In this high-value blog post, District Lending reveals and explains the 5 cheapest states to buy a house in 2023.
We ranked the top 5 most affordable states to buy a house in the United States and ordered them from least expensive to most expensive based on the Zillow Home Value Index (ZHVI) as of July 2023.
The average home value in the U.S. is currently $348,853, which is up 1.2% year-over-year.
If you’re searching for affordable homeownership opportunities while enjoying the best of the United States, these 5 states offer a diverse range of options and unique lifestyles.
From the breathtaking natural beauty of West Virginia to the inviting beaches of Mississippi, these 5 states provide affordable housing options that can help you save money without compromising on quality of life.
By conducting thorough online research and considering your life, work, and family priorities, purchasing a home in one of these 5 states could be an excellent decision for those seeking affordability and a fulfilling living experience in the U.S.
Alright, let’s jump in!
Table of Contents
What State has the Cheapest Houses? (2023)
West Virginia is currently the state with the cheapest houses in 2023.
As of July 2023, West Virginia has an Average Home Value of $154,979, which is $191,291 less than the national average of $346,270.
What are the Cheapest States to Buy a House in 2023?
#1. West Virginia – Average Home Value: $154,979
West Virginia is currently the #1 cheapest state to buy a home in 2023.
Renowned for its natural beauty and welcoming communities, West Virginia is a state that boasts affordable housing options and an exceptional quality of life.
Its captivating landscapes captivate outdoor enthusiasts with an abundance of state parks, hiking trails, and scenic drives.
The state’s rich history and cultural heritage come alive through its captivating museums and vibrant festivals.
West Virginia also prides itself on its esteemed educational institutions, including West Virginia University and Marshall University, providing excellent academic opportunities.
For prospective homebuyers in West Virginia, here are some top cities to consider:
- Charleston: Serving as the state capital, Charleston combines the best of city living and small-town charm, featuring a thriving downtown area and convenient access to outdoor recreational activities.
- Huntington: Nestled in western West Virginia, Huntington is an enchanting riverfront city with a growing economy and a range of affordable real estate choices.
- Morgantown: Home to West Virginia University, Morgantown exudes a lively college-town atmosphere while offering easy access to outdoor pursuits such as hiking and boating.
#2. Mississippi – Average Home Value: $169,389
Known as the “state for wanderers,” Mississippi is renowned for its low cost of living and enjoyable climate.
The state’s rich history and vibrant culture come to life through its captivating museums, art galleries, and lively music festivals.
Mississippi’s abundant outdoor attractions, including scenic beaches, lush forests, and picturesque parks, make it an ideal destination for nature enthusiasts.
In addition, the state is home to esteemed universities such as the University of Mississippi, Mississippi State University, and Jackson State University.
For prospective homebuyers in Mississippi, here are some top cities to consider:
- Jackson: Serving as the state capital, Jackson provides a delightful blend of urban amenities and small-town charm, boasting a diverse range of cultural attractions and affordable real estate options.
- Gulfport: Situated along the Gulf Coast, Gulfport thrives as a beach town with a growing economy and abundant opportunities for outdoor recreation.
- Hattiesburg: Nestled in southern Mississippi, Hattiesburg emanates a captivating college-town atmosphere, fostering a strong sense of community while offering affordable housing choices.
#3. Arkansas – Average Home Value: $186,209
Famed for its breathtaking natural landscapes and vibrant arts scene, Arkansas is a state that promises an excellent quality of life and affordable housing options.
With its abundance of state parks, lakes, and mountains, outdoor enthusiasts will find endless opportunities for adventure and recreation.
Immerse yourself in the state’s rich history by exploring its museums and historic sites.
Arkansas is also home to esteemed universities such as the University of Arkansas, Arkansas State University, and the University of Central Arkansas.
For aspiring homeowners in Arkansas, here are some top cities worth considering:
- Little Rock: Serving as the state capital, Little Rock offers a harmonious blend of urban and small-town living, boasting a thriving arts scene and a range of affordable real estate choices.
- Fayetteville: Home to the University of Arkansas, Fayetteville exudes a vibrant college-town atmosphere, granting residents access to outdoor pursuits like hiking and biking.
- Hot Springs: Renowned for its natural hot springs, Hot Springs provides a captivating fusion of history and outdoor recreation, all while offering affordable housing options.
#4. Louisiana – Average Home Value: $189,101
Louisiana is a captivating state that boasts a harmonious fusion of cultures and traditions.
Renowned for its delectable Cajun and Creole cuisine, vibrant music scene, and lively festivals, Louisiana offers a unique and immersive experience for its residents.
The state is home to esteemed universities like Tulane University and Louisiana State University, providing excellent educational opportunities.
Beyond its rich cultural heritage, Louisiana showcases an array of outdoor attractions, including state parks, wildlife refuges, and historic sites.
For prospective homebuyers in Louisiana, here are some top cities to consider:
- New Orleans: With its vibrant culture and renowned music scene, New Orleans offers an enchanting mix of city and small-town living, accompanied by a range of affordable real estate options.
- Baton Rouge: Serving as the state capital, Baton Rouge provides a delightful blend of urban and small-town living, featuring a thriving economy and accessible real estate options.
- Lafayette: Celebrated for its authentic Cajun cuisine and vibrant music, Lafayette promises a captivating blend of culture and outdoor recreation, complemented by affordable housing opportunities.
#5. Oklahoma – Average Home Value: $198,398
Oklahoma is a welcoming state renowned for its amiable communities and robust economy.
It presents a low cost of living and a thriving business environment, making it an attractive destination for homebuyers.
Oklahoma boasts a diverse geography, offering a plethora of attractions for its residents.
The state is home to esteemed universities like the University of Oklahoma and Oklahoma State University, providing excellent educational opportunities.
Nature enthusiasts will delight in the abundance of lakes, mountains, and state parks scattered throughout the region.
For those considering purchasing a home in Oklahoma, here are the top cities to explore:
- Oklahoma City: As the state capital, Oklahoma City harmonizes elements of urban and small-town living, featuring a robust economy and an array of affordable real estate options.
- Tulsa: Distinguished by its striking art deco architecture and vibrant cultural scene, Tulsa combines the charms of city and small-town living, accompanied by accessible real estate choices.
- Norman: Home to the University of Oklahoma, Norman exudes a vibrant college-town atmosphere while granting residents access to outdoor activities such as hiking and biking.
Conclusion and Next Steps
In conclusion, these top 5 states offer affordable housing in the U.S. and were carefully selected based on their Zillow Home Value Index (ZHVI) as of July 2023, from the least expensive states to the most expensive states.
While the current average home value in the United States stands at $348,853, showing a 1.2% increase compared to the previous year, these 5 cheapest states to live in are significantly below the national average.
If you’re in search of affordable homeownership opportunities without compromising on the best that the United States has to offer, these 5 states present a wide range of options and unique lifestyles.
Whether you desire the awe-inspiring natural beauty of West Virginia or the allure of beautiful beaches in Mississippi, these states provide affordable housing solutions that allow you to save money while maintaining a high quality of life.
To make an informed decision, we recommend conducting comprehensive online research and considering factors such as your personal and professional priorities, as well as the needs of your family.
By exploring the real estate market in these states, you can discover affordable housing options that align with your budget and provide a fulfilling living experience in the United States.
About the Author
Brian Reese is a senior advisor and co-owner at District Lending. He is one of the world’s leading experts in veteran benefits, having helped millions of veterans secure their financial future since 2013. Brian is the founder VA Claims Insider, an education-based Coaching & Consulting company whose mission is to educate and empower veterans to get the VA disability benefits they’ve earned for their honorable service. A former active-duty air force officer, Brian deployed to Afghanistan in support of Operation Enduring Freedom. He is a distinguished graduate of management of the United States Air Force Academy and earned his MBA as a National Honor Scholar from the Spears School of Business at Oklahoma State University.
In Brian’s Own Words:
“As a military veteran, I’ve made it my life’s mission to help people live happier and wealthier lives. District Lending brings this mission to life. We believe in integrity, honesty, and transparency, which is why you’ll see our rates right on our website. You’ll find lower rates and zero lending fees, which means you can buy your dream home for less. The savings are passed on to you — the way it should be.”
– Brian Reese, Advisor and Co-Owner, District Lending