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Home » The Most Affordable Town to Own a Home in Every State By Realtor.com

The Most Affordable Town to Own a Home in Every State By Realtor.com

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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.”

TownStateMedian Monthly Homeownership Costs*Median Home List Price**
RoanoakeAlabama$736$120,000
SoldotnaAlaska$1,415$239,700
New Kingman-ButlerArizona$765$34,450
PocahontasArkansas$613$107,900
AvenalCalifornia$795$125,000
La JuntaColorado$937$104,000
Stafford SpringsConnecticut$1,373$161,945
GeorgetownDelaware$1,176$230,000
BrookridgeFlorida$751$106,450
LakeviewGeorgia$831$110,000
Hawaiian Ocean ViewHawaii$961$165,000
RupertIdaho$909$155,000
FairfieldIllinois$732$86,500
SullivanIndiana$759$89,900
CharitonIowa$807$83,137
NortonKansas$817$99,950
MonticelloKentucky$711$129,450
OakdaleLouisiana$756$120,000
MillinocketMaine$886$59,900
CumberlandMaryland$984$99,900
North AdamsMassachusetts$1,175$103,500
St. HelenMichigan$673$67,500
St. JamesMinnesota$766$84,900
West PointMississippi$825$83,000
Mount VernonMissouri$674$132,500
Town StateMedian Monthly Homeownership Costs*Median Home List Price**
AnacondaMontana$876$102,450
Falls CityNebraska$859$130,000
LaughlinNevada$979$156,777
BerlinNew Hampshire$1,126$69,900
Holiday City SouthNew Jersey$1,028$179,450
AnthonyNew Mexico$758$189,900
SalamancaNew York$810$59,000
Long ViewNorth Carolina$814$154,900
Devils LakeNorth Dakota$887$169,950
FostoriaOhio$766$69,500
SeminoleOklahoma$747$84,400
Milton-FreewaterOregon$962$179,950
Oil CityPennsylvania$737$62,900
PawtucketRhode Island$1,592$225,000
Homeland ParkSouth Carolina$734$89,400
HuronSouth Dakota$893$141,400
SavannahTennessee$773$119,900
San ElizarioTexas$718$110,000
PriceUtah$987$132,700
NewportVermont$1,177$124,950
CovingtonVirginia$779$92,000
OmakWashington$926$150,000
ClarksburgWest Virginia$776$84,900
AntigoWisconsin$793$76,900
WorlandWyoming$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.

Clare Trapasso is the senior news editor of realtor.com and an adjunct journalism professor at St. John’s University. She previously wrote for a Financial Times publication, the New York Daily News, and the Associated Press. She is also a licensed real estate agent with R New York. Contact her at clare.trapasso@realtor.com. Follow @claretrap