The housing market is an interesting thing, and although it can be fickle, there will always be people buying and selling houses so it will continue moving and changing throughout the years. What does change substantially through the ups and downs is price, and a lot of that has to do with factors such as where the house is at (near a landmark, shopping centers, etc.), what the market is like in that state, what does the city/state have to offer in terms of jobs and education, how old is the house, etc. Some cities are more desirable to live in than others, and some states have cheaper home sales. Why is that? Well, it depends a lot on the above factors, but also on a number of other things. There are pros and cons to living anywhere, so why is it more desirable for tons of people to live in one area? We can take a look at this as we answer the following question: What is the cheapest state to live in, and why?
The answer is (drum roll, please): Mississipi. According to CNBC, the cheapest city to live in within the past couple of years was Mississipi. This was due to the following factors: Mississippi has a low cost of living in general. Bananas are only 56 cents a pound and buying a loaf of bread costs 20% less than that of the national average. Energy bills in this state are in record lows as well. What about houses? Well, a house in Mississippi, on average, costs only $112,300. Wow! That’s a nice, affordable price, especially when paired with the cheap groceries and bills that go along with it.
Although Mississippi topped the list for most affordable state to live in in 2015, other states are up there in cheapest places to live as well, and the state with the cheapest cost of living varies from year to year. As for states with the cheapest houses for sale, some surprising cities and prices made the list. Here is a list of some of the states with the cheapest houses for sale and how they compare with one another:
Utica, New York
Average home price for a home with four bedrooms and two bathrooms: $107,211
Cheektowaga, New York
Average home price for a home with four bedrooms and two bathrooms: $107, 475
Average home price for a home with four bedrooms and two bathrooms: $98,233
Average home price for a home with four bedrooms and two bathrooms: $98,226
Buffalo, New York
Average home price for a home with four bedrooms and two bathrooms: $97,288
Average home price for a home with four bedrooms and two bathrooms: $94,076
Lake Wales, Florida
Average home price for a home with four bedrooms and two bathrooms: $82,330
Park Forest, Illinois
Average home price for a home with four bedrooms and two bathrooms: $75,647
Average home price for a home with four bedrooms and two bathrooms: $68,207
Average home price for a home with four bedrooms and two bathrooms: $64,993
(The above list’s source:https://www.thestreet.com/story/12963546/6/the-12-absolutely-cheapest-places-to-buy-a-house-in-america.html)
Those prices are amazing! Housing prices differ from one area to the next, but finding houses with prices that low is almost unheard of. Some of the reasons behind the homes in these areas being so low is that they are in locations that tend to be less desirable for one reason or another. However, going through costs and benefits could prove that living in one of these places could prove worth it in the end. In places like New York and Georgia, if you live in one of these affordable small towns, you will have the benefit of living in a low-cost area while still being close to the bigger cities and attractions.
Housing costs isn’t all you should consider when looking for places with low costs of living, and this is why the overall state of Mississippi proved to be the cheapest to live, because the entire state on average has affordable housing costs and have cheaper costs in general for other things as well (such as food and energy bills, as mentioned previously).
If you are thinking about trying something new and looking for a home in the cheapest state in the country, look into Mississippi. However, if you are looking for the cheapest housing costs in the country, you know where to look: Cleveland, Ohio. At only $64,993, that city tops the list for cheapest city to live in, but overall Mississippi still takes the cake for cheapest overall state to live in.
What makes Cleveland, Ohio’s houses so cheap? Here are some factors that go into its affordable prices:
*High foreclosure rates
*Major businesses leaving
*Low amount of job openings
This is one example of why it’s important to look at costs and benefits. If you work from home and are able to live wherever you want, then Cleveland, Ohio could be a great option. However, if you were to want to look for a job in Cleveland, you could have a hard time and end up finding that the low housing cost isn’t worth it (and remember that it’s there for a reason).
It’s always interesting to find out about housing prices across the country; Idaho made it onto a list for most affordable states to live in in 2015. Who knows? Maybe Idaho will take the cake this year or next!