Illinois had the cheapest average home prices in the U.S. in 2022.
The California-based real estate company Studio City used a nationwide database compiled by Zillow to create a list of the states with the cheapest homes in the U.S. in 2022.
States with affordable housing prices
The Hill reported on April 27th, citing real estate broker Tony Mariotti of Studio City, that US home prices began rising in February, and the prospect of affordable housing will be distant for those wishing to own a home in the near future. However, fortunately, there are still states where affordable housing is possible, such as the Midwest.
Housing in Illinois is the most affordable, with an average price of $133,750. If that's still not enough, buyers can consider Galesburg, Illinois' cheapest city, with average prices around $90,000 per home. Meanwhile, Chicago, the most expensive city in the state, has average prices of $282,750. Ohio and Oklahoma rank second and third on the list of affordable housing, with average prices of $155,000 and $175,063, respectively.
With a budget under $200,000, buyers can also consider Michigan, Missouri, Indiana, Arkansas, West Virginia, and New York. Meanwhile, home prices in Alabama are around that figure. According to KTLA 5, for those who prefer California, with its large Vietnamese-American population, Zillow's data reveals the five cheapest cities in the state. With an average price under $350,000, buyers can consider Oildale, Porterville, Delano, Tulare, and Calexico. For comparison, home prices in Los Angeles, also in California, are around $1.1 million.
Which state is best for retirement?
In addition, another report also provides a list of states suitable for Americans to retire in, based on housing prices, cost of living, and taxes. According to Seniorly , a website for seniors in the US, Wyoming, Utah, Montana, and Idaho are among the top four most financially suitable states for retirees. If those locations seem cold, Americans can consider some warmer states that still rank highly based on their budget: Virginia (5th on the list), New Mexico (7th), Tennessee (10th), Georgia (12th), and South Carolina (15th).
Entrance to Grand Teton National Park in Wyoming
According to the U.S. Census Bureau, more than 200,000 people moved to other states for retirement in 2022. The most popular states were Florida, North Carolina, Michigan, Arizona, and Georgia. The Seniorly report focuses primarily on financial factors and doesn't account for lifestyle or climate. Therefore, states that receive a large number of senior immigrants don't necessarily offer the most financially suitable options.
Florida ranks 43rd on the affordability list. It has significantly lower healthcare costs and an average electricity bill of around $130, compared to only about $97 per household in Wyoming. Furthermore, approximately 11% of Florida's senior population lives in poverty, a much higher percentage than most other states.
Meanwhile, five of the 10 most affordable states—Wyoming, Idaho, Colorado, Delaware, and Tennessee—are also among the states with the most favorable tax rates, according to an analysis by Washington D.C.-based media company Kiplinger.
Newly built homes in Florida in May 2021
The most expensive states for American retirees are concentrated on both the West and East coasts of the U.S.: Massachusetts, New York, Connecticut, New Jersey, and California. The cost of living in these states is significantly higher than in others, and only California is considered to have a consumer-friendly tax rate.
The states with the most expensive housing prices in the US.
According to The Hill, citing data from the California real estate brokerage Studio City, a total of eight states and the Washington, D.C. metropolitan area are on the list of the most expensive states in the country, with average selling prices of $400,000 or more in 2022. While home prices in Oregon are around $400,000, states like Washington, Nevada, Montana, and the Washington, D.C. metropolitan area traded at prices ranging from $402,900 to $487,500. The top three are California, Colorado, and Hawaii, with prices of $537,000, $537,125, and $805,775 respectively. Within each state, home prices also vary depending on the geographic area. For example, the average price for a home in Red Bluff, California's cheapest city, was $320,000, while the average cost to buy a home in San Jose last year was $1.37 million.
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