The 10 Cheapest States to Buy a Home

Home prices have skyrocketed in the last few years, leaving many Americans wondering if they will ever be able to afford buying a house. Back in the 1960s, the median price for a home was $11,900, or $96,681 when adjusted for inflation, Business Insider reported. That number has jumped to $226,800 today.

However, that figure varies depending on where you choose to lay down your roots. West Virginia is possibly the best state to buy property, according to a report from SmartAsset.

The personal finance website recently delved a little deeper into the property market to determine how home prices vary from place to place. Various factors were taken into account, including effective property tax rate, median listing price, median listing price per square foot, median home value for the bottom one-third of homes, and average closing costs. Based on the results, here are the 10 cheapest states to buy a home:

10. Ohio

• Median listing price: $180,000
• Effective property tax rate: 1.54%

9. South Carolina

• Median listing price: $250,000
• Effective property tax rate: 0.55%

8. Missouri

• Median listing price: $193,000
• Effective property tax rate: 0.95%

7. Kentucky

• Median listing price: $199,000
• Effective property tax rate: 0.85%

6. Indiana

• Median listing price: $195,000
• Effective property tax rate: 0.84%

5. Oklahoma

• Median listing price: $193,000
• Effective property tax rate: 0.78%

4. Mississippi

• Median listing price: $189,000
• Effective property tax rate: 0.78%

3. Alabama

• Median listing price: $219,900
• Effective property tax rate: 0.40%

2. Arkansas

• Median listing price: $179,900
• Effective property tax rate: 0.61%

1. West Virginia

• Median listing price: $169,000
• Effective property tax rate: 0.57%

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