The cheapest states to buy a house in 2024

They're on the rise again heading into 2024

Stars Insider

23/02/24 | StarsInsider

LIFESTYLE Real estate

There are only a few topics of conversation that can generate heated discussions quite like house prices. And that's for good reason. From 1980 to the third quarter of 2023, the price of homes rose 576%. As of the third quarter of 2023, the typical home value in the US is US$350,113. While the average household income has also risen since the 1980s, it's not rising fast enough to keep up with these housing prices. In some states, this problem is more drastic. 

By comparing the typical house price to the typical household income in each state, we can start to get an idea of the affordability of buying a home there. This is done by calculating the median household income as a percentage of the value of a typical home.

For example, if the median household income is US$50,000 per year, and a typical home costs US$200,000, they are earning 25% of the cost of their home. This is a reasonable balance between the value of your income and the value of your home. In some states, however, there is a larger discrepancy between the median household income and the cost of a home. If the percentage works out to 17%, that suggests that residents in that state carry a heavier financial burden when it comes to buying a house.

Curious to know which states score highest and lowest on the spectrum of typical house prices? Click on to find out.

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