Here’s the map, with the lightest colors coming in at the lowest end and the darkest maxing out the salary cap. According to Zillow, as of April 2019 the median price per square foot is just $1.22 for a home in West Virginia, with an average size of 60,992 square feet. Who doesn't dream about living in a mansion someday? That means the starting price for a mansion is close to $1.3 million. Toledo, Ohio. We may earn commission on some of the items you choose to buy. 7,500 S.F. Capital: Columbus. 2020 Best Places to Buy a House in America About this List Explore the best places to buy a house based on home values, property taxes, home ownership rates, housing costs, and real estate trends. Based in Los Angeles, he specializes in writing about the financial markets, stocks, macroeconomic concepts and focuses on helping make complex financial concepts digestible for the retail investor. The median home price is $180k with a median price per square foot of $101. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The median price of a small condo was $690k, and if you want a comfortably sized home, you're looking at well over a million. Businesses You Didn’t Know Your Favorite Celebrity Owns, 20 photos. Methodology: To determine the cheapest places to buy land in America, GOBankingRates used Land Watch to find all active U.S. land listings at a maximum price of … But if you've ever been to Turner Falls, Oklahoma City National Memorial, Beavers Bend Resort Park, and the many wildlife refuges throughout the state, you know why people keep going back! There's shopping, unique hobby shops, and, of course, scrumptious deep dish pizza. From whale watching in the Puget Sound to Pike Place Market to Olympian National Park, Washington state is one of the most beautiful regions in the pacific northwest. Liberty State Park, George Washington Bridge, and the Atlantic City Boardwalk are a few huge draws from tourists everywhere. There are also a number of incredible state parks featuring breathtaking foliage, hiking trails, bridges, waterfalls, and so much more. Here's What To Expect. It's not the most affordable mansion, but it's not out of reach either. Adjusted Income: $57,259. Housing in the northern part of the state is more expensive, but if you go south towards Pella, Ottumwa, and Burlington, the prices drop to closer to $60 per square foot, and you could easily afford a refurbished mansion that dates back to the 1800's. In Oklahoma, $300,000 will buy you a 3,175-square foot home, on average. Median home value: $96,300 So what is the cheapest state to live in? Median home prices are listed at $385k, even higher than in New York. Photo disclaimer: Images used are for representational purposes only. Although it’s not one of the cheapest states to build a house, Florida is home to some of the best cities to own investment property, a separate GOBankingRates study found. Estimated cost to build a house: $288,066 Estimated hourly labor cost: $27.01 Hawaii has both the highest estimated cost to build a house and the highest estimated hourly labor cost. Ohio. The average home price in Massachusetts is $455k with an average price per square foot of $256. If you're in the market for something grand and luxurious, you can get a fantastic mansion for less than half a million. There’s a catch of course: … Mississippi has its fair share of wonders that make it worth a visit. The cheapest state to buy a home in is once again West Virginia. Welcome to Mansion Global, a new international luxury real estate listings site, connecting affluent buyers with luxury listings, premium content and original market news and insights. These incredible tourist attractions are one reason the real estate is so hot. Median home price: $126,800 You Might Actually Be Able To Afford a Mansion in These 20 States. If you’re on a budget but still want to buy, Money examined the data to see which states are the cheapest places to buy a home in— and which places you probably can’t afford to live in. Homes listed in Chicago and the highly populated surrounding areas are averaging about a $324k list price, which is high, but not unreachable. In rural areas, it's harder to find existing mansions, but you could build one from the ground up for as little as $90 per square foot. As one of the hottest tourist destinations in the world, it shouldn't be surprising to learn that it boasts some of the highest-priced housing in the nation. While a small mansion in Connecticut doesn't quite break a million, it's sitting above $800k, and if you were to purchase a mansion in a historic neighborhood, you're looking at a multi-million dollar investment for a lavish home. Keeping reading to see a list of the top 10 cheapest states to buy a home right now. Depending on where you are, the real estate is either extremely cheap or out-of-this-world expensive. This city offers soaring economy as well as series of things making it top chart options form best and cheapest states to buy a house. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. You're lucky to afford a parking spot in some of these states where the market recovered quickly and real estate is thriving. People will pay a lot for living history. Cheapest States to Buy a House, Ranked. The average home price in Toledo is a modest $51,200, but in certain neighborhoods you can find move-in … Colorado has some of the best the United States has to offer with incredible mountains, temperate weather and red rock scenery. The median home price in the city is around $224k, which is higher than many places, but the average price per square foot is low at $130. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). 15 Cheapest Places to Buy Land in America ... Marquette is giving away free lots to those willing to build a house of at least 1,000 square feet. The more rural areas boast even more affordable big houses. These estimates do not include additional, highly variable fees like home insurance or homeowners’ association dues. If you want a modest mansion, you better be prepared to fork over a modest $2.5 million. Whether you're breathing in the incredible skyline on the Cincinnati river or touring waterfalls in Cuyahoga Valley National Park, Ohio has a lot to offer by way of tourism. Ranking based on data from the U.S. Census, FBI, and other data sources. Homebuyers in Kansas are looking at a median home price of $189k, well below the national average. The real estate scene isn't too bad either. The city of Detroit came in as the cheapest market to buy a home. Arkansas bridges the gap between the midwest and the Deep South with the best of both worlds. Check out these safe, affordable places to raise your family. Not in any particular order, here are the top 11 cheapest places in the US to buy a home. GOBankingRates found that, in 20 states, monthly mortgage payments for mansions up to 8,000 square feet in size would total less than $5,000. It's also home to Custer National Forest and the Black Hills, an incredible haven of mountains, trees, and nature. Website for moms seeking advice, community, and entertainment. Southern and Midwestern comforts.According to Census region and division delineations, seven of our top 10 states are in the South and three are in the Midwest. Wowzer! When you buy a mansion in Mississippi, you also have the opportunity to buy rich history in an older home. Although you can find more affordable homes in rural areas, the median price for a home across the state is $532k, making it one of the most expensive places in the nation for real estate. However, be aware that Oklahoma has an average sales tax rate of 8.82% -- one of the highest in the U.S. -- and it can be up to 11%, depending where you are in the state. It's not looking much better either, since real estate prices are rising at a rate of nearly 10 percent. What a deal! 14. These destinations bring people from all over the world looking for recreation and a picture with the 60-foot sculpture of some of our founding fathers. What Does Google’s Move Into Venmo and Bank Territory Mean for You? Tourists go to Wisconsin for the incredible greenery, lakefront resorts, and water recreation. 5,000- and 8,000-square-foot homes were selected to represent the range of home sizes various authorities use to define “mansion” (5,000 to 8,000 is the range provided by Zillow). feet. GOBankingRates used these figures to create estimated median list prices for 5,000- and 8,000-square-foot homes in each state. We may earn commission on some of the items you choose to buy. The median home size in Alabama is 1,588 square feet, the largest on the list so far. Median home price: $122,200. The state of New York is a coveted place to live, even if you're not right in the city. If you're in the mood to take in both history and ocean views, Connecticut is a beautiful place to visit. Oklahoma, where the wind comes sweeping down the planes, is another often overlooked vacation destination. Estimated cost to build a house: $208,825 Estimated hourly labor cost: $14. While the dusty planes of Kansas make people overlook it as a prime travel destination, the fields of sunflowers and low real estate are a huge draw. Clearly, many Americans won’t be making plans to hit open houses in the near future â no matter how much they might want to â especially when you consider the grave economic impacts that are expected to come along with the health impacts of this pandemic. 10 cheapest U.S. cities for buying a home. This city has remained a center for rocket propulsion research by NAS & Army and provides many high tech jobs for engineers & rocket scientists. Related:Â The Best Place To Buy a Home in Every State, Check Out: The 50 Hardest Places To Sell a Home, Be Wary: 40 Cities With a Housing Bubble Thatâs About To Burst, Look: Best Places To Own a Home For Less Than $1,000 a Month. Finally, GOBankingRates ranked the 20 states where it is possible to own a mansion for less than $5,000 a month by affordability, with the state where monthly mortgage payments on mansions are least expensive ranked No. Whether you're interested in purchasing a giant house in your favorite destination, or you simply enjoy the view, take a look at these destinations where the real estate is either extremely cheap or out-of-this-world expensive. 1. On the other hand, some markets went through the roof. Do we even have to point out the virtues of sunny Florida, with its white sandy beaches and warm Atlantic surf? South Dakota is home to several wonders, including Mount Rushmore and the Badlands. All Right Reserved. The cheapest state to buy a home is once again West Virginia. Pregnancy and parenting news, given to you in a way nobody else has. Still, South Dakota is one of the most rural states in the nation, which drives the real estate prices down significantly. 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However, just because your potential move isn’t coming any time soon doesn’t mean you can’t start scoping out your prospects. So while you should take a little time to reconsider the size of your living space once you’ve been able to spend a good stretch of time outside again, if you’re still dead set on getting a lot more space, know that a little flexibility on location can create a lot of flexibility on cost. Utilizing this data and assuming a 20% down payment on home purchases, GOBankingRates used Zillow’s mortgage calculator to create estimated monthly mortgage payments for 5,000- and 8,000-square-foot homes in each state. The average listing price for a home across these nine states plus Washington, D.C. is more than $442,000. Average Annual Salary: $51,075. West Virginia is not only the cheapest state to buy a home, but it’s also ranked number 6 for the cheapest land in the U.S. You can live in style for almost nothing. The rest of the state has even more to offer by way of scenic byways, incredible foliage, hikes, botanical gardens, caves, history, and so much more. Florida home prices have risen about 10 percent over the last year, making them one of the fastest growing real estate markets in the nation. Mississippi homeowners stand to make about $180k on the sale of their homes, and if they're in the market for a mansion, it'll run them less than half a million dollars. 6 Historic Luxury Mansions You Can Buy … Right now, a great many Americans are currently reassessing their living situation. Median home prices are listed at $171k, meaning you can buy an incredible home for a tiny price. Nebraska. Alabama’s median home price is $137,200, just under $110,000 less than the U.S. median home value of $247,082. It is still possible to buy a home in the United States for less than the two-year appreciation on that $500,000 house. Every item on this page was hand-picked by a House Beautiful editor. It's a lovely place to visit year round. The study compiled places where 5,000-square-foot and even 8,000-square-foot residences are actually in a price range that wouldn’t be completely outrageous for some middle-class families. Not too shabby for a lakefront property in a gorgeous state! It was built in 1905 located in Muskogee OK and was to be the first Governors home after the Indian territory became a state. Should you buy a $12,900 house? Median Home Value: $139,100. As such, more than a few people are likely finding themselves holed up at home with three kids and suddenly thinking to themselves “we need a much, much larger house.” While the primary concern surrounding coronavirus is that people develop COVID-19, a secondary (though clearly less serious) outbreak of cabin fever has occurred. Rural, inland parts of Florida have surprisingly low home prices, which has skewed the median home price to about $290,000, but if we were counting major coastal cities like Naples and Miami, the price would be closer to $330k. You probably wonder if you'll ever be in that position. Methodology: To find the states with the most affordable mansions, GOBankingRates first compiled data on the median list price per square foot for homes in every state from Zillow. Alabama is the seventh-cheapest state to buy a home in. Planing To Walk The Camino De Santiago? To illustrate this, GOBankingRates put together a list of 20 states where you can buy a mansion and still anticipate mortgage payments that don’t necessarily require you to be super rich to afford. When you visit your favorite destinations, the ones you continually go back to, you probably start thinking about purchasing a first or second home. Homes are more expensive in large commercial and suburban areas, like Denver, Colorado Springs, Boulder, Aurora, Fort Collins, Durango, Grand Junction, and the surrounding areas. If you're looking for ocean-front property with all the latest amenities, you're looking at a multi-million dollar property. Massachusetts was rated the most expensive place in the U.S. to buy a home. For $220,000, you can buy this three-bedroom, three-bathroom house near the actual Hobe Sound. 1) Detroit, Michigan. Disclaimer: School attendance zone boundaries are supplied by Pitney Bowes and are subject to change.Check with the applicable school district prior to making a decision based on these boundaries. The median list price in 2017 was $179k with the average mansion listed at just over $500k. The tiny state of New Jersey is often overshadowed by the neighboring New York City. That's why we're defining the "best" places in America to buy a big house as the ones that fall squarely in the middle. Homes there are valued at $182k, and if you're looking for a mansion nestled in the Black Hills, you're looking at around $700k. Let's find out the TRUTH about these cheap houses. 2 story w, bsmt, ball room, servants house and carriage house on 2 acres. West Virginia. Hawaii. This includes a number of states where a typical mortgage for 5,000 glorious square feet can come in for under $3,000 a month. Your average mansion will be well over $1 million, but some of the larger homes on the seashore can list as high as $13 million. California is one of the most highly populated states in the nation with plenty of tourist activity. It's also home to one of the lowest costs of living in the country. When you get into some of the older neighborhoods in the big city where some mansions date back as far as the 1700's, those prices can skyrocket to multi-millions. It's primarily known for its rich history including national military parks, battlegrounds, nature areas, and more. That puts a small mansion at right around $650k. While home prices in Spokane, near Idaho's northern border, tend to be more affordable, housing near Seattle, Tacoma, and other waterfront cities are through the roof. If for no other reason because, well, they’ve been spending a lot more time in their residences in recent weeks. West Virginia! Serving up the hottest food trends and the inside scoop on restaurants worldwide. It's no wonder millions of people visit every year. Albuquerque is also a fun place to visit with Native American history, archaeological sites, shopping, art, and more. This graph shows a steady increase in U.S. house values from January 1, 1963, through December 31, 2017, with the exception of the serious dip caused by the housing crisis in the late 2000s. However, Jersey Shore is one of the most popular summer destinations in the Atlantic northeast. That’s because, while even a modest home in the Bay Area is starting to approach seven figures, plenty of states have home prices that can put mansion living within reach for a much larger chunk of the population. Ohio. Back in 2008 when the stock market crashed and we flew into a recession, the housing economy did some funny things. Unfortunately, the average price per square foot in some of these major coastal cities is above $400, which drives the price of a small mansion more than $2 million! The state’s leading job industries include automotive, aerospace, m… The cheapest land in the Natural State can be found in Clay County, nestled in the northeast corner of Arkansas, where land sells for around … 2. It's home to historical museums, seaports, architecture, the Mark Twain house, and Yale University. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. 1. Cheapest cities to buy a house: Saint Joseph, Florissant, Independence, Cape Girardeau; Cost of living index: 87.1 >> Browse Missouri investment properties . It's also the birthplace of Elvis Presley, which draws hundreds of thousands of visitors every year. GOBankingRates then compiled data on the median property tax rate in every state and the average 30-year fixed mortgage interest rate in the U.S. from the Tax Foundation and the Federal Reserve Economic Data site, respectively. The median home list price is $325k, not even close to the national average. A French Food Guide: Why Are Macarons So Expensive, And Are They Hard To Make? But when you look at the mansions, it's a different story. $129,900 on Zillow. That puts your average mansion at just shy of $600,000. Median home size: 1,508 sq. Learn more: Buying a House in Indiana: An In-Depth Guide. There's always Buffalo, one of the markets with the cheapest homes in the U.S., but there's a catch -- you could be buried under eight feet of snow. Which NFL Hall of Famer Has the Highest Net Worth. If you look in the right places, you might be able to afford a mansion! Unless you’re buying a tiny house, it’s not often you can snag a home for less than six digits. The average 2019 price in paradise clocks in at $655,000 (California comes in second place at $629,000) with an average price of $488 per square foot (California comes in … There's good southern cooking, beautiful national parks, green fields, and mountain hiking trails. So, here’s a look at the 20 best states to buy a mansion in descending order of their estimated mortgage payment. San Francisco, Los Angeles, San Diego, and the surrounding areas have the highest property value. Not bad for a custom-built mansion you get to design yourself! Ohio is one of the cheapest states to buy a house in, and, based on 2019 real estate market trends, one of the hottest states to move to in 2019. Shutterstock Median list price: $180,000. The only place to satisfy all of your guilty pleasures. The median home price for Iowa is $182k, which is almost 100k below the national average. West Virginia is the cheapest state to buy a home in America. New Jersey home prices have risen almost 10 percent in the last year, making it one of the fastest growing real estate markets in the nation. Those numbers are skewed significantly when you get closer to New York City. 50. Iowa is known for its scenic green hills, rumbling rivers, and fields of sweet corn and soybeans. For that reason, you'll be lucky to afford rent, let alone a mansion throughout the state. That makes the price for a small mansion almost $1.2 million. Chicago is one of the most popular tourist destinations in the state. The collection of islands in the South Pacific sea attract more than nine million people each year. Looking for a cheap place to buy a house? The median home price in Wisconsin is $209K, well below the national average. 10. If you're looking for a home there, you're in luck! That puts your average mansion right around $900k with several big-ticket buildings going for millions. That means your small mansion starts off at $500k, even in Oklahoma City and Tulsa. The rural parts are beautiful and close enough to big cities that you're rarely isolated, and New York City is fantastic to visit any time of the year. While driving through the state, take in all the dessert has to offer, including White Sands National Park, Carlsbad Caverns, Bandelier National Monument, and stunning red rock formations throughout the state. Nestled on the Mississippi River, it's a city that represents opportunity with the Gateway Arch and some of the best barbecue in the United States. © 2020 GOBankingRates. Some mansions in New York City are priced in the multi-millions. All data was compiled on and up to date as of March 9, 2020. The average price per square foot is around $130, so your average mansion is around $650k. Fall Deals on Amazon You Don’t Want to Miss. And if you want to buy a mansion near one of these parks, you probably can. Arkansas. These jobs help to boost income of median household to over $50,000. Yes, very cool. While the real estate in Western Massachusetts is more manageable, cities like Boston, Cambridge, Plymouth, Salem, and Worcester have some incredible mansions with an even more unbelievable price tag. This includes a number of states where a typical mortgage for 5,000 glorious square feet can come in for under $3,000 a month. In fact, it's the third largest city in the United States and can be a fun place to visit, particularly the Magnificent Mile. Of the 200 largest cities in America, here are the ones where 4-bedroom houses (and bigger) can be found at more affordable prices and where the relevant economic indicators—from unemployment figures to property taxes to population growth—suggest you're making … Some of the grandest and most expensive homes in California are going for upwards of $100 million. As you travel the world, you've probably stopped to enjoy the architecture and beautiful houses the line the streets or that are nestled in the countryside. Price Parity: 89.2. If you haven't been to St. Louis, it's a trip worth taking. Even though Ohio home values have risen more than six and a half percent in the last year, list prices are about $161k, well below the national average. These cities are beautiful to visit, but unless you're a millionaire, you probably won't be buying a big house there anytime soon. There's a lot of uninhabited land in New Mexico that's beautiful in its own way. Illinois is a beautiful state, shrouded in greenery and long rivers. Some mansions in the nicer neighborhoods of Chicago are selling for upwards of $10 million, with one particularly ornate house selling for $50 million. There's nothing like Apostle Islands National Lakeshore or Devil's Lake State Park if you love pristine lakes and the associated recreation. To illustrate this, GOBankingRates put together a list of 20 states where you can buy a mansion and still anticipate mortgage payments that don’t necessarily require you to be super rich to afford. 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Different markets recovered a lot faster than others, and it's surprising where you can now find affordable real estate. references: cnbc, gobankingrates, finance.yahoo, zillow, nytimes. You can spend days exploring the historic cities and scenic countryside of Connecticut. With a median home value of $380k, more than $100k above the national average, your average mansion costs just under a million. Thinking About Hiking The Inca Trail To Machu Picchu? These states are the cheapest places to live in America in 2019, according to data from CNBC's America's Top States for Business study released Wednesday. According to NeighborhoodX, Hawaii is the most expensive state to buy a house, based on price per square foot. With all the beaches, perfect weather, amenities, theme parks, and attractions, it's no wonder people want to live there. Homes at this price are pretty rare, making it more affordable than ever. The median home price in Colorado is a whopping $419k with an average price per square foot of $239. With this in mind, it shouldn't be surprising that the median home price is more than $319k. 1. What's more, the average price per square foot is less than $80, which means you can purchase a 5,000 square foot house for $400k or less. A relatively high average structure cost lands Florida among the most expensive places to build. Alabama has the second-lowest state … And while Albuquerque is a great place to live, it's also affordable. Joel Anderson is a business and finance writer with over a decade of experience writing about the wide world of finance. The median listing price in the Mountain State is $165,000 – the lowest median price in the study. The results of this analysis offer a pretty diverse range of options in a multitude of states across the nation. Every item on this page was hand-picked by a House Beautiful editor. I have a Historic Home on the National Historic Register and is For Sale. The median price per square foot is right around $100, so your mansion will be close to $500k in larger cities like Kansas City or Wichita. The median listing price in the Mountain State is $165,000 — the lowest median price in the study. Despite the unrivaled beauty and attractions of the state, real estate in Missouri is perfectly reasonable. For that reason, it's a coveted place to live, and housing prices reflect that. Housing in the northern part of the state is more expensive, but if you go south towards Pella, Ottumwa, and Burlington, the prices drop to closer to $60 per square foot, and you could easily afford a refurbished mansion that dates back to the 1800's.