This Article Is About The Most Affordable States To Purchase Homes In 2021
Home prices have been skyrocketing since 2013 with no sign of a housing correction. Adding fuel to the fire on the hot housing market is the historic low mortgage rates. Today’s 30-year fixed mortgage rate is at 3.25% for prime borrowers. The coronavirus pandemic has not affected the housing demand. Many thought the coronavirus outbreak was going to cause a housing correction. However, the COVID-19 outbreak further spiked the housing market. More and more people are becoming remote wage earners causing many renters to purchase homes. This holds true for city dwellers. The major riots in major cities and liberal mayors defunding the police and supporting Black Lives Matter rioters and looters, many city dwellers call it enough is enough and started a mass exodus of city living and looking to purchase homes in the suburbs and/or rural areas. You can get a lot more home for the money in the suburbs as well as rural areas. In this article, we will discuss and cover the most affordable states to purchase homes in 2021.
Rising Home Prices Causes Homebuyers To Be Priced Out Of The Housing Market
FHFA has raised conforming loan limits for 2021 to $548,250. This was FHFA’s fifth conventional loan limit increase. The increase was due to rising home prices nationwide. Home buyers were being priced out of the market to purchase homes. HUD, the parent of FHA followed FHFA loan limit increased and raised 2021 FHA Loan Limits to $356,362. This was three years in a row that HUD increased FHA Loan Limits. With mortgage rates being the highest since 2008 Real Estate Crash, there still seems to be a shortage of affordable housing in many states. Due to rising home prices and buyers being priced out in certain areas, we decided to write this article on Most Affordable States To Purchase Homes in 2021. Many consumers now have remote job positions that it does not matter what state they call home. Many are looking to relocate to Most Affordable States To Purchase Homes and leaving their home state behind.
Researching Most Affordable States To Purchase Homes
Many home buyers who thought they could find the home of their dreams but have challenges in finding a home in their price range. Many pre-approved borrowers have spent countless of months searching for that particular home in a specific price range. Many are finding out they are completely priced out of the market in areas they are looking for homes. Real estate prices are soaring at record levels with no signs of a housing correction. Many home buyers are looking for most affordable states to purchase homes. Many home buyers are employed by larger companies with locations at other states. Many workers hold remote positions where they do not have to report to the corporate offices. Good news is there are affordable homes in certain states where home buyers can purchase a home. Statistics and date reveal that Midwestern and Southern States are the most affordable states to purchase homes.
List Of Most Affordable States To Purchase Homes
Home buyers searching for Most Affordable States To Purchase Homes should also search for property tax rates on homes in that state. Some states with reasonable home prices may have higher property tax rates.
Buying Home In West Virginia
Charleston is the capital city of West Virginia. West Virginia has median home prices of $259,000. The state is beautiful with its mountains. It has major employers in the biotechnology fields, chemical and is a national hub for the energy industry. Average workers in West Virginia make $33,400.
Arkansas Home Purchase
Arkansas is the home state of political misfits Bill and Hillary Clinton.
- With Little Rock Arkansas as its capital, average workers in the state average $65,484
- Median home prices in the state of Arkansas is $274,900
The state is beautiful with its Ozark Mountains and rich history of natural resources.
Kansas Home Values
Kansas has one of the most richest agriculture land in the U.S.
- With its hard core Midwestern values and friendly people, Kansas has one of the lowest cost of living in the country
- Topeka Kansas is the capital of the state of Kansas
- Median home prices are $294,500
- Average workers salary in the state is $38,900
- The state boasts 2% unemployment numbers
Kansas is strong financially unlike other states in the union.
Missouri Home Prices
Bordering Illinois, Missouri is one of the most affordable states home buyers are migrating to.
- Jefferson City Missouri is the state’s capitol
- Average salary for a typical Missouri worker is $61,746
- Average home prices is $279,900
- Plenty of opportunities in the state with many places to visit
Oklahoma Housing Values
Oklahoma has one of the nation’s lowest housing prices. With average median home prices at $283,421, the cost of living in the state is also very low. Annual salaries for workers in Oklahoma are $36,000. Oklahoma City is the capital of Oklahoma.
Purchasing And Relocating To The State Of Alabama
Montgomery is the capital of Alabama.
- Average salary for Alabama workers is $69,764
- Median home prices in the state are $304,900
- The southern part of the state borders the Gulf of Mexico making it one of the most popular destination spots in the country
- Cost of living is cheap
Overall state taxes is low compared to the rest of the nation.
Nebraska Home Prices
Lincoln Nebraska is the capital of Nebraska.
- Median home values are $309,000
- Average workers in the state make $40,400
- State is known for its agricultural industries as well as transportation, shipping, and manufacturing industries
The state boasts a under 2% unemployment rate. Cost of living is among the lowest in the country.
Michigan Is One Of Most Affordable States To Purchase Homes
With its capital located in Lansing, Michigan is becoming more and more popular as one of the Most Affordable States To Purchase Homes. Average state salary is $37,000 and median home prices at $285,000, Michigan made a comeback in its economy.
Iowa As One Of Most Affordable States To Purchase Homes
More and more mortgage companies are applying for licenses in the state of Iowa due to the low cost of living, low property taxes, and affordable housing.
- Median home prices in the state is recorded at $280,000
- Average workers salary in the state is $40,000
Economy is very healthy with an unemployment rate at 2.3% which is substantially lower than the national average.
Indiana Home Purchase
With its capital in Indianapolis, Indiana is becoming more popular to raise one’s family due to low cost of living.
- Median home prices has been going up the past couple of years to $284,900
- Average salary in the state is $37,000
- Many Illinois homeowners are selling their homes and relocating to Indiana due to lower taxes and cost of living
The northern part of Indiana has the highest property values in the state. This is due being close to Chicago.
Ohio Home Purchase
Columbus is the capital of Ohio.
- Average median home prices are $269,900
- Average Ohio workers salary is $37,500
- Ohio has one of the hottest housing markets
- Home buyers can buy a lot of home in the state
- Columbus, the capital, has increased population by 2.5% each year for the past several years
- Over a quarter of Ohio residents are under the age of 35 years old
- The population growth is expected to continue in year to come
- Cost of living is one of the lowest of any state and is likely to continue for many more years
The state has lower sales and property taxes.
Kentucky Is One Of Most Affordable States To Purchase Homes
More and more people are migrating to the Great State of Kentucky.
- Frankfort is the state capital of Kentucky
- Median home values is at $284,900 with average salaries at $34,800
- The state is known as the Bluegrass State
Industries includes transportation, manufacturing, farming, healthcare, and financial.
Louisiana Home Prices For Buyers
Louisiana is another popular state where families form other states are relocating.
- Baton Rouge is the capital of Louisiana.me values have been increasing throughout the whole state due to demand of housing
- Average median home prices are $312,000
Average annual salary for workers in the state is $55,146. New Orleans is a national tourist destination.
Pennsylvania Home Prices For Relocating Home Buyers
Harrisburg is the capital of Pennsylvania.
- The Keystone State has annual average salaries of $66,907
- Average median home values are $315,900
- Pennsylvania is a very popular state for people leaving the state of New Jersey, New York, Connecticut, Rhode Island, Vermont and make it home
Many people in Eastern states leave their state for Pennsylvania.
Moving To New Mexico
Santa Fe is the capital of New Mexico. Average workers salary in the state is $56,748. $327,000 is the median home price in the state.
Illinois Home Buyers
Capital of Illinois is Springfield. Illinois has serious statewide problems due to mismanagement and corruption from politicians.
- The state’s pension system is literally bankruptcy. Incompetent politicians like Rahm Emmanual, and Dick Durbin do not understand simple economics
- Average annual salary in the state is $70,960
- Median home prices in the state is $336,490
- City of Chicago has its own problems and issues
- City has additional city tax on almost everything
- Housing prices is still reasonable but property taxes are one of the highest in the nation
Many Illinois homeowners are seeing their properties is not appreciating as much as other states. This is due to the financial mess Illinois politicians created. More and more people and businesses are leaving the state.
Maine Home Purchase
Augusta is the capital of Maine. Average worker’s salaries are $63,079. The median home price is $345,000. Maine residents has access to the ocean and the best seafood money can buy. The state is surrounded by beauty, mass land, and amazing wildlife.
South Carolina Is One Of Most Affordable States To Purchase Homes
Columbia is the state capital of South Caroline.
- Home values have been sky rocketing in the state for the past four years
- Great ocean views, and seems almost everyone is friendly
- Average home prices is $349,900 with a lot of upside potential
- Great economy with very low unemployment numbers
- Very low cost of living and state taxes including property taxes
Average worker salary in the state is $59,501.
Georgia Home Purchase
Atlanta is the capital of Georgia.
- Georgia is a very hot state but is still reasonable when it comes to housing
- Average home prices are $359,000
- Housing is still in strong demand
- Average median salary in Georgia is $63,559
Texas Is One Of The Most Affordable States To Purchase Homes
Austin is the capital of Texas. Texas has experienced enormous growth in the past 10 years. The state still ranks as one of the Most Affordable States To Purchase Homes. Annual median salary is $69,600 with median housing prices of $379,900. Texas is attracting many new residents and businesses every year. Texas has the second largest population. Texas is also the second largest state in the United States. Texas is one of the most affordable states to purchase homes. No state income taxes in Texas. The state is a community property state. Tech companies are flocking to Austin Texas due to the Austin Tech Boom. Houston Texas is home to 20 Fortune 500 corporate headquarters.
April 25, 2021 - 7 min read