4. South Dakota
The median home value in South Dakota is $277,809. Though it didn’t make a cut last year, South Dakota consistently ranks in the top 10 cheapest US states. It is also one of eight US states that have no personal property taxes. For these reasons, its natural beauty and more, South Dakota is one of the fastest growing states in the United States.
5. North Carolina
North Carolina is the most expensive state on this list, with a median home value of $296,021. However, this state has become a magnet for millennials. The climate is attractive all year round, the coastal stretches and mountains and the growing labor market are perhaps some of the reasons for the migration. Not only is the cost of living generally affordable, but the higher education is also among the best in the country, with Chapel Hill and the University of North Carolina among them.
It can be a very complicated road to go down to buy a home anywhere, even in the cheapest states to buy a home. We recommend that you contact the best mortgage professional in your area for assistance. They can help you see the bigger picture.
Cost of living is the amount of money needed to pay for living expenses in a particular area. The typical cost of living includes housing and utilities, health care, groceries and transportation. If you add these expenses to the cost of living index, you can compare the cost of living in different states.
The 5 states with the lowest cost of living are:
