Most Affordable States For Home Buyers To Purchase Home In 2021

This Article Is About The Most Affordable States For Home Buyers To Purchase Home In 2021

The coronavirus outbreak in the United States has made many employers convert their job positions to remote job opportunities. Remote workers do not have to report to a brick-and-mortar location. One of the greatest benefits of being a remote wage earner is you can live anywhere you want. For example, the average home price in Los Angeles, California is $634,000. However, a remote wage earner whose place of employment in Los Angeles, California can now relocate to other states where the median home price is half of Los Angeles. Living in Los Angeles for many people were priced out of buying a home. Now, with having their jobs to being remote wage earners, they can relocate to states like Tennessee, Texas, Nevada, Florida where home prices are half of Los Angeles and the cost of living is substantially lower. In this article, we will discuss and cover the most affordable states for homebuyers to purchase homes in 2021,

Many Home Buyers Are Fleeing High-Taxed States 

Why many home buyers are fleeing from high-tax states

Many New Yorkers are leaving to other states with lower taxes and home prices. There are many states with higher than average home prices and very high cost of living that many home buyers are locating to other states with a lower cost of living. New York lost 1.38 million taxpayers in the past ten years. California lost one million residents. California’s median home prices are $634,400. National median home prices are $365,500. This is the reason why so many Californians are moving to other states like Texas, Georgia, Alabama, Mississippi, Florida. Many people in high-taxed states are looking for the Most Affordable States For Home Buyers because they are priced out of the housing market. We will cover America’s Most Affordable States For Home Buyers. When looking for the most affordable states for home buyers, location is key. Those with the luxury to work remotely can maybe find relocating to a state with affordable home prices and a low cost of living.

Indiana Is One Of The  Most Affordable States For Home Buyers

Indiana is a very popular state where many Illinois home buyers are relocating. The average median home price in Indiana is $365,700. Many Illinois home buyers are moving out of Illinois to Indiana due to affordable housing and lower property taxes. Bloomington has the highest median home prices in Indiana.

Floridians Migrating To Georgia Due To Affordable Housing

Georgia is one of the most affordable states for home buyers. 

Many Floridians who are priced out of the housing market move up north to find a lot of house for the money. The state is known for its abundance of peach and peanut farms. Georgia has one of the hottest housing markets in the U.S. With its median home prices at $344,500, many homebuyers from other states migrate to the great state of Georgia.

The Great State Of Alabama

Alabama is becoming more and more attractive to home buyers. Many Texans who cannot afford the rising homes in Texas migrate to Alabama. With a median home value of $339,000 and average property taxes of $3,800, many home buyers relocate to Alabama to purchase their dream home. Besides affordable housing and low taxes, the cost of living is one of the lowest in the country.

Kansas Has One Of The Lowest Cost Of Living In The U.S.

Kansas is known for its low cost of living and affordable housing. The average home price in Kansas is $338,000. However, the median property tax rate is 0.87% of its assessed value making housing very affordable. The most expensive area to purchase a home in Kansas is Topeka with a median home value of $349,000.

Most Affordable States For Home Buyers: Kentucky

What are the most affordable states for home buyers

Kentucky has one of the most beautiful landscapes out of all states. With the median home price of $355,800 and property tax rate average of 0.12%, Kentucky is a very popular state home buyers are relocating to. No need to go on vacation. Many scenic tourist spots throughout the state of Kentucky.

Most Affordable States For Home Buyers: The Show-Me State Of Missouri

Home prices throughout the state of Missouri have been rising the past few years. The median home price in Missouri is $349,000 with a property tax rate of 1.24%, which is substantially lower than neighboring Illinois. Columbia has the highest home value with a median price of $335,600.

Most Affordable States For Home Buyers: Tennessee’s Affordable Home Prices

Chattanooga has the highest median home prices in the state at $339,650. Median home prices in the state of Tennessee are priced at $325,000. Home prices in Tennessee have been rising since 2015. However, you get a lot of homes for the money. 

Texas Home Prices And Cost Of Living

Texas has been one of the most popular states for the past few years. Home prices in Texas have gone up tremendously with average median home prices at $380,000. However, it is not too late. Many Californians are moving to Texas due to no state taxes and low cost of living. Texas is still one of the most affordable states in the United States with great potential for further appreciation.

Most Affordable States For Home Buyers: Michigan Home Values

Michigan has affordable housing throughout the state. There are so many beautiful destination places in Michigan. Bordering Lake Michigan, the average median home values are $367,500. Home of the three giant automakers, the state is booming. Many companies from New York and California are setting up shops throughout the state of Michigan. The state is economically healthy with one of the lowest unemployment rates in the country and a very low cost of living. Michigan is a great place to shop for affordable housing.

Pennsylvania Tops Affordable Housing List For The East Coast

Why Pennsylvania tops the list of affordable housing on the East Coast

Homebuyers who need to stay on the East Coast, Pennsylvania tops the list of most affordable housing for home buyers. Many residents from Connecticut, Massachusetts, New York, New Hampshire are setting up their home in the state of Pennsylvania. Home prices average $355,000 and homebuyers can expect a lot of houses for their money. Many parts of Pennsylvania is rural so buyers who want acreage, the state will be ideal. Lower taxes, low cost of living, great restaurants, and great tourist spots make the state ideal for new residents. Ample job opportunities and a great economy in the state make Pennsylvania more attractive.

Qualifying For Mortgage When Moving To Other States

Gustan Cho Associates Mortgage Group is a direct lender with no overlays on government and conventional loans. We are also experts in non-QM and bank statement loans for self-employed borrowers. One of the most popular loan programs we offer is the Asset Depletion Mortgage Program with no income required for borrowers with substantial assets and no job. When relocation to other states, income will be a major factor in getting pre-approved. Borrowers who are transferring jobs with the same company to a different branch of the company will have no issues. For borrowers who are starting a new job with a new company, Conventional Loans just require a written executed offer employment letter. With government loans, a written offer letter PLUS 30 days of paycheck stubs is required prior to closing. Borrowers with no jobs who are buying a home with our Asset Depletion Mortgage Program, it is no problem. Borrowers with remote jobs will need an letter stating the position is remote and the employee does not have to report to a physical location. To get approved for a mortgage when relocating to other states, please contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at [email protected] We are available 7 days a week, evenings, weekends, and holidays.

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