When you get into some of the older neighborhoods in the big city where some mansions date back as far as the 1700's, those prices can skyrocket to multi-millions. To illustrate this, GOBankingRates put together a list of 20 states where you can buy a mansion and still anticipate mortgage payments that don’t necessarily require you to be super rich to afford. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. And while Albuquerque is a great place to live, it's also affordable. Homebuyers in Kansas are looking at a median home price of $189k, well below the national average. Homes there are valued at $182k, and if you're looking for a mansion nestled in the Black Hills, you're looking at around $700k. Clearly, many Americans won’t be making plans to hit open houses in the near future â no matter how much they might want to â especially when you consider the grave economic impacts that are expected to come along with the health impacts of this pandemic. Oklahoma, where the wind comes sweeping down the planes, is another often overlooked vacation destination. Keeping reading to see a list of the top 10 cheapest states to buy a home right now. 10 cheapest U.S. cities for buying a home. Homes listed in Chicago and the highly populated surrounding areas are averaging about a $324k list price, which is high, but not unreachable. The median listing price in the Mountain State is $165,000 – the lowest median price in the study. Homes at this price are pretty rare, making it more affordable than ever. That means the starting price for a mansion is close to $1.3 million. The study compiled places where 5,000-square-foot and even 8,000-square-foot residences are actually in a price range that wouldn’t be completely outrageous for some middle-class families. For that reason, you'll be lucky to afford rent, let alone a mansion throughout the state. Price Parity: 89.2. Arkansas bridges the gap between the midwest and the Deep South with the best of both worlds. The median price of a small condo was $690k, and if you want a comfortably sized home, you're looking at well over a million. So, here’s a look at the 20 best states to buy a mansion in descending order of their estimated mortgage payment. What Does Google’s Move Into Venmo and Bank Territory Mean for You? Although it’s not one of the cheapest states to build a house, Florida is home to some of the best cities to own investment property, a separate GOBankingRates study found. So while you should take a little time to reconsider the size of your living space once you’ve been able to spend a good stretch of time outside again, if you’re still dead set on getting a lot more space, know that a little flexibility on location can create a lot of flexibility on cost. The median home price in the city is around $224k, which is higher than many places, but the average price per square foot is low at $130. Website for moms seeking advice, community, and entertainment. It was built in 1905 located in Muskogee OK and was to be the first Governors home after the Indian territory became a state. While the dusty planes of Kansas make people overlook it as a prime travel destination, the fields of sunflowers and low real estate are a huge draw. As such, more than a few people are likely finding themselves holed up at home with three kids and suddenly thinking to themselves “we need a much, much larger house.” While the primary concern surrounding coronavirus is that people develop COVID-19, a secondary (though clearly less serious) outbreak of cabin fever has occurred. These estimates do not include additional, highly variable fees like home insurance or homeowners’ association dues. The average listing price for a home across these nine states plus Washington, D.C. is more than $442,000. GOBankingRates then compiled data on the median property tax rate in every state and the average 30-year fixed mortgage interest rate in the U.S. from the Tax Foundation and the Federal Reserve Economic Data site, respectively. It's home to historical museums, seaports, architecture, the Mark Twain house, and Yale University. Cheapest States to Buy a House, Ranked. Cheapest cities to buy a house: Saint Joseph, Florissant, Independence, Cape Girardeau; Cost of living index: 87.1 >> Browse Missouri investment properties . Whether you're interested in purchasing a giant house in your favorite destination, or you simply enjoy the view, take a look at these destinations where the real estate is either extremely cheap or out-of-this-world expensive. Ranking based on data from the U.S. Census, FBI, and other data sources. Which NFL Hall of Famer Has the Highest Net Worth. This includes a number of states where a typical mortgage for 5,000 glorious square feet can come in for under $3,000 a month. Photo disclaimer: Images used are for representational purposes only. 2020 Best Places to Buy a House in America About this List Explore the best places to buy a house based on home values, property taxes, home ownership rates, housing costs, and real estate trends. The median home price is $615k and the price per square foot is a whopping $508. The median list price in 2017 was $179k with the average mansion listed at just over $500k. As you travel the world, you've probably stopped to enjoy the architecture and beautiful houses the line the streets or that are nestled in the countryside. Nebraska. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). 2 story w, bsmt, ball room, servants house and carriage house on 2 acres. This city offers soaring economy as well as series of things making it top chart options form best and cheapest states to buy a house. The cheapest state to buy a home in is once again West Virginia. These jobs help to boost income of median household to over $50,000. Adjusted Income: $57,259. For $220,000, you can buy this three-bedroom, three-bathroom house near the actual Hobe Sound. For that reason, it's a coveted place to live, and housing prices reflect that. You can spend days exploring the historic cities and scenic countryside of Connecticut. While home prices in Spokane, near Idaho's northern border, tend to be more affordable, housing near Seattle, Tacoma, and other waterfront cities are through the roof. Based in Los Angeles, he specializes in writing about the financial markets, stocks, macroeconomic concepts and focuses on helping make complex financial concepts digestible for the retail investor. That puts a small mansion at right around $650k. Housing in the northern part of the state is more expensive, but if you go south towards Pella, Ottumwa, and Burlington, the prices drop to closer to $60 per square foot, and you could easily afford a refurbished mansion that dates back to the 1800's. You can live in style for almost nothing. Pregnancy and parenting news, given to you in a way nobody else has. But if you've ever been to Turner Falls, Oklahoma City National Memorial, Beavers Bend Resort Park, and the many wildlife refuges throughout the state, you know why people keep going back! Back in 2008 when the stock market crashed and we flew into a recession, the housing economy did some funny things. Thinking About Hiking The Inca Trail To Machu Picchu? Liberty State Park, George Washington Bridge, and the Atlantic City Boardwalk are a few huge draws from tourists everywhere. Every item on this page was hand-picked by a House Beautiful editor. You're lucky to afford a parking spot in some of these states where the market recovered quickly and real estate is thriving. 10. Those numbers are skewed significantly when you get closer to New York City. 7,500 S.F. Utilizing this data and assuming a 20% down payment on home purchases, GOBankingRates used Zillow’s mortgage calculator to create estimated monthly mortgage payments for 5,000- and 8,000-square-foot homes in each state. Do we even have to point out the virtues of sunny Florida, with its white sandy beaches and warm Atlantic surf? That's why we're defining the "best" places in America to buy a big house as the ones that fall squarely in the middle. Methodology: To determine the cheapest places to buy land in America, GOBankingRates used Land Watch to find all active U.S. land listings at a maximum price of … The state’s leading job industries include automotive, aerospace, m… Median home prices are listed at $171k, meaning you can buy an incredible home for a tiny price. Homes are more expensive in large commercial and suburban areas, like Denver, Colorado Springs, Boulder, Aurora, Fort Collins, Durango, Grand Junction, and the surrounding areas. It's also home to one of the lowest costs of living in the country. Although you can find more affordable homes in rural areas, the median price for a home across the state is $532k, making it one of the most expensive places in the nation for real estate. Your average mansion will be well over $1 million, but some of the larger homes on the seashore can list as high as $13 million. While driving through the state, take in all the dessert has to offer, including White Sands National Park, Carlsbad Caverns, Bandelier National Monument, and stunning red rock formations throughout the state. 1) Detroit, Michigan. If you're looking for ocean-front property with all the latest amenities, you're looking at a multi-million dollar property. That makes the price for a small mansion almost $1.2 million. Depending on where you are, the real estate is either extremely cheap or out-of-this-world expensive. With this in mind, it shouldn't be surprising that the median home price is more than $319k. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Median home price: $126,800 You Might Actually Be Able To Afford a Mansion in These 20 States. West Virginia. The collection of islands in the South Pacific sea attract more than nine million people each year. The average 2019 price in paradise clocks in at $655,000 (California comes in second place at $629,000) with an average price of $488 per square foot (California comes in … Of the 200 largest cities in America, here are the ones where 4-bedroom houses (and bigger) can be found at more affordable prices and where the relevant economic indicators—from unemployment figures to property taxes to population growth—suggest you're making … Should you buy a $12,900 house? That means your small mansion starts off at $500k, even in Oklahoma City and Tulsa. While a small mansion in Connecticut doesn't quite break a million, it's sitting above $800k, and if you were to purchase a mansion in a historic neighborhood, you're looking at a multi-million dollar investment for a lavish home. It's not the most affordable mansion, but it's not out of reach either. Planing To Walk The Camino De Santiago? That puts your average mansion at just shy of $600,000. 14. A relatively high average structure cost lands Florida among the most expensive places to build. South Dakota is home to several wonders, including Mount Rushmore and the Badlands. The state of New York is a coveted place to live, even if you're not right in the city. You probably wonder if you'll ever be in that position. Every item on this page was hand-picked by a House Beautiful editor. Right now, a great many Americans are currently reassessing their living situation. Illinois is a beautiful state, shrouded in greenery and long rivers. From whale watching in the Puget Sound to Pike Place Market to Olympian National Park, Washington state is one of the most beautiful regions in the pacific northwest. However, be aware that Oklahoma has an average sales tax rate of 8.82% -- one of the highest in the U.S. -- and it can be up to 11%, depending where you are in the state. Mississippi homeowners stand to make about $180k on the sale of their homes, and if they're in the market for a mansion, it'll run them less than half a million dollars. Some of the grandest and most expensive homes in California are going for upwards of $100 million. New Jersey home prices have risen almost 10 percent in the last year, making it one of the fastest growing real estate markets in the nation. California is one of the most highly populated states in the nation with plenty of tourist activity. Yes, very cool. It's also the birthplace of Elvis Presley, which draws hundreds of thousands of visitors every year. The rural parts are beautiful and close enough to big cities that you're rarely isolated, and New York City is fantastic to visit any time of the year. It's no wonder millions of people visit every year. These destinations bring people from all over the world looking for recreation and a picture with the 60-foot sculpture of some of our founding fathers. Ohio. What's more, the average price per square foot is less than $80, which means you can purchase a 5,000 square foot house for $400k or less. Mississippi has its fair share of wonders that make it worth a visit. Median home value: $96,300 So what is the cheapest state to live in? Chicago is one of the most popular tourist destinations in the state. These states are the cheapest places to live in America in 2019, according to data from CNBC's America's Top States for Business study released Wednesday. That puts your average mansion right around $900k with several big-ticket buildings going for millions. Capital: Columbus. According to Zillow, as of April 2019 the median price per square foot is just $1.22 for a home in West Virginia, with an average size of 60,992 square feet. What's more, the average price per square foot is less than $80, which means you can purchase a 5,000 square foot house for $400k or less. Nestled on the Mississippi River, it's a city that represents opportunity with the Gateway Arch and some of the best barbecue in the United States. Fall Deals on Amazon You Don’t Want to Miss. Still, South Dakota is one of the most rural states in the nation, which drives the real estate prices down significantly. I have a Historic Home on the National Historic Register and is For Sale. There are also a number of incredible state parks featuring breathtaking foliage, hiking trails, bridges, waterfalls, and so much more. Alabama has the second-lowest state … Not in any particular order, here are the top 11 cheapest places in the US to buy a home. It's primarily known for its rich history including national military parks, battlegrounds, nature areas, and more. Shutterstock Median list price: $180,000. It's not looking much better either, since real estate prices are rising at a rate of nearly 10 percent. There’s a catch of course: … Median home price: $122,200. When you visit your favorite destinations, the ones you continually go back to, you probably start thinking about purchasing a first or second home. Here's What To Expect. It's a lovely place to visit year round. There's a lot of uninhabited land in New Mexico that's beautiful in its own way. Some mansions in New York City are priced in the multi-millions. A French Food Guide: Why Are Macarons So Expensive, And Are They Hard To Make? © 2020 GOBankingRates. Looking for a cheap place to buy a house? The median price per square foot is right around $100, so your mansion will be close to $500k in larger cities like Kansas City or Wichita. There's nothing like Apostle Islands National Lakeshore or Devil's Lake State Park if you love pristine lakes and the associated recreation. Not bad for a custom-built mansion you get to design yourself! The cheapest land in the Natural State can be found in Clay County, nestled in the northeast corner of Arkansas, where land sells for around … Related:Â The Best Place To Buy a Home in Every State, Check Out: The 50 Hardest Places To Sell a Home, Be Wary: 40 Cities With a Housing Bubble Thatâs About To Burst, Look: Best Places To Own a Home For Less Than $1,000 a Month. West Virginia is not only the cheapest state to buy a home, but it’s also ranked number 6 for the cheapest land in the U.S. Alabama is the seventh-cheapest state to buy a home in. Estimated cost to build a house: $208,825 Estimated hourly labor cost: $14. Here’s the map, with the lightest colors coming in at the lowest end and the darkest maxing out the salary cap. The median home list price is $325k, not even close to the national average. Disclaimer: School attendance zone boundaries are supplied by Pitney Bowes and are subject to change.Check with the applicable school district prior to making a decision based on these boundaries. The average home price in Massachusetts is $455k with an average price per square foot of $256. Even though Ohio home values have risen more than six and a half percent in the last year, list prices are about $161k, well below the national average. The city of Detroit came in as the cheapest market to buy a home. To determine which states … All data was compiled on and up to date as of March 9, 2020. Not too shabby for a lakefront property in a gorgeous state! Welcome to Mansion Global, a new international luxury real estate listings site, connecting affluent buyers with luxury listings, premium content and original market news and insights. Oklahoma. Who doesn't dream about living in a mansion someday? Businesses You Didn’t Know Your Favorite Celebrity Owns, 20 photos. If you look in the right places, you might be able to afford a mansion! Colorado has some of the best the United States has to offer with incredible mountains, temperate weather and red rock scenery. There's shopping, unique hobby shops, and, of course, scrumptious deep dish pizza. If you're looking for a home there, you're in luck! There's good southern cooking, beautiful national parks, green fields, and mountain hiking trails. It's also home to Custer National Forest and the Black Hills, an incredible haven of mountains, trees, and nature. Unfortunately, the average price per square foot in some of these major coastal cities is above $400, which drives the price of a small mansion more than $2 million! Iowa is known for its scenic green hills, rumbling rivers, and fields of sweet corn and soybeans. If for no other reason because, well, they’ve been spending a lot more time in their residences in recent weeks. The results of this analysis offer a pretty diverse range of options in a multitude of states across the nation. Albuquerque is also a fun place to visit with Native American history, archaeological sites, shopping, art, and more. $129,900 on Zillow. With all the beaches, perfect weather, amenities, theme parks, and attractions, it's no wonder people want to live there. Different markets recovered a lot faster than others, and it's surprising where you can now find affordable real estate. The more rural areas boast even more affordable big houses. However, Jersey Shore is one of the most popular summer destinations in the Atlantic northeast. Average Annual Salary: $51,075. There's always Buffalo, one of the markets with the cheapest homes in the U.S., but there's a catch -- you could be buried under eight feet of snow. The average price per square foot is around $130, so your average mansion is around $650k. In fact, it's the third largest city in the United States and can be a fun place to visit, particularly the Magnificent Mile. All Right Reserved. When you buy a mansion in Mississippi, you also have the opportunity to buy rich history in an older home. What a deal! West Virginia! Median home prices are listed at $385k, even higher than in New York. GOBankingRates found that, in 20 states, monthly mortgage payments for mansions up to 8,000 square feet in size would total less than $5,000. Some mansions in the nicer neighborhoods of Chicago are selling for upwards of $10 million, with one particularly ornate house selling for $50 million. This city has remained a center for rocket propulsion research by NAS & Army and provides many high tech jobs for engineers & rocket scientists. Check out these safe, affordable places to raise your family. The Hobe Hills subdivision property features a … Housing in the northern part of the state is more expensive, but if you go south towards Pella, Ottumwa, and Burlington, the prices drop to closer to $60 per square foot, and you could easily afford a refurbished mansion that dates back to the 1800's. Florida home prices have risen about 10 percent over the last year, making them one of the fastest growing real estate markets in the nation. You've probably thought about who lives in those houses and how much they have to make to afford their mortgage payments. 50. Wowzer! 15 Cheapest Places to Buy Land in America ... Marquette is giving away free lots to those willing to build a house of at least 1,000 square feet. While the real estate in Western Massachusetts is more manageable, cities like Boston, Cambridge, Plymouth, Salem, and Worcester have some incredible mansions with an even more unbelievable price tag. The average home price in Toledo is a modest $51,200, but in certain neighborhoods you can find move-in … People will pay a lot for living history. 5,000- and 8,000-square-foot homes were selected to represent the range of home sizes various authorities use to define “mansion” (5,000 to 8,000 is the range provided by Zillow). The 10 Most Affordable Places to Buy a Lake House Ohio. Finally, GOBankingRates ranked the 20 states where it is possible to own a mansion for less than $5,000 a month by affordability, with the state where monthly mortgage payments on mansions are least expensive ranked No. The tiny state of New Jersey is often overshadowed by the neighboring New York City. Estimated cost to build a house: $288,066 Estimated hourly labor cost: $27.01 Hawaii has both the highest estimated cost to build a house and the highest estimated hourly labor cost. The only place to satisfy all of your guilty pleasures. 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