West Virginia has been identified as the least expensive state to own a home, with a typical house price of $146,578 as of March 2023. In addition, Mississippi, Arkansas, Louisiana, and Oklahoma round out the top five. The study analysed the typical cost of homes in the U.S., as well as percentage and price increases from 2021 to 2023.
The research was conducted by real estate firm Agent Advice who analysed the typical price of homes throughout the country from March 2021-March 2023, drawing on industry data. The data also considered price and percentage increases to supply a comprehensive account of real estate in the country. The data avoided predicting beyond the point at which the information was collected.
West Virginia takes the crown as the least expensive state to own a home. The research found that typical house prices were $146,578 as of March 2023, 57% less than the national average ($338,649). The typical price increased by 10 percent and $13,666 from March 2021, the second-lowest monetary increase in the U.S., with a 1 percent and $1,396 rise between March 2022-March 2023.
With Mississippi, a typical house price was $162,292 as of March 2023, 52 percent below the national average. The Southeastern state also has the third lowest monetary increase in house prices, with a $17,966 and 12 percent rise between March 2021-March 2023. However, typical house prices depreciated by 2 percent and $2,523 from March 2022-March 2023, showing a slight decrease in the last two years.
The top ten cheapest states to own a home in the U.S. are:
| Rank | States | Typical price of a home Mar 2023($) | Typical price of home from 21-23 ($ increase) | Typical price of home from 21-23 (% increase) | Typical price of home from 22-23 ($ increase) 2 | Typical price of home from 22-23 (% increase) |
| 1 | West Virginia | 146,578 | 13,666 | 10 | 1,396 | 1 |
| 2 | Mississippi | 162,292 | 17,966 | 13 | -2,523 | -2 |
| 3 | Arkansas | 178,744 | 18,000 | 11 | -6,646 | -4 |
| 4 | Louisiana | 182,959 | -3,363 | -2 | -15,648 | -8 |
| 5 | Oklahoma | 188,453 | 32,728 | 21 | 8,428 | 5 |
| 6 | Kentucky | 190,037 | 24,627 | 15 | 5,413 | 3 |
| 7 | Iowa | 200,038 | 29,356 | 17 | 10,005 | 5 |
| 8 | Ohio | 205,800 | 26,275 | 15 | 5,627 | 3 |
| 9 | Alabama | 206,044 | 27,758 | 16 | 229 | 0.11 |
| 10 | Kansas | 210,742 | 46,845 | 29 | 22,312 | 12 |
Iowa is the seventh cheapest state to own a home, with typical house prices reported as $200,038 in March 2023, 41% below the national average. The Hawkeye State has experienced a 17 percent and $29,356 increase in property values between March 2021-March 2023, with 5 percent and $10,005 accounting for March 2022-March 2023.
Ohio, with a typical home value of $205,800 as of March 2023, is the eighth cheapest state to own a home. Alabama follows in ninth place with a typical price of $206,044, while Kansas rounds out the top ten at $210,742.
