Although the popularity of houses has decreased over the last few years, there are still families and individuals that are looking for the best and cheapest home.
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The cheapest housing market is in the Midwest or the Rust Belt
Nearly all big cities contain expensive housing markets that are not affordable to the everyday person. While it may be tempting to move to California, Florida, and New York due to the big city vibes they give off, these three States do not offer cheap housing opportunities. The areas that contain the most affordable and cheapest housing market are in the Midwest or the Rust Belt.
The cheapest housing market
U.S home prices have risen about 5% each year for the past few years. Out of all of the 50 states, there is one that contains the cheapest housing market, Marion, Indiana. Marion is a small city in Indiana where the median home price is $66,750. In this small city, there is a low population a little under 30,000 people. The cost of living is drastically lower than the United States average. The cheapest zip code to live in is 46953 and the median home price for that zip code is $45,000. The cost of living for the United States on average is 100.0. Anything above 100.0 indicates a cost of living that is higher than the US average. The opposite is true as well. Anything below 100.00 indicates a cost-of-living that is lower than the US average. In this case, Marion has a cost-of-living of 70.0. The cost of living is 30.00% lower than the US average compared to the rest of the city.
Employment is steadily increasing
The city itself seems to be expanding and growing. There is a public and private college. The unemployment rate in Marion, Indiana is 4.4%. While this is 0.5% higher than the US average it is nothing to worry about as employment is steadily increasing. The recent job growth is positive and has increased by 0.61% and is predicted to continue to increase.
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CNBC: America’s 10 cheapest states to live in
(Price data is based on the 2017 Annual Average Cost of Living Index by the Council for Community and Economic Research, C2ER.)
10. Indiana
2018 Cost of Living score: 41 out of 50 points (Top States Grade: A-)
Most expensive area: Bloomington
Average home price: $279,097
Half gallon of milk: $1.83
Ribeye steak: $12.64
Monthly energy bill: $150.52
Doctor visit: $75.18
9. Georgia
2018 Cost of Living score: 42 out of 50 points (Top States Grade: A-)
Most expensive area:·Atlanta
Average home price:·$290,041
Half gallon of milk: $1.98
Ribeye steak: $12.05
Monthly energy bill: $126.90
Doctor visit: $105.10
8. Alabama
2018 Cost of Living score:·43 out of 50 points (Top States Grade: A-)
Most expensive area: Huntsville
Average home price: $243,562
Half gallon of milk: $1.71
Ribeye steak: $10.82
Monthly energy bill:·$155.88
Doctor visit: $93.11
7. Kansas
2018 Cost of Living score: 44 out of 50 points (Top States Grade: A)
Most expensive area: Topeka
Average home price: $273,940
Half gallon of milk: $1.95
Ribeye steak: $10.49
Monthly energy bill: $161.88
Doctor visit: $97.33
6. Missouri
2018 Cost of Living score: 45 out of 50 points (Top States Grade: A)
Most expensive area: Columbia
Average home price: $292,049
Half gallon of milk: $2.14
Ribeye steak: $12.08
Monthly energy bill: $162.17
Doctor visit: $127.06
5. Tennessee
2018 Cost of Living score: 46 out of 50 (Top States Grade: A)
Most expensive area: Chattanooga
Average home price: $348,413
Half gallon of milk: $2.09
Ribeye steak: $12.04
Monthly energy bill: $132.07
Doctor visit: $128.20
4. Michigan
2018 Cost of Living score: 47 out of 50 points (Top States Score: A+)
Most expensive area: Detroit-Dearborn-Livonia Metro
Average home price: $295,582
Half gallon of milk: $1.73
Ribeye steak: $12.84
Monthly energy bill: $150.83
Doctor visit: $97.81
3. Oklahoma
Tulsa, Oklahoma
2018 Cost of Living score: 48 out of 50 points (Top States Score: A+)
Most expensive area:·Tulsa
Average home price: $219,227
Half gallon of milk: $2.17
Ribeye steak: $10.80
Monthly energy bill: $147.64
Doctor visit: $109.67
2. Arkansas
2018 Cost of Living score: 49 out of 50 (Top States Score: A+)
Most expensive area: Little Rock
Average home price: $320,278
Half gallon of milk: $2.15
Ribeye steak: $11.69
Monthly energy bill: $140.50
Doctor visit: $121.67
1. Mississippi
Downtown Gulfport, Mississippi
2018 Cost of Living score: 50 out of 50 (Top States Score: A+)
Most expensive area: Gulfport-Biloxi-Pascagoula Metro
Average home price: $214,317
Half gallon of milk: $2.32
Ribeye steak: $11.26
Monthly energy bill: $114.10
Doctor visit: $87.58
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