GHENT, W.Va. (WVNS) — As of March 2023, West Virginia was named the cheapest state to own a home in America.
New data has been revealed in research gathered by real estate experts from Agent Advice on the top ten cheapest states to own homes in America. They studied the average price of homes across the country from March 2021 to March 2023. Their research includes not only the typical cost of the homes, but also percentage and price increases in those years.
At the top, West Virginia is the least expensive state to own a home as of March 2023 with house prices averaging at about $146,578, which is 57% less than the national average of $338,649. Since March 2021 the prices have increased by 10% and $13,666 and in the US is the second-lowest monetary increase with a 1% and $1,396 rise from March 2022 and March 2023.
Mississippi sits in second place, with housing prices as of March 2023 typically being $162,292 which is 52% lower than the national average. The state is also the third lowest when it comes to the monetary increase in house prices with a $17,966 and 12% rise between March 2022 and March 2023 but the average housing prices decreased in value by 2% and $2,523 between March 2022-March 2023.
Arkansas receives bronze, coming in at third place, with housing prices as of March 2023 falling around $178,744 which is 47% below the national average. It stands at the fourth lowest monetary increase with typical housing costs rising 11% and $18,000 from March 2021 and March 2023. Data gathered from the research also shows that housing prices went down 4% and $6,646 between March 2022 and March 2023.
Louisiana is in fourth place, with their typical housing prices as of March 2023 being $182,959 and 46% less than the national average. They have the highest lowering rather than increasing prices between March 2021 and March 2023 as their house prices fell by 2% and $3,363, and decreased by 8% and $15,648 from March 2022 to March 2023.
Ranking in fifth is Oklahoma with research showing that as of March 2023, their housing prices sit around $188,453 and 44% below the national average. Yet it is 21% more than the average price as of March 2021 and has a monetary rise in the last two years of 5% and $8,428.
Coming in sixth place is Kentucky. Data shows that as of March 2023 their housing prices are typically around $190,037 which is 44% less than the national average. From March 2022, their overall housing prices increased by 3% and $5,413, and 15% and $24,627 from March 2021, which is the seventh-lowest monetary rise in the country.
Seventh place is Iowa, whose typical housing prices in March 2023 were recorded at $200,038 which is 41% below the national average. Between March 2021 and March 2023 the state had a 17% and $29,356 increase in property value, with 5% and $10,005 of that ranging from March 2022 to March 2023.
Ohio sits at the eighth cheapest state with their average house prices as of March 2023 being $205,800. Alabama comes in ninth with their housing prices coming at around $206,044. Kansas comes in tenth place with housing prices typically falling around $210,742.
The U.S. housing market is estimated to be worth $43.4 trillion in 2023. To take advantage of this, consumers and agents alike must understand the ever-changing nature of the real estate market. Overall, there has been an increase in cost in the last three years throughout the nation. However, this research shows that there has also been a depreciation in multiple states over the last two years, showing a rise in more affordable housing. In Louisiana, for example, typical house prices have reduced by 8% and $15,648 within the last two years. So, it will be interesting to see if this trend in the cost of housing will eventually decrease throughout the country.Chris Heller | Co-founder of Agent Advice