West Virginia is the cheapest state to buy a home. A homebuyer can expect to get 1,792 square feet of living space for that price. Mississippi is the 34th most populous state in the U.S. UU.
And home to nearly 3 million residents. Agriculture and manufacturing are two of the largest industries in the state. Jackson is the state capital and also the largest metropolitan area in Mississippi. Home to more than 3 million people, Arkansas is the 33rd largest state in the U.S.
Agriculture, Manufacturing, and Tourism Help Boost Economy in Arkansas. Little Rock is the capital and also the largest metropolitan area. Forbes Advisor analyzed 100 metropolitan areas with a population of at least 100,000 to identify the 10 most affordable cities for homebuyers. We looked at several factors to measure affordability, including that city's median income, average housing costs, and median real estate taxes.
Not only is Cleveland an affordable city, but it's also young; the median age is around 36, which is just below the national median. What makes Cleveland special is its liveliness. Located on Lake Erie, people enjoy water sports and boat parties. For nature lovers, there is an extensive network of nature reserves that surround the city and encompass the beaches of Lake Erie.
The Cleveland Metroparks system has more than 300 miles of walking, biking and horseback trails, plus picnic areas, nature centers, golf courses and fishing areas. However, it's not just about fun and games, as the economy in Cleveland is strong and growing. A new public-private partnership between the state of Ohio, three hospitals and two universities, known as the Cleveland Innovation District, is projected to create 20,000 jobs in the next decade. Although Toledo has struggled with a depressed economy since the 1980s, in recent years the city of the rust belt has taken steps towards a better future.
Anthony Young, resident capital executive at Epicenter, a non-profit organization designed to support entrepreneurship in the greater Memphis area, recently told AfroTech that Memphis is outpacing other metropolitan cities in terms of black-owned businesses accessing capital from risk. In the Memphis area, about 16% “of early-stage companies accessing VC have a black founder (approximately 1% nationwide), and 13% of the initial capital invested has gone to companies with a black founder. Baltimore is home to high-profile employers, such as John Hopkins University and Northrop Grumman, one of the world's largest weapons manufacturers and suppliers of military technology. The government is also a major player in Baltimore's economy, with more than 18% of workers employed by the federal (145.69), state (99.12), or local (245.25%) government.
The University of Rochester and its 32,000-employee medical center is the city's largest employer. Buffalo, the largest city in upstate New York, is about seven hours northwest of Manhattan, but, as Wesser says, it's nothing like the Big Apple. Buffalo's population is less than 300,000, and while it was once home to more millionaires per capita than anywhere else on Earth, today Buffalo is an affordable alternative to big-city living. University of Kansas Hospital and University of Kansas Medical Center employ more than 10,000 people together.
Forbes Advisor compared 100 cities with a population of 100,000 or more and compared typical household expenses and home prices to median incomes to find the most affordable cities. This Midwestern state is the country's largest producer of corn, and its miles of farmland are a testament to that. Still, there are a lot of big cities to live in, too. Iowa's largest real estate markets include Des Moines, Iowa City and Cedar Rapids.
Another Midwestern state, Indiana, is flat and full of farmland. Its largest cities are Indianapolis, Fort Wayne and Bloomington, and major universities such as Purdue, Ball State and Indiana University are located there. The capital city of New York is where most of the action takes place in the political world of New Yorkers. There is a lot of lobbying and jobs for lawyers in Albany.
On top of that, there's an active nightlife, historic attractions, and stadium sports and entertainment. Since becoming a Dutch trading post in the 1650s, Kingston has been an important road to upstate New York. If you love getting outdoors and being on the water, you'll have both at Rondout Creek and the Hudson River. Once home to smugglers, Olean is now a safe place to live.
With a serious academic twist in the city and a community where 30% of households have school-age children, it's a fantastic place for families. If you need a lot more scenery than some of the other places on this list, you can go all the way to the western end of the state, near Niagara Falls. In Kenmore, you'll find a town with small-town charm and a population of 15,000, allowing you to live a diverse life. With a shortage of housing supply and growing demand, home values are rising, making it difficult for prospective homebuyers to get their dream home or any home.
In many metropolitan areas it's a seller's market, but with remote careers gaining momentum, more homebuyers may choose to live in communities other than the community where their employer is located. Fortunately, buying a home is still affordable in some areas. Keep reading to find the cheapest places to buy a home. Wikimedia Commons via Publichall Wikimedia Commons via Marcusmax Articles may contain affiliate links that allow us to share the proceeds from any purchase made.
A recent study by SmartAsset, a financial technology company, revealed the cheapest states to buy a home right now. . .