The Most Affordable Town to Own a Home in Every State

    Providence, RI: ChrisBoswell/iStock

    Everyone loves to gawk over the most expensive and exclusive places to live. That’s why earlier this week, realtor.com®’s data team published a story on the most expensive neighborhood in every state.

    But what about the other 99% of us grappling with things like student loan debt and car payments, and generally trying to afford that roof above our heads each month? Business Insider put together a list of the towns where it’s most affordable to own a home in every state.

    To come up with these findings, it analyzed the most recent U.S. Census Bureau data available to figure out where in each state people were paying the least on their median mortgages and other monthly homeownership costs. These can include insurance, utilities, property taxes, and HOA and condominium fees.

    Every one of these places has median home prices well below the $295,000 national median—and some only a fraction of that.

    To be included on the list, places had to have at least 500 owner-occupied homes where the owners have a mortgage. Those requirements exclude many smaller (and potentially cheaper) towns as well as many of those with longtime residents who have already paid off their mortgages.

    This may help to explain why a few of the most inexpensive towns to own homes in aren’t exactly bargains.

    “When people are thinking about whether or not they can afford a home, they think about what their monthly payment is going to be,” says Danielle Hale, chief economist of realtor.com®. “The monthly costs are easier for folks to wrap their heads around versus ‘Can I afford a $250,000 or a $300,000 [home]?'”

    Where is homeownership the most affordable?

    Homeowners on a budget in Pocahontas, AR, have it the easiest, forking over just a median $613 a month. That’s likely due to the low median home list price in Pocahontas of only $107,900, according to realtor.com data. That’s a little more than a third of the national median.

    The town, about 100 miles north of Memphis, TN, on the Black River, is home to a 140-acre industrial park as well as some farm supply businesses. It also boasts a 17-block National Historic Commercial District, featuring Victorian architecture, art galleries, and restaurants, as well as the scenic Civil War River Walk.

    “The affordability of properties [in the area] is as good as you’re going to find,” says local real estate broker Phillip Orr, of Coldwell Banker Ozark Real Estate Co. “People move here for the low-priced land, low taxes, clean air, and clean water.”

    Town State Median Monthly Homeownership Costs* Median Home List Price**
    Roanoake Alabama $736 $120,000
    Soldotna Alaska $1,415 $239,700
    New Kingman-Butler Arizona $765 $34,450
    Pocahontas Arkansas $613 $107,900
    Avenal California $795 $125,000
    La Junta Colorado $937 $104,000
    Stafford Springs Connecticut $1,373 $161,945
    Georgetown Delaware $1,176 $230,000
    Brookridge Florida $751 $106,450
    Lakeview Georgia $831 $110,000
    Hawaiian Ocean View Hawaii $961 $165,000
    Rupert Idaho $909 $155,000
    Fairfield Illinois $732 $86,500
    Sullivan Indiana $759 $89,900
    Chariton Iowa $807 $83,137
    Norton Kansas $817 $99,950
    Monticello Kentucky $711 $129,450
    Oakdale Louisiana $756 $120,000
    Millinocket Maine $886 $59,900
    Cumberland Maryland $984 $99,900
    North Adams Massachusetts $1,175 $103,500
    St. Helen Michigan $673 $67,500
    St. James Minnesota $766 $84,900
    West Point Mississippi $825 $83,000
    Mount Vernon Missouri $674 $132,500
    Town  State Median Monthly Homeownership Costs* Median Home List Price**
    Anaconda Montana $876 $102,450
    Falls City Nebraska $859 $130,000
    Laughlin Nevada $979 $156,777
    Berlin New Hampshire $1,126 $69,900
    Holiday City South New Jersey $1,028 $179,450
    Anthony New Mexico $758 $189,900
    Salamanca New York $810 $59,000
    Long View North Carolina $814 $154,900
    Devils Lake North Dakota $887 $169,950
    Fostoria Ohio $766 $69,500
    Seminole Oklahoma $747 $84,400
    Milton-Freewater Oregon $962 $179,950
    Oil City Pennsylvania $737 $62,900
    Pawtucket Rhode Island $1,592 $225,000
    Homeland Park South Carolina $734 $89,400
    Huron South Dakota $893 $141,400
    Savannah Tennessee $773 $119,900
    San Elizario Texas $718 $110,000
    Price Utah $987 $132,700
    Newport Vermont $1,177 $124,950
    Covington Virginia $779 $92,000
    Omak Washington $926 $150,000
    Clarksburg West Virginia $776 $84,900
    Antigo Wisconsin $793 $76,900
    Worland Wyoming $1,029 $142,500

     

    * Data are from the Business Insider analysis of the Census Bureau’s American Community Survey estimates from 2013 to 2017.
    ** Median list prices are from realtor.com.

    The post The Most Affordable Town to Own a Home in Every State appeared first on Real Estate News & Insights | realtor.com®.

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