Not in any particular order, here are the top 11 cheapest places in the US to buy a home. Median home price: $122,200. 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. 2 story w, bsmt, ball room, servants house and carriage house on 2 acres. 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. There are also a number of incredible state parks featuring breathtaking foliage, hiking trails, bridges, waterfalls, and so much more. If you haven't been to St. Louis, it's a trip worth taking. If you want a modest mansion, you better be prepared to fork over a modest $2.5 million. Depending on where you are, the real estate is either extremely cheap or out-of-this-world expensive. These destinations bring people from all over the world looking for recreation and a picture with the 60-foot sculpture of some of our founding fathers. Learn more: Buying a House in Indiana: An In-Depth Guide. It's home to historical museums, seaports, architecture, the Mark Twain house, and Yale University. It's not the most affordable mansion, but it's not out of reach either. Colorado has some of the best the United States has to offer with incredible mountains, temperate weather and red rock scenery. Wowzer! 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. 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). 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 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. 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. 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. These jobs help to boost income of median household to over $50,000. 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. This city has remained a center for rocket propulsion research by NAS & Army and provides many high tech jobs for engineers & rocket scientists. It's also the birthplace of Elvis Presley, which draws hundreds of thousands of visitors every year. The snorkeling and surfing are legend, and the beaches provide a supreme relaxing experience amid a vibrant culture. Adjusted Income: $57,259. Illinois is a beautiful state, shrouded in greenery and long rivers. San Francisco, Los Angeles, San Diego, and the surrounding areas have the highest property value. Cheapest cities to buy a house: Saint Joseph, Florissant, Independence, Cape Girardeau; Cost of living index: 87.1 >> Browse Missouri investment properties . 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. If you're looking for ocean-front property with all the latest amenities, you're looking at a multi-million dollar property. Every item on this page was hand-picked by a House Beautiful editor. Toledo, Ohio. However, just because your potential move isn’t coming any time soon doesn’t mean you can’t start scoping out your prospects. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). You Might Actually Be Able To Afford a Mansion in These 20 States. Who doesn't dream about living in a mansion someday? Yes, very cool. With this in mind, it shouldn't be surprising that the median home price is more than $319k. You probably wonder if you'll ever be in that position. It's a lovely place to visit year round. Alabama’s median home price is $137,200, just under $110,000 less than the U.S. median home value of $247,082. 14. 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! Median home prices are listed at $171k, meaning you can buy an incredible home for a tiny price. Chicago is one of the most popular tourist destinations in the state. 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. 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. When you buy a mansion in Mississippi, you also have the opportunity to buy rich history in an older home. These cities are beautiful to visit, but unless you're a millionaire, you probably won't be buying a big house there anytime soon. 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 … 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 … 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. 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. Check out these safe, affordable places to raise your family. 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. West Virginia. 1. It's not looking much better either, since real estate prices are rising at a rate of nearly 10 percent. 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. 1. And while Albuquerque is a great place to live, it's also affordable. The average home price in Massachusetts is $455k with an average price per square foot of $256. 2. Website for moms seeking advice, community, and entertainment. If for no other reason because, well, they’ve been spending a lot more time in their residences in recent weeks. 1. The average home price in Toledo is a modest $51,200, but in certain neighborhoods you can find move-in … The median home price is $615k and the price per square foot is a whopping $508. Hawaii. Cheapest States to Buy a House, Ranked. 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. Alabama is the seventh-cheapest state to buy a home in. The real estate scene isn't too bad either. Not bad for a custom-built mansion you get to design yourself! There's nothing like Apostle Islands National Lakeshore or Devil's Lake State Park if you love pristine lakes and the associated recreation. 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. 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. 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. The only place to satisfy all of your guilty pleasures. 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. 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. What a deal! That puts your average mansion right around $900k with several big-ticket buildings going for millions. Price Parity: 89.2. Alabama has the second-lowest state … On the other hand, some markets went through the roof. The median listing price in the Mountain State is $165,000 — the lowest median price in the study. 7,500 S.F. The median home price in Colorado is a whopping $419k with an average price per square foot of $239. Fall Deals on Amazon You Don’t Want to Miss. The average listing price for a home across these nine states plus Washington, D.C. is more than $442,000. 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. It is still possible to buy a home in the United States for less than the two-year appreciation on that $500,000 house. A French Food Guide: Why Are Macarons So Expensive, And Are They Hard To Make? The state of New York is a coveted place to live, even if you're not right in the city. Homes at this price are pretty rare, making it more affordable than ever. 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. Oklahoma. 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 … 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. The median list price in 2017 was $179k with the average mansion listed at just over $500k. Not too shabby for a lakefront property in a gorgeous state! To determine which states … 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. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Median Home Value: $139,100. If you look in the right places, you might be able to afford a mansion! There's shopping, unique hobby shops, and, of course, scrumptious deep dish pizza. Tourists go to Wisconsin for the incredible greenery, lakefront resorts, and water recreation. 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Iowa is known for its scenic green hills, rumbling rivers, and fields of sweet corn and soybeans. That puts a small mansion at right around $650k. West Virginia is the cheapest state to buy a home in America. 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. 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. 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. Thinking About Hiking The Inca Trail To Machu Picchu? Albuquerque is also a fun place to visit with Native American history, archaeological sites, shopping, art, and more. Here's What To Expect. People will pay a lot for living history. Photo disclaimer: Images used are for representational purposes only. You can spend days exploring the historic cities and scenic countryside of Connecticut. There’s a catch of course: … The Best Place To Buy a Home in Every State, 40 Cities With a Housing Bubble Thatâs 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. California is one of the most highly populated states in the nation with plenty of tourist activity. 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. 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. For that reason, it's a coveted place to live, and housing prices reflect that. There's good southern cooking, beautiful national parks, green fields, and mountain hiking trails. 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. 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. 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