The 10 cheapest US states to buy a home in 2020

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Summary List Placement

 

In the midst of the coronavirus pandemic, prospective homebuyers are rethinking what’s important when it comes to a house. 

With social distancing and working from home the new norm for many, bigger homes in less densely populated areas are becoming more and more popular. However, with low inventory and increased buyer demand, in many markets competition is fierce and home prices are high. 

SmartAsset’s 2020 edition of the cheapest states for buying a house, published in July, considered all 50 states (as well as Washington DC) and ranked them based on the following metrics that were all given equal weight: the median listing price, the effective property tax rate, the median listing price per square foot,  the median value of the bottom tier of the market, and the average closing costs. According to the report, the average ranking was then found for each state to finalize the list.

Nine of the top 10 states were on the 2019 list, with Louisiana replacing South Carolina (which dropped down to number 12). The 10 most expensive states were on the coasts.

Keeping reading for the 10 cheapest states for home buyers.

SEE ALSO: Single-family homes were on the way out last year. Here’s how they’re rescuing 2020’s housing market.

DON’T MISS: A Louisiana couple bought an 80-year-old general store for $55,000 and turned it into their dream home. Here’s how they did it — and what it looks like now.

10. Ohio

Median list price: $169,900

Median value of bottom-tier houses: $81,700

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9. Louisiana

Median list price: $212,000

Median value of bottom-tier houses: $93,300

8. Missouri

Median list price: $186,000

Median value of bottom-tier houses: $89,700

7. Kentucky

Median list price: $193,500

Median value of bottom-tier houses: $76,700

6. Oklahoma

Median list price: $195,000

Median value of bottom-tier houses: $64,100

5. Indiana

Median list price: $186,000

Median value of bottom-tier houses: $86,500

3 (Tie). Mississippi

Median list price: $189,000

Median value of bottom-tier houses: $70,800

3 (Tie). Alabama

Median list price: $220,000

Median value of bottom-tier houses: $66,100

2. Arkansas

Median list price: $176,000

Median value of bottom-tier houses: $62,900

1. West Virginia

Median list price: $165,000

Median value of bottom-tier houses: $53,600

…read more

Source:: Business Insider

      

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