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Home prices are up by double-digit percentages across the country, and many aspiring buyers are getting priced out. But not everywhere. Realtor.com®’s research team recently pinpointed several states that offer the most affordable homes in the nation, based on median list prices from April. In these areas, the median list prices are far below April’s national price of $425,000, realtor.com® notes.
The most affordable states tend to be located in the Midwest and South, where land and construction labor often are less expensive than in coastal markets.
“There have been tremendous transformations in many of these states that previously may have been called ‘flyover country,'” says George Ratiu, realtor.com®’s manager of economic research. “What flies under the radar for a lot of people is that many of these states have seen economic growth, which has provided more good-paying jobs. [Paired] with a lower cost of living and more affordability, many of these places have attracted new residents.”
Seven of the most affordable states for housing, according to realtor.com®, are:
1. West Virginia
- Median list price: $199,000
2. Ohio
- Median list price: $215,000
3. Arkansas
- Median list price: $245,000
4. Kansas
- Median list price: $248,500
5. Oklahoma
- Median list price: $250,000
6. Mississippi
- Median list price: $258,000
7. Michigan
- Median list price: $259,000