Introduction
The cost of buying a home varies greatly depending on where one is looking. Even in the states where on average the cost of homeownership is lower than in other states, the cost of owning a home can still be incredibly expensive depending on what a person’s criteria are.
One of the greatest determining factors that limits where people buy a home is usually where they work. Some people do live quite a distance away from their place of employment and commute to work every day. There are also exceptions, with people who work remotely for example, as they aren’t usually constrained by the physical limitations of their job. But generally speaking, people tend to live reasonably near their workplace, out of convenience.
Moreover, buying a house and paying a mortgage is often less expensive than renting, especially in the long run. For instance, while renting, people pay a monthly fee for the space they’re occupying. Likewise when you own a house, you usually have to pay off a mortgage loan through monthly payments. However, when you own a house, each payment builds equity and ultimately ends with an individual or a family fully owning the property they’ve paid for. While renting, however, people build no equity, and then they leave. If a person is lucky, they can find a great deal on a house they can invest in with their time as they pay it off.
To learn more about the cheapest states to buy a house, scroll the charts.
| # | State | Home Value | Average Home Value | Median Home Price | Median Rent Price |
|---|---|---|---|---|---|
| 1 | West Virginia | $62,107 | $126,115 | $291,300 | $732 |
| 2 | Arkansas | $76,758 | $157,696 | $251,900 | $760 |
| 3 | Oklahoma | $77,737 | $157,233 | $242,500 | $818 |
| 4 | Mississippi | $78,781 | $146,876 | $257,300 | $789 |
| 5 | Alabama | $85,984 | $179,358 | $295,900 | $811 |
| 6 | Kentucky | $92,450 | $176,324 | $256,700 | $783 |
| 7 | Kansas | $93,675 | $189,032 | $298,100 | $863 |
| 8 | Iowa | $97,848 | $177,976 | $265,700 | $806 |
| 9 | Louisiana | $104,542 | $190,229 | $266,000 | $876 |
| 10 | Ohio | $105,633 | $187,162 | $236,700 | $825 |
| 11 | Michigan | $109,207 | $207,493 | $249,100 | $892 |
| 12 | Indiana | $111,984 | $192,337 | $245,300 | $844 |
| 13 | Missouri | $114,580 | $202,083 | $251,900 | $843 |
| 14 | Tennessee | $126,053 | $239,612 | $402,600 | $897 |
| 15 | Illinois | $128,041 | $233,443 | $286,800 | $1,038 |
| 16 | Nebraska | $130,894 | $220,718 | $279,900 | $857 |
| 17 | South Carolina | $131,555 | $231,270 | $370,800 | $918 |
| 18 | Pennsylvania | $136,144 | $237,674 | $290,700 | $958 |
| 19 | Georgia | $146,226 | $252,762 | $376,700 | $1,042 |
| 20 | North Carolina | $146,271 | $258,377 | $360,900 | $932 |
| 21 | Wisconsin | $147,811 | $236,227 | $278,900 | $872 |
| 22 | Texas | $151,418 | $255,023 | $389,100 | $1,082 |
| 23 | New Mexico | $162,681 | $250,102 | $518,300 | $857 |
| 24 | New York | $164,003 | $359,173 | $559,900 | $1,315 |
| 25 | North Dakota | $169,867 | $255,566 | $828 | |
| 26 | South Dakota | $170,999 | $262,373 | $312,700 | $761 |
| 27 | Maine | $186,679 | $314,191 | $348,600 | $873 |
| 28 | Florida | $187,120 | $298,669 | $410,400 | $1,218 |
| 29 | Alaska | $187,476 | $302,960 | $371,500 | $1,240 |
| 30 | Wyoming | $190,733 | $291,215 | $853 | |
| 31 | Minnesota | $193,236 | $301,470 | $349,000 | $1,010 |
| 32 | Vermont | $194,678 | $304,539 | $365,100 | $999 |
| 33 | Virginia | $197,895 | $338,714 | $447,500 | $1,257 |
| 34 | Delaware | $205,944 | $309,966 | $323,100 | $1,150 |
| 35 | Connecticut | $207,917 | $316,225 | $368,900 | $1,201 |
| 36 | Maryland | $224,163 | $366,162 | $416,800 | $1,415 |
| 37 | Montana | $224,354 | $368,496 | $836 | |
| 38 | New Hampshire | $240,881 | $364,831 | $434,100 | $1,145 |
| 39 | Arizona | $248,835 | $357,967 | $471,300 | $1,097 |
| 40 | New Jersey | $252,282 | $406,423 | $454,500 | $1,368 |
| 41 | Nevada | $265,439 | $369,138 | $465,000 | $1,159 |
| 42 | Rhode Island | $281,162 | $373,094 | $429,200 | $1,031 |
| 43 | Idaho | $294,707 | $428,378 | $521,200 | $887 |
| 44 | Oregon | $321,006 | $453,856 | $527,600 | $1,173 |
| 45 | Colorado | $332,062 | $490,123 | $624,000 | $1,335 |
| 46 | Massachusetts | $333,378 | $514,230 | $604,200 | $1,336 |
| 47 | Utah | $347,016 | $471,970 | $575,100 | $1,090 |
| 48 | Washington | $347,311 | $518,215 | $668,400 | $1,337 |
| 49 | District of Columbia | $406,475 | $666,990 | $1,607 | |
| 50 | California | $411,963 | $675,063 | $843,800 | $1,586 |
| 51 | Hawaii | $417,767 | $740,097 | $715,900 | $1,651 |
Home Value by State
Alabama
Home Value
$85,984
Ranked in the US
#5
$179,358
Ranked in the US
#45
$295,900
Ranked in the US
#32
Ranked in the US
#45
Alaska
Home Value
$187,476
Ranked in the US
#29
$302,960
Ranked in the US
#23
$371,500
Ranked in the US
#22
$1,240
Ranked in the US
#11
Arizona
Home Value
$248,835
Ranked in the US
#39
$357,967
Ranked in the US
#17
$471,300
Ranked in the US
#11
$1,097
Ranked in the US
#18
Arkansas
Home Value
$76,758
Ranked in the US
#2
$157,696
Ranked in the US
#48
$251,900
Ranked in the US
#42
Ranked in the US
#50
California
Home Value
$411,963
Ranked in the US
#50
$675,063
Ranked in the US
#2
$843,800
Ranked in the US
#1
$1,586
Ranked in the US
#3
Colorado
Home Value
$332,062
Ranked in the US
#45
$490,123
Ranked in the US
#6
$624,000
Ranked in the US
#4
$1,335
Ranked in the US
#8
Connecticut
Home Value
$207,917
Ranked in the US
#35
$316,225
Ranked in the US
#19
$368,900
Ranked in the US
#24
$1,201
Ranked in the US
#13
Delaware
Home Value
$205,944
Ranked in the US
#34
$309,966
Ranked in the US
#21
$323,100
Ranked in the US
#29
$1,150
Ranked in the US
#16
District of Columbia
Home Value
$406,475
Ranked in the US
#49
$666,990
Ranked in the US
#3
$1,607
Ranked in the US
#2
Florida
Home Value
$187,120
Ranked in the US
#28
$298,669
Ranked in the US
#25
$410,400
Ranked in the US
#18
$1,218
Ranked in the US
#12
Georgia
Home Value
$146,226
Ranked in the US
#19
$252,762
Ranked in the US
#31
$376,700
Ranked in the US
#21
$1,042
Ranked in the US
#21
Hawaii
Home Value
$417,767
Ranked in the US
#51
$740,097
Ranked in the US
#1
$715,900
Ranked in the US
#2
$1,651
Ranked in the US
#1
Idaho
Home Value
$294,707
Ranked in the US
#43
$428,378
Ranked in the US
#9
$521,200
Ranked in the US
#9
Ranked in the US
#31
Illinois
Home Value
$128,041
Ranked in the US
#15
$233,443
Ranked in the US
#36
$286,800
Ranked in the US
#35
$1,038
Ranked in the US
#22
Indiana
Home Value
$111,984
Ranked in the US
#12
$192,337
Ranked in the US
#41
$245,300
Ranked in the US
#45
Ranked in the US
#39
Iowa
Home Value
$97,848
Ranked in the US
#8
$177,976
Ranked in the US
#46
$265,700
Ranked in the US
#39
Ranked in the US
#46
Kansas
Home Value
$93,675
Ranked in the US
#7
$189,032
Ranked in the US
#43
$298,100
Ranked in the US
#31
Ranked in the US
#35
Kentucky
Home Value
$92,450
Ranked in the US
#6
$176,324
Ranked in the US
#47
$256,700
Ranked in the US
#41
Ranked in the US
#48
Louisiana
Home Value
$104,542
Ranked in the US
#9
$190,229
Ranked in the US
#42
$266,000
Ranked in the US
#38
Ranked in the US
#32
Maine
Home Value
$186,679
Ranked in the US
#27
$314,191
Ranked in the US
#20
$348,600
Ranked in the US
#28
Ranked in the US
#33
Maryland
Home Value
$224,163
Ranked in the US
#36
$366,162
Ranked in the US
#14
$416,800
Ranked in the US
#17
$1,415
Ranked in the US
#4
Massachusetts
Home Value
$333,378
Ranked in the US
#46
$514,230
Ranked in the US
#5
$604,200
Ranked in the US
#5
$1,336
Ranked in the US
#7
Michigan
Home Value
$109,207
Ranked in the US
#11
$207,493
Ranked in the US
#39
$249,100
Ranked in the US
#44
Ranked in the US
#30
Minnesota
Home Value
$193,236
Ranked in the US
#31
$301,470
Ranked in the US
#24
$349,000
Ranked in the US
#27
$1,010
Ranked in the US
#24
Mississippi
Home Value
$78,781
Ranked in the US
#4
$146,876
Ranked in the US
#50
$257,300
Ranked in the US
#40
Ranked in the US
#47
Missouri
Home Value
$114,580
Ranked in the US
#13
$202,083
Ranked in the US
#40
$251,900
Ranked in the US
#43
Ranked in the US
#40
Montana
Home Value
$224,354
Ranked in the US
#37
$368,496
Ranked in the US
#13
Ranked in the US
#41
Nebraska
Home Value
$130,894
Ranked in the US
#16
$220,718
Ranked in the US
#38
$279,900
Ranked in the US
#36
Ranked in the US
#36
Nevada
Home Value
$265,439
Ranked in the US
#41
$369,138
Ranked in the US
#12
$465,000
Ranked in the US
#12
$1,159
Ranked in the US
#15
New Hampshire
Home Value
$240,881
Ranked in the US
#38
$364,831
Ranked in the US
#15
$434,100
Ranked in the US
#15
$1,145
Ranked in the US
#17
New Jersey
Home Value
$252,282
Ranked in the US
#40
$406,423
Ranked in the US
#10
$454,500
Ranked in the US
#13
$1,368
Ranked in the US
#5
New Mexico
Home Value
$162,681
Ranked in the US
#23
$250,102
Ranked in the US
#32
$518,300
Ranked in the US
#10
Ranked in the US
#37
New York
Home Value
$164,003
Ranked in the US
#24
$359,173
Ranked in the US
#16
$559,900
Ranked in the US
#7
$1,315
Ranked in the US
#9
North Carolina
Home Value
$146,271
Ranked in the US
#20
$258,377
Ranked in the US
#28
$360,900
Ranked in the US
#26
Ranked in the US
#27
North Dakota
Home Value
$169,867
Ranked in the US
#25
$255,566
Ranked in the US
#29
Ranked in the US
#42
Ohio
Home Value
$105,633
Ranked in the US
#10
$187,162
Ranked in the US
#44
$236,700
Ranked in the US
#47
Ranked in the US
#43
Oklahoma
Home Value
$77,737
Ranked in the US
#3
$157,233
Ranked in the US
#49
$242,500
Ranked in the US
#46
Ranked in the US
#44
Oregon
Home Value
$321,006
Ranked in the US
#44
$453,856
Ranked in the US
#8
$527,600
Ranked in the US
#8
$1,173
Ranked in the US
#14
Pennsylvania
Home Value
$136,144
Ranked in the US
#18
$237,674
Ranked in the US
#34
$290,700
Ranked in the US
#34
Ranked in the US
#26
Rhode Island
Home Value
$281,162
Ranked in the US
#42
$373,094
Ranked in the US
#11
$429,200
Ranked in the US
#16
$1,031
Ranked in the US
#23
South Carolina
Home Value
$131,555
Ranked in the US
#17
$231,270
Ranked in the US
#37
$370,800
Ranked in the US
#23
Ranked in the US
#28
South Dakota
Home Value
$170,999
Ranked in the US
#26
$262,373
Ranked in the US
#27
$312,700
Ranked in the US
#30
Ranked in the US
#49
Tennessee
Home Value
$126,053
Ranked in the US
#14
$239,612
Ranked in the US
#33
$402,600
Ranked in the US
#19
Ranked in the US
#29
Texas
Home Value
$151,418
Ranked in the US
#22
$255,023
Ranked in the US
#30
$389,100
Ranked in the US
#20
$1,082
Ranked in the US
#20
Utah
Home Value
$347,016
Ranked in the US
#47
$471,970
Ranked in the US
#7
$575,100
Ranked in the US
#6
$1,090
Ranked in the US
#19
Vermont
Home Value
$194,678
Ranked in the US
#32
$304,539
Ranked in the US
#22
$365,100
Ranked in the US
#25
Ranked in the US
#25
Virginia
Home Value
$197,895
Ranked in the US
#33
$338,714
Ranked in the US
#18
$447,500
Ranked in the US
#14
$1,257
Ranked in the US
#10
Washington
Home Value
$347,311
Ranked in the US
#48
$518,215
Ranked in the US
#4
$668,400
Ranked in the US
#3
$1,337
Ranked in the US
#6
West Virginia
Home Value
$62,107
Ranked in the US
#1
$126,115
Ranked in the US
#51
$291,300
Ranked in the US
#33
Ranked in the US
#51
Wisconsin
Home Value
$147,811
Ranked in the US
#21
$236,227
Ranked in the US
#35
$278,900
Ranked in the US
#37
Ranked in the US
#34
Wyoming
Home Value
$190,733
Ranked in the US
#30
$291,215
Ranked in the US
#26
Ranked in the US
#38