when the stock market crashed and we flew into a recession, the housing economy did some funny things. Ohio is one of the cheapest states to buy a house in, and, based on 2019 real estate market trends, one of the hottest states to move to in 2019. It's also home to Custer National Forest and the Black Hills, an incredible haven of mountains, trees, and nature. Cheapest cities to buy a house: Saint Joseph, Florissant, Independence, Cape Girardeau; Cost of living index: 87.1 >> Browse Missouri investment properties . For that reason, it's a coveted place to live, and housing prices reflect that. As such, more than a few people are likely finding themselves holed up at home with three kids and suddenly thinking to themselves “we need a much, much larger house.” While the primary concern surrounding coronavirus is that people develop COVID-19, a secondary (though clearly less serious) outbreak of cabin fever has occurred. Median home value: $96,300 So what is the cheapest state to live in? Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Price Parity: 89.2. So while you should take a little time to reconsider the size of your living space once you’ve been able to spend a good stretch of time outside again, if you’re still dead set on getting a lot more space, know that a little flexibility on location can create a lot of flexibility on cost. Although you can find more affordable homes in rural areas, the median price for a home across the state is $532k, making it one of the most expensive places in the nation for real estate. Serving up the hottest food trends and the inside scoop on restaurants worldwide. A French Food Guide: Why Are Macarons So Expensive, And Are They Hard To Make? GOBankingRates found that, in 20 states, monthly mortgage payments for mansions up to 8,000 square feet in size would total less than $5,000. Your average mansion will be well over $1 million, but some of the larger homes on the seashore can list as high as $13 million. You can live in style for almost nothing. Based in Los Angeles, he specializes in writing about the financial markets, stocks, macroeconomic concepts and focuses on helping make complex financial concepts digestible for the retail investor. The average listing price for a home across these nine states plus Washington, D.C. is more than $442,000. In rural areas, it's harder to find existing mansions, but you could build one from the ground up for as little as $90 per square foot. All Right Reserved. To illustrate this, GOBankingRates put together a list of 20 states where you can buy a mansion and still anticipate mortgage payments that don’t necessarily require you to be super rich to afford. 2 story w, bsmt, ball room, servants house and carriage house on 2 acres. The city of Detroit came in as the cheapest market to buy a home. For that reason, you'll be lucky to afford rent, let alone a mansion throughout the state. These offers do not represent all available deposit, investment, loan or credit products. Illinois is a beautiful state, shrouded in greenery and long rivers. You're lucky to afford a parking spot in some of these states where the market recovered quickly and real estate is thriving. It's home to historical museums, seaports, architecture, the Mark Twain house, and Yale University. The rest of the state has even more to offer by way of scenic byways, incredible foliage, hikes, botanical gardens, caves, history, and so much more. The average price per square foot is around $130, so your average mansion is around $650k. The cheapest state to buy a home in is once again West Virginia. The Best Place To Buy a Home in Every State, 40 Cities With a Housing Bubble That’s About To Burst, Best Places To Own a Home For Less Than $1,000 a Month, 44 Ways To Trim Your Living Expenses During the Coronavirus Quarantine, 94 Money-Making Skills You Can Learn in Less Than a Year, 24 Ways To Maximize Your Paycheck This Year, How Long $1 Million in Savings Will Last in Every State, The Best Suburbs for Your Wallet — and Peace of Mind, These Are the 12 Richest Princesses in the World, Post-COVID Office Etiquette You Need To Know, Ariana Grande, Drake and Other Child Actors Who Went on to Make Millions in Music, How To Avoid Wells Fargo’s Monthly Maintenance Fees. In Oklahoma, $300,000 will buy you a 3,175-square foot home, on average. It's not the most affordable mansion, but it's not out of reach either. It's primarily known for its rich history including national military parks, battlegrounds, nature areas, and more. Even though Ohio home values have risen more than six and a half percent in the last year, list prices are about $161k, well below the national average. Looking for a cheap place to buy a house? These estimates do not include additional, highly variable fees like home insurance or homeowners’ association dues. New Jersey home prices have risen almost 10 percent in the last year, making it one of the fastest growing real estate markets in the nation. While the dusty planes of Kansas make people overlook it as a prime travel destination, the fields of sunflowers and low real estate are a huge draw. 50. You can spend days exploring the historic cities and scenic countryside of Connecticut. With a median home value of $380k, more than $100k above the national average, your average mansion costs just under a million. Homes are more expensive in large commercial and suburban areas, like Denver, Colorado Springs, Boulder, Aurora, Fort Collins, Durango, Grand Junction, and the surrounding areas. This graph shows a steady increase in U.S. house values from January 1, 1963, through December 31, 2017, with the exception of the serious dip caused by the housing crisis in the late 2000s. To determine which states … Still, South Dakota is one of the most rural states in the nation, which drives the real estate prices down significantly. 6 Historic Luxury Mansions You Can Buy … Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Massachusetts was rated the most expensive place in the U.S. to buy a home. It's also the birthplace of Elvis Presley, which draws hundreds of thousands of visitors every year. The only place to satisfy all of your guilty pleasures. GOBankingRates used these figures to create estimated median list prices for 5,000- and 8,000-square-foot homes in each state. If you're in the market for something grand and luxurious, you can get a fantastic mansion for less than half a million. That's why we're defining the "best" places in America to buy a big house as the ones that fall squarely in the middle. Alabama is the seventh-cheapest state to buy a home in. Not bad for a custom-built mansion you get to design yourself! While a small mansion in Connecticut doesn't quite break a million, it's sitting above $800k, and if you were to purchase a mansion in a historic neighborhood, you're looking at a multi-million dollar investment for a lavish home. Depending on where you are, the real estate is either extremely cheap or out-of-this-world expensive. There’s a catch of course: … These jobs help to boost income of median household to over $50,000. The real estate scene isn't too bad either. 14. If you look in the right places, you might be able to afford a mansion! Those numbers are skewed significantly when you get closer to New York City. What a deal! There's always Buffalo, one of the markets with the cheapest homes in the U.S., but there's a catch -- you could be buried under eight feet of snow. There's a lot of uninhabited land in New Mexico that's beautiful in its own way. California is one of the most highly populated states in the nation with plenty of tourist activity. Methodology: To determine the cheapest places to buy land in America, GOBankingRates used Land Watch to find all active U.S. land listings at a maximum price of … Tourists go to Wisconsin for the incredible greenery, lakefront resorts, and water recreation. These offers do not represent all available deposit, investment, loan or credit products. Chicago is one of the most popular tourist destinations in the state. 10. So, here’s a look at the 20 best states to buy a mansion in descending order of their estimated mortgage payment. Median home prices are listed at $385k, even higher than in New York. It's not looking much better either, since real estate prices are rising at a rate of nearly 10 percent. Oklahoma. Welcome to Mansion Global, a new international luxury real estate listings site, connecting affluent buyers with luxury listings, premium content and original market news and insights. That means the starting price for a mansion is close to $1.3 million. © 2020 GOBankingRates. I have a Historic Home on the National Historic Register and is For Sale. If you're looking for a home there, you're in luck! The cheapest land in the Natural State can be found in Clay County, nestled in the northeast corner of Arkansas, where land sells for around … The average 2019 price in paradise clocks in at $655,000 (California comes in second place at $629,000) with an average price of $488 per square foot (California comes in … The average home price in Massachusetts is $455k with an average price per square foot of $256. Utilizing this data and assuming a 20% down payment on home purchases, GOBankingRates used Zillow’s mortgage calculator to create estimated monthly mortgage payments for 5,000- and 8,000-square-foot homes in each state. The median listing price in the Mountain State is $165,000 – the lowest median price in the study. We may earn commission on some of the items you choose to buy. Businesses You Didn’t Know Your Favorite Celebrity Owns, 20 photos. Cheapest States to Buy a House, Ranked. Whether you're interested in purchasing a giant house in your favorite destination, or you simply enjoy the view, take a look at these destinations where the real estate is either extremely cheap or out-of-this-world expensive. When you buy a mansion in Mississippi, you also have the opportunity to buy rich history in an older home. Of the 200 largest cities in America, here are the ones where 4-bedroom houses (and bigger) can be found at more affordable prices and where the relevant economic indicators—from unemployment figures to property taxes to population growth—suggest you're making … The median price per square foot is right around $100, so your mansion will be close to $500k in larger cities like Kansas City or Wichita. And while Albuquerque is a great place to live, it's also affordable. Mississippi homeowners stand to make about $180k on the sale of their homes, and if they're in the market for a mansion, it'll run them less than half a million dollars. Pregnancy and parenting news, given to you in a way nobody else has. Nebraska. Related: The Best Place To Buy a Home in Every State, Check Out: The 50 Hardest Places To Sell a Home, Be Wary: 40 Cities With a Housing Bubble That’s About To Burst, Look: Best Places To Own a Home For Less Than $1,000 a Month. Shutterstock Median list price: $180,000. West Virginia is not only the cheapest state to buy a home, but it’s also ranked number 6 for the cheapest land in the U.S. 1. Median home price: $126,800 This includes a number of states where a typical mortgage for 5,000 glorious square feet can come in for under $3,000 a month. When you visit your favorite destinations, the ones you continually go back to, you probably start thinking about purchasing a first or second home. However, be aware that Oklahoma has an average sales tax rate of 8.82% -- one of the highest in the U.S. -- and it can be up to 11%, depending where you are in the state. Colorado has some of the best the United States has to offer with incredible mountains, temperate weather and red rock scenery. According to NeighborhoodX, Hawaii is the most expensive state to buy a house, based on price per square foot. The results of this analysis offer a pretty diverse range of options in a multitude of states across the nation. The median listing price in the Mountain State is $165,000 — the lowest median price in the study. The rural parts are beautiful and close enough to big cities that you're rarely isolated, and New York City is fantastic to visit any time of the year. Iowa is known for its scenic green hills, rumbling rivers, and fields of sweet corn and soybeans. Estimated cost to build a house: $208,825 Estimated hourly labor cost: $14. Arkansas. To illustrate this, GOBankingRates put together a list of 20 states where you can buy a mansion and still anticipate mortgage payments that don’t necessarily require you to be super rich to afford. You've probably thought about who lives in those houses and how much they have to make to afford their mortgage payments. West Virginia is the cheapest state to buy a home in America. Do we even have to point out the virtues of sunny Florida, with its white sandy beaches and warm Atlantic surf? However, just because your potential move isn’t coming any time soon doesn’t mean you can’t start scoping out your prospects. The Hobe Hills subdivision property features a … If for no other reason because, well, they’ve been spending a lot more time in their residences in recent weeks. These cities are beautiful to visit, but unless you're a millionaire, you probably won't be buying a big house there anytime soon. Here’s the map, with the lightest colors coming in at the lowest end and the darkest maxing out the salary cap. The more rural areas boast even more affordable big houses. These states are the cheapest places to live in America in 2019, according to data from CNBC's America's Top States for Business study released Wednesday. There's good southern cooking, beautiful national parks, green fields, and mountain hiking trails. Albuquerque is also a fun place to visit with Native American history, archaeological sites, shopping, art, and more. Every item on this page was hand-picked by a House Beautiful editor. That means your small mansion starts off at $500k, even in Oklahoma City and Tulsa. While driving through the state, take in all the dessert has to offer, including White Sands National Park, Carlsbad Caverns, Bandelier National Monument, and stunning red rock formations throughout the state. That makes the price for a small mansion almost $1.2 million. All data was compiled on and up to date as of March 9, 2020. Liberty State Park, George Washington Bridge, and the Atlantic City Boardwalk are a few huge draws from tourists everywhere. With all the beaches, perfect weather, amenities, theme parks, and attractions, it's no wonder people want to live there. South Dakota is home to several wonders, including Mount Rushmore and the Badlands. Oklahoma, where the wind comes sweeping down the planes, is another often overlooked vacation destination. Some of the grandest and most expensive homes in California are going for upwards of $100 million. The median home price for Iowa is $182k, which is almost 100k below the national average. That puts your average mansion right around $900k with several big-ticket buildings going for millions. The median home price in the city is around $224k, which is higher than many places, but the average price per square foot is low at $130. Website for moms seeking advice, community, and entertainment. Wowzer! You Might Actually Be Able To Afford a Mansion in These 20 States. While home prices in Spokane, near Idaho's northern border, tend to be more affordable, housing near Seattle, Tacoma, and other waterfront cities are through the roof. If you’re on a budget but still want to buy, Money examined the data to see which states are the cheapest places to buy a home in— and which places you probably can’t afford to live in. Homes at this price are pretty rare, making it more affordable than ever. Here's What To Expect. It's a lovely place to visit year round. Median home size: 1,508 sq. 5,000- and 8,000-square-foot homes were selected to represent the range of home sizes various authorities use to define “mansion” (5,000 to 8,000 is the range provided by Zillow). A relatively high average structure cost lands Florida among the most expensive places to build. If you want a modest mansion, you better be prepared to fork over a modest $2.5 million. That’s because, while even a modest home in the Bay Area is starting to approach seven figures, plenty of states have home prices that can put mansion living within reach for a much larger chunk of the population. 1) Detroit, Michigan. Homebuyers in Kansas are looking at a median home price of $189k, well below the national average. The snorkeling and surfing are legend, and the beaches provide a supreme relaxing experience amid a vibrant culture. The state of New York is a coveted place to live, even if you're not right in the city. 2020 Best Places to Buy a House in America About this List Explore the best places to buy a house based on home values, property taxes, home ownership rates, housing costs, and real estate trends. 15 Cheapest Places to Buy Land in America ... Marquette is giving away free lots to those willing to build a house of at least 1,000 square feet. But if you've ever been to Turner Falls, Oklahoma City National Memorial, Beavers Bend Resort Park, and the many wildlife refuges throughout the state, you know why people keep going back! feet. What's more, the average price per square foot is less than $80, which means you can purchase a 5,000 square foot house for $400k or less. Some mansions in New York City are priced in the multi-millions. As you travel the world, you've probably stopped to enjoy the architecture and beautiful houses the line the streets or that are nestled in the countryside. Finally, GOBankingRates ranked the 20 states where it is possible to own a mansion for less than $5,000 a month by affordability, with the state where monthly mortgage payments on mansions are least expensive ranked No. Adjusted Income: $57,259. We may earn commission on some of the items you choose to buy. Fall Deals on Amazon You Don’t Want to Miss. It's no wonder millions of people visit every year. It's also home to one of the lowest costs of living in the country. Alabama has the second-lowest state … The tiny state of New Jersey is often overshadowed by the neighboring New York City. What's more, the average price per square foot is less than $80, which means you can purchase a 5,000 square foot house for $400k or less. GOBankingRates then compiled data on the median property tax rate in every state and the average 30-year fixed mortgage interest rate in the U.S. from the Tax Foundation and the Federal Reserve Economic Data site, respectively. Rural, inland parts of Florida have surprisingly low home prices, which has skewed the median home price to about $290,000, but if we were counting major coastal cities like Naples and Miami, the price would be closer to $330k. If you're in the mood to take in both history and ocean views, Connecticut is a beautiful place to visit. 10 cheapest U.S. cities for buying a home. In fact, it's the third largest city in the United States and can be a fun place to visit, particularly the Magnificent Mile. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). 1. Whether you're breathing in the incredible skyline on the Cincinnati river or touring waterfalls in Cuyahoga Valley National Park, Ohio has a lot to offer by way of tourism. Although it’s not one of the cheapest states to build a house, Florida is home to some of the best cities to own investment property, a separate GOBankingRates study found. Median home price: $122,200. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). What Does Google’s Move Into Venmo and Bank Territory Mean for You? Not too shabby for a lakefront property in a gorgeous state! This city offers soaring economy as well as series of things making it top chart options form best and cheapest states to buy a house. Florida home prices have risen about 10 percent over the last year, making them one of the fastest growing real estate markets in the nation. However, Jersey Shore is one of the most popular summer destinations in the Atlantic northeast. This city has remained a center for rocket propulsion research by NAS & Army and provides many high tech jobs for engineers & rocket scientists. $129,900 on Zillow. If you haven't been to St. Louis, it's a trip worth taking. Southern and Midwestern comforts.According to Census region and division delineations, seven of our top 10 states are in the South and three are in the Midwest. Unless you’re buying a tiny house, it’s not often you can snag a home for less than six digits. Arkansas bridges the gap between the midwest and the Deep South with the best of both worlds. Ohio. Housing in the northern part of the state is more expensive, but if you go south towards Pella, Ottumwa, and Burlington, the prices drop to closer to $60 per square foot, and you could easily afford a refurbished mansion that dates back to the 1800's. There's shopping, unique hobby shops, and, of course, scrumptious deep dish pizza. The median home size in Alabama is 1,588 square feet, the largest on the list so far. These incredible tourist attractions are one reason the real estate is so hot. Median home prices are listed at $171k, meaning you can buy an incredible home for a tiny price. Which NFL Hall of Famer Has the Highest Net Worth. Ohio. Keeping reading to see a list of the top 10 cheapest states to buy a home right now. It was built in 1905 located in Muskogee OK and was to be the first Governors home after the Indian territory became a state. It is still possible to buy a home in the United States for less than the two-year appreciation on that $500,000 house. As one of the hottest tourist destinations in the world, it shouldn't be surprising to learn that it boasts some of the highest-priced housing in the nation. Estimated cost to build a house: $288,066 Estimated hourly labor cost: $27.01 Hawaii has both the highest estimated cost to build a house and the highest estimated hourly labor cost. Should you buy a $12,900 house? Unfortunately, the average price per square foot in some of these major coastal cities is above $400, which drives the price of a small mansion more than $2 million! Thinking About Hiking The Inca Trail To Machu Picchu? Every item on this page was hand-picked by a House Beautiful editor. Different markets recovered a lot faster than others, and it's surprising where you can now find affordable real estate. According to Zillow, as of April 2019 the median price per square foot is just $1.22 for a home in West Virginia, with an average size of 60,992 square feet. The study compiled places where 5,000-square-foot and even 8,000-square-foot residences are actually in a price range that wouldn’t be completely outrageous for some middle-class families. From whale watching in the Puget Sound to Pike Place Market to Olympian National Park, Washington state is one of the most beautiful regions in the pacific northwest. 2. There's nothing like Apostle Islands National Lakeshore or Devil's Lake State Park if you love pristine lakes and the associated recreation. The cheapest state to buy a home is once again West Virginia. And if you want to buy a mansion near one of these parks, you probably can. Homes there are valued at $182k, and if you're looking for a mansion nestled in the Black Hills, you're looking at around $700k. With this in mind, it shouldn't be surprising that the median home price is more than $319k. The median home price in Colorado is a whopping $419k with an average price per square foot of $239. Despite the unrivaled beauty and attractions of the state, real estate in Missouri is perfectly reasonable. Photo disclaimer: Images used are for representational purposes only. The median home list price is $325k, not even close to the national average. Clearly, many Americans won’t be making plans to hit open houses in the near future — no matter how much they might want to — especially when you consider the grave economic impacts that are expected to come along with the health impacts of this pandemic. references: cnbc, gobankingrates, finance.yahoo, zillow, nytimes. The state’s leading job industries include automotive, aerospace, m… Foot is around $ 900k with several big-ticket buildings going for upwards of 239! You 're in the multi-millions average home price in Wisconsin is $ 209K, well, they ’ been... Through the roof economy did some funny things it ’ s a look at the 20 best to. Surfing are legend, and, of course, scrumptious deep dish pizza the areas! 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