Illinois is the state with the cheapest median home price in the US in 2022
Real estate company Studio City (California) used a database collected by Zillow nationwide to compile a list of the states with the cheapest homes in the US in 2022.
States with cheap housing
The Hill newspaper on April 27 quoted Studio City real estate broker Tony Mariotti as saying that home prices in the US started to rise in February, and the prospect of buying a house at a suitable price will be a distant dream for those who want to own a house in the near future. However, fortunately, there are still states where you can buy a cheap house, such as the Midwest.
Illinois has the cheapest homes, with an average home price of $133,750. If that’s not enough money, buyers can consider Galesburg, Illinois’ cheapest city, with a home price of $90,000. Meanwhile, Chicago, the state’s most expensive city, has a home price of $282,750. Ohio and Oklahoma are second and third on the list of affordable homes, with average prices of $155,000 and $175,063, respectively.
For less than $200,000, buyers can also consider Michigan, Missouri, Indiana, Arkansas, West Virginia, and New York. Meanwhile, home prices in Alabama are around this number. According to KTLA 5, for those who love California, which has a large Vietnamese population, Zillow's data allows you to find the five cheapest cities in the entire state. With an average price of less than $350,000, buyers can consider Oildale, Porterville, Delano, Tulare, and Calexico. For comparison, home prices in Los Angeles, the same state, are around $1.1 million.
Which state should I retire in?
Another report also provided a list of states that are best for Americans to retire in, based on home prices, cost of living, and taxes. According to Seniorly , a website for seniors in the US, Wyoming, Utah, Montana, and Idaho are in the top four spots on the list of the most financially friendly places for retirees. If those places seem cold, Americans can consider some warmer states that still rank high on their budgets: Virginia (5th on the list), New Mexico (7th), Tennessee (10th), Georgia (12th), and South Carolina (15th).
Entrance to Grand Teton National Park in Wyoming
According to the U.S. Census Bureau, more than 200,000 people moved to other states to retire in 2022. The top picks were Florida, North Carolina, Michigan, Arizona, and Georgia. Seniorly ’s report focused primarily on financial factors and did not take into account lifestyle or climate, so states that welcome a lot of senior immigrants are not necessarily financially suitable.
Florida ranks 43rd on the list for affordability. It has high health care costs, with an average electric bill of about $130, compared to about $97 per month per household in Wyoming. And about 11% of Florida’s seniors live in poverty, far higher than most states.
Meanwhile, five of the 10 most affordable states, Wyoming, Idaho, Colorado, Delaware and Tennessee, are also among the most tax-friendly states, according to an analysis by Washington DC-based media company Kiplinger.
New homes built in Florida in May 2021
The most expensive states for American retirees are all located on the West and East coasts of the United States: Massachusetts, New York, Connecticut, New Jersey and California. The cost of living in these states is significantly higher than in other states, and only California is considered to have a consumer-friendly tax rate.
The states with the most expensive houses in the US
According to The Hill, citing data from real estate brokerage Studio City (California), a total of eight states and the Washington, DC area are on the list of the most expensive homes in the country, with an average selling price of $400,000 or more in 2022. While Oregon's home prices are around $400,000, states like Washington, Nevada, Montana and the Washington, DC area are trading at prices ranging from $402,900 to $487,500. The top three spots belong to California, Colorado and Hawaii, with prices of $537,000, $537,125 and $805,775, respectively. Within each state, home prices also vary by geographic area. For example, the price of a home in Red Bluff, the cheapest city in California, is $320,000, while it took an average of $1.37 million to buy a home in San Jose last year.
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