New information shows which states make it the cheapest to own a home in the US. Agent Advice, a real estate company, did the study, which looked at the average price of homes across the country from March 2021 to March 2023. To give a full picture of American real estate, the statistics also looked at price and percentage increases.
- Kentucky has the sixth least expensive home prices in the country. As of March 2023, the average price of a home there was $190,037.
- Oklahoma, Arkansas, West Virginia, and Mississippi were all in the top five.
- The study looked at how much homes usually cost in the United States and how much they will cost and grow from 2021 to 2023.
West Virginia is the state where it costs the least to own a home. As of March 2023, the average house price was $146,578. This was 57% less than the national average of $338,649. In March 2021, the average price went up by 10%, or $13,666. This was the second-lowest price growth in the United States. From March 2022 to March 2023, it went up by 1%, or $1,396.
As the second least expensive state to own a home, Mississippi gets a silver award. The average price of a home in Mississippi in March 2023 was $162,292, which was 52% less than the average price of a home in the whole country. The state in the southeast also has the third-lowest rise in home prices, at $17,966 and 12% between March 2021 and March 2023. But between March 2022 and March 2023, the average price of a house dropped by 2%, or $2,523. This shows that prices have been going down slightly over the last two years.
The state of Arkansas comes in third. Average home prices in the Natural State were $178,744 in March 2023, which was 47% less than the national average. The average price went up by 11%, or $18,000, from March 2021 to March 2023. This was the fourth-smallest gain in money. The study also found that average prices dropped by 4% from March 2022 to March 2023, which saved people looking for homes an extra $6,646.
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As of March 2023, the average price of a home in Louisiana was $182,959, which is 46% less than the national average. This makes Louisiana the fourth cheapest state in the country to own a home. The Pelican State has the biggest drop in prices, not a rise. Between March 2021 and March 2023, house prices fell by 2%, or $3,363, and between March 2022 and March 2023, they dropped by 8%, or $15,648.
This is where Oklahoma comes in fifth. As of March 2023, the average home price was $188,453, which is 44% less than the national average. This is 21% more than the average house price stated in March 2021. In the last two years, prices have gone up by 5%, or $8,428.
The state of Kentucky comes in sixth. Based on the statistics, the average price of a house in March 2023 was $190,037, which is 44% less than the national average. Overall, property prices went up by 3%, or $5,413 since March 2022, and by 15%, or $24,627 since March 2021. This was the seventh-smallest increase in value in the country.
In March 2023, the average price of a home in Iowa was $200,038. This was 41% less than the national average and made it the seventh cheapest state to own a home. The prices of homes in the Hawkeye State went up by 17%, or $29,356, from March 2021 to March 2023. From March 2022 to March 2023, they went up by 5%, or $10,055.
As of March 2023, the average home value in Ohio was $205,800. This makes it the eighth cheapest state to own a house. With an average price of $206,044, Alabama is in ninth place. Kansas, with an average price of $210,742, rounds out the top ten.
The co-founder of Agent Advice, Chris Heller, said this about the results: “The U.S. housing market is expected to be worth $43.4 trillion in 2023.” To make the most of this, both buyers and sellers need to know that the real estate market is always changing.