New data reveals Mississippi is one of the most inexpensive states to own a home in America.
The research, conducted by real estate experts Agent Advice analyzed the typical price of homes throughout the country from March 2021 through March 2023. The data also considered price and percentage increases to supply a comprehensive account of real estate in America.
Mississippi is the second cheapest state to own a home, ranking just behind West Virginia. In the Magnolia State, a typical house price was $162,292 as of March 2023, 52% below the national average ($338,649). Mississippi also has the third lowest monetary increase in house prices, with a $17,966 and 12% rise between March 2021-March 2023. However, typical house prices depreciated by 2% and $2,523 from March 2022-March 2023, showing a slight decrease in the last two years.
In West Virginia, the least expensive state to own a home, research revealed typical house prices were $146,578 as of March 2023, 57% less than the national average. The typical price increased by 10% and $13,666 from March 2021, the second-lowest monetary increase in the United States, with a 1% and $1,396 rise between March 2022-March 2023.
Arkansas ranks in third place. In the Natural State, typical house prices were $178,744 as of March 2023, 47% below the national average. The typical cost rose by 11% and $18,000 between March 2021-March 2023, standing for the fourth lowest monetary increase. The research also reveals typical prices decreased by 4% from March 2022-March 2023, saving house hunters an extra $6,646.
Louisiana is the fourth cheapest state to own a home in America, with typical house prices being $182,959 as of March 2023, 46% less than the national average. The Pelican State stands for the highest reduction, rather than an increase in prices throughout America, with house prices falling by 2% and $3,363 between March 2021-March 2023, with an 8% and $15,648 reduction between March 2022-2023.
Oklahoma rounded out the top five, followed by Kentucky, Iowa, Ohio, Alabama and Kansas.
“The U.S. housing market is estimated to be worth $43.4 trillion in 2023. To take advantage of this, consumers and agents alike must understand the everchanging nature of the real estate market,” said Chris Heller, co-founder of Agent Advice. “Overall, there has been an increase in cost in the last three years throughout the nation. However, this research shows that there has also been a depreciation in multiple states over the last two years, showing a rise in more affordable housing.”
