If you are looking to buy yourself a new home, this could be the moment to do it. Experts explain that house prices have already plummeted and that it is only a matter of time when will they hit their 17-year low. But in order to make the most of it, you need to know what to look for. And where. HomeNation brings you a list of home values by states so that you can wisely invest and get yourself a dream home.
First of all, we need to make clear what counts as “affordable”. While you may find a complete house anywhere in the US for less than a $100.000 it goes without saying that it will probably be flawed in some way. Whether it be its location, size or condition. So when making this survey, we took into account all of these factors in order to calculate a medium listing price for a family house with several rooms and a garage.
West Virginia comes in first as the least expensive state. With a median of only $101.000, it is perfect for those with a tight budget looking to move in as fast as possible. Mississippi also offers some of the most affordable houses in the country, giving you a chance to buy a modern family house with 7 rooms, 2 bathrooms and a garage for around $150.000. Next is Indiana, with a median of around $139.000. Although somewhat more expensive than Mississippi, it is still below the national average. Also, its cost of living index is among the lowest in the US, making it a good choice for those with a limited budget. Michigan takes the third place with a median of $147.000. However, experts warn that house prices in this particular state have slightly risen in the past two years. So if you want to settle down in Michigan, this could be your last chance to score a great deal.
Those seeking a balance between economy and luxury can choose a variety of alternatives. Some of them include Florida, with a median of $175.000. A skilled haggler will be able to negotiate a nice modern family house equipped with a pool and a yard for around $200.000. Same goes for Minnesota, Arizona, Nevada and New Mexico.
But if you are willing to open up even more, or if you simply don’t like hot climate, then you can always try your luck with Rhode Island or New York. With median prices of $222.000 and $256.000 (respectively), both states still offer a wide array of affordable houses for those pursuing a life in or near a big city on the East Coast.
Coming in as the third most expensive state is California, with a median price of $450.000. But for this amount, you can get a modern house with several rooms, three bathrooms and a garage. Same goes for Washington DC area, which comes in second with a median of $480.000. Although somewhat smaller than their Californian counterparts, houses in this area compensate their size with their location, being positioned right in the center of the bustling country’s capital.
However, if you are tired of the continental US, you can always escape to Hawaii. With their sunny beaches, beautiful landscapes and wonderful people, Hawaii is a dreamland for those who seek a fresh new start. But all that comes with a price. With a median of $550.000, Hawaii still holds the record for being the most expensive US state to live in. But if you don’t have a budget problem, you will be glad to hear that, for this kind of money, you can really buy yourself a piece of heaven, equipped with 3 bedrooms, 2 bathrooms, a garage, a barbecue area and a pool.
Experts and experienced players point out that during the next year, real estate prices are expected to rise again. So if you are planning to buy yourself a piece of land and move into a new home, this might be the perfect opportunity to do it.