18 States Where the Average House Still Costs Less Than $300K
The ups and downs and currently brutal climate of the U.S. housing market have all been leaving buyers with some financial bumps and bruises. Between skyrocketing home prices, rising mortgage rates and bidding wars that would make your head spin, the dream of affordable homeownership can feel like it's slipping further away every single day. However, there is a bit of comfort knowing that cheap houses in the U.S. are still out there, if you know where to look.
Believe it or not, there are still 18 states where the average home price sits comfortably under $300,000. That's right, MoneyLion has found relatively affordable housing, when you compare these states to the rest of the country.
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Key Takeaways
The national average home value is around $368,198. Though only the 18 on this list fall below $300,000, 27 states total fall beneath the national average.
Of the 18 states where the average home value is under $300,000, only Illinois boasts a median household income over $80,000.
West Virginia is the only state in this ranking where the average mortgage payment is lower than $1,000 a month.
From the wide-open plains of the Midwest to the charming small towns of the South, affordable housing markets still exist and they're packed with more space, more value and more boost for your bottom line than you'd ever find in places like California or New York when you lock into a 30-year mortgage loan.
So if you've been dreaming about buying a home without completely draining your savings, here are 18 states where you can still purchase a house for less than $300,000, ranked from lowest to highest average home value.
1. West Virginia
Average home value: $169,667
Median household income: $60,798
Average monthly mortgage payment: $953
Average monthly expenses: $1,857
Annual cost of living for necessities: $33,720
Annual cost of living to live comfortably: $67,440
2. Mississippi
Average home value: $189,189
Median household income: $59,127
Average monthly mortgage payment: $1,063
Average monthly expenses: $1,791
Annual cost of living for necessities: $34,251
Annual cost of living to live comfortably: $68,502
3. Louisiana
Average home value: $210,152
Median household income: $60,986
Average monthly mortgage payment: $1,181
Average monthly expenses: $1,818
Annual cost of living for necessities: $35,984
Annual cost of living to live comfortably: $71,967
4. Oklahoma
Average home value: $217,497
Median household income: $66,148
Average monthly mortgage payment: $1,222
Average monthly expenses: $1,842
Annual cost of living for necessities: $36,765
Annual cost of living to live comfortably: $73,531
5. Arkansas
Average home value: $219,662
Median household income: $62,106
Average monthly mortgage payment: $1,234
Average monthly expenses: $1,781
Annual cost of living for necessities: $36,185
Annual cost of living to live comfortably: $72,370
6. Kentucky
Average home value: $229,335
Median household income: $64,526
Average monthly mortgage payment: $1,288
Average monthly expenses: $1,846
Annual cost of living for necessities: $37,607
Annual cost of living to live comfortably: $75,214
7. Alabama
Average home value: $230,138
Median household income: $66,659
Average monthly mortgage payment: $1,293
Average monthly expenses: $1,831
Annual cost of living for necessities: $37,483
Annual cost of living to live comfortably: $74,967
8. Iowa
Average home value: $232,316
Median household income: $75,501
Average monthly mortgage payment: $1,305
Average monthly expenses: $1,861
Annual cost of living for necessities: $37,991
Annual cost of living to live comfortably: $75,982
9. Kansas
Average home value: $239,975
Median household income: $75,514
Average monthly mortgage payment: $1,348
Average monthly expenses: $1,841
Annual cost of living for necessities: $38,271
Annual cost of living to live comfortably: $76,541
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10. Ohio
Average home value: $240,716
Median household income: $72,212
Average monthly mortgage payment: $1,352
Average monthly expenses: $1,910
Annual cost of living for necessities: $39,147
Annual cost of living to live comfortably: $78,294
11. Indiana
Average home value: $250,904
Median household income: $71,959
Average monthly mortgage payment: $1,410
Average monthly expenses: $1,911
Annual cost of living for necessities: $39,848
Annual cost of living to live comfortably: $79,696
12. Michigan
Average home value: $251,407
Median household income: $72,389
Average monthly mortgage payment: $1,412
Average monthly expenses: $1,891
Annual cost of living for necessities: $39,637
Annual cost of living to live comfortably: $79,275
13. Missouri
Average home value: $260,807
Median household income: $71,589
Average monthly mortgage payment: $1,465
Average monthly expenses: $1,828
Annual cost of living for necessities: $39,521
Annual cost of living to live comfortably: $79,042
14. Nebraska
Average home value: $272,304
Median household income: $76,376
Average monthly mortgage payment: $1,530
Average monthly expenses: $1,865
Annual cost of living for necessities: $40,737
Annual cost of living to live comfortably: $81,474
15. Pennsylvania
Average home value: $278,514
Median household income: $77,545
Average monthly mortgage payment: $1,565
Average monthly expenses: $1,963
Annual cost of living for necessities: $42,337
Annual cost of living to live comfortably: $84,673
16. North Dakota
Average home value: $285,327
Median household income: $77,871
Average monthly mortgage payment: $1,603
Average monthly expenses: $1,912
Annual cost of living for necessities: $42,176
Annual cost of living to live comfortably: $84,351
17. Illinois
Average home value: $286,873
Median household income: $83,211
Average monthly mortgage payment: $1,612
Average monthly expenses: $1,967
Annual cost of living for necessities: $42,942
Annual cost of living to live comfortably: $85,884
18. Texas
Average home value: $299,172
Median household income: $79,721
Average monthly mortgage payment: $1,681
Average monthly expenses: $1,880
Annual cost of living for necessities: $42,732
Annual cost of living to live comfortably: $85,465
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Methodology: For this study, MoneyLion analyzed each U.S. state to determine where $100,000 puts you in the lower-middle class. Pew Research Center defines the middle class as two-thirds to double the middle class income. Using the U.S. Census 2024 ACS, a number of factors were sourced, including total population, total households, median household income and upper quintile income limits. Using the median household income, the entire middle class is calculated. Breaking the middle class into thirds, the lower-middle class is calculated for each state. The cost of living indices were sourced from Sperling's BestPlaces and using the national average expenditure costs, the average cost of living can be calculated for each state. The average single-family home value was sourced from Zillow Home Value Index. Assuming a 10% downpayment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated for each state. Using $100,000, the states where it qualifies within the top 40% of household income were found. The states were sorted to show the highest incomes needed first. All data is up to date as of April 1, 2026.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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