- Overview: Redfin’s State-Level Ranking
Redfin’s analysis, using March 2025 median sale-price data, identifies the most affordable states based on low home prices and housing cost burden relative to income.(turn0search1)
While Redfin doesn’t list full state rankings in the release, Business Insider highlights that the most affordable states include:
Iowa — Median home price: $230,600
Ohio — Median price: $231,400
Oklahoma — Median price: $236,700
West Virginia — Median price: $243,100
Michigan — Median price: $248,000
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- Additional Insights: Top Affordable States
A New York Post report, also drawing on Redfin data, echoes these findings and adds more affordable states:
Iowa — $227,500
Ohio — $231,400
Oklahoma — $236,700
West Virginia — $243,100
Michigan — $248,000
Plus included among the top ten: Mississippi, Missouri, Louisiana, Indiana, and Arkansas.
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Southern Living also names Alabama as the most affordable state overall:
Median sale price: $220,000 — significantly below the national median.
Other affordable states highlighted include Louisiana, West Virginia, Oklahoma, Arkansas, Missouri, Indiana, and Kentucky.
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- Summary Table: Cheapest States to Buy a Home
Rank State Median Home Price Insight
1 Iowa ~$227K–230K Among the lowest in the nation
2 Ohio ~$231K–232K Consistently affordable
3 Oklahoma ~$236K–237K Low prices, strong value
4 West Virginia ~$243K Affordable but often overlooked
5 Michigan ~$248K Midwest affordability continues to prevail
6 Alabama ~$220K Highlighted for overall affordability
7–10 MS, MO, LA, IN, AR U.S. median or below Frequent mentions among budget-friendly states
- Why This Matters
Affordability and Income Balance: In the Rust Belt and parts of the South, median home prices remain well within reach for many local buyers.
Economic Implications: These states offer homeownership paths more aligned with median incomes—an increasingly rare scenario elsewhere.
Migration & Remote Work Trends: These markets are attracting buyers seeking both affordability and quality of life, especially those with flexibility in location.
Policy Relevance: Highlighting affordable markets can shape housing policy, investment decisions, and community development strategies.