Best State to Buy a House – 2024
With median prices in the US market hovering around $387,600, homeowners must think carefully about cost-effective options for homeownership that provide them with an excellent quality of life and a great cost of living.
We’ve carefully ranked the best states to buy a house in 2024 based on quality of life, economic opportunities, and home value growth, leveraging the Zillow Home Value Index (ZHVI) and other real estate indices.
These 10 states provide a range of housing options to meet every lifestyle preference. However, it’s always important to consider your priorities, whether that is a job close to home or settling in a good school district.
So, without further ado, let’s explore the 10 best states to buy a home this year!
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Key Findings of Our Research:
The best place to buy a house in the USA in 2024 depends on your budget. Southern states are the most affordable for those looking for low-cost options, while coastal choices may be more appealing for those with a larger budget.
- If you’re looking for the best state to buy a home based on low median price, West Virginia is currently the #1 cheapest state to buy a house in 2024. West Virginia has a home value of $169,446, which is $193,035 less than the national median home sale price of $362,481.
- Hawaii is the most expensive state to buy a house in 2024, with a typical home value of $840,748.
- California is the second most expensive state to buy a home in 2024, with a home value of $746,055.
- The average home value in the U.S. is currently $362,481, up 3.3% year-over-year (CY 2023 to YTD 2024).
Top 10 Best States to Buy a House in 2024
When looking at the best states to buy a home, elements like the median home sale price, a strong job market, and a welcoming environment are all key considerations. Based on the performance of real estate markets and other metrics like a strong job market, we recommend these as the best options for home buyers in 2024:
- Pennsylvania
- North Carolina
- Utah
- Kentucky
- Nevada
- Iowa
- Indiana
- Ohio
- Nebraska
- Mississippi
Detailed Analysis of Each State
#1. Pennsylvania – Average Home Value: $254,802
Pennsylvania is the #1 best place to buy a house in the USA in 2024. It offers various cities and rural areas suitable for different lifestyles. Whether one wants laid-back living in Amish country or the fast-paced lifestyle of Philadelphia, this first state on our list has it all.
With a rich history, vibrant culture, and affordable home prices, it presents an attractive option for homebuyers. Additionally, the state provides excellent educational institutions; its public education system is ranked 9th in the United States, partly due to its ample reading options for students and the lack of firearms in schools.
Pennsylvania’s affordable home prices belie its fantastic job market, which is diverse and growing fast. Its unemployment rate has remained steady at 3.4% through the second quarter of the year, which is much lower than the national unemployment rate of 4.2%. Additionally, its job market is expected to grow by about 1.5% this year. The median household income is $75,335, with 34% of households earning more than the national average.
While its property taxes are high, at about 1.36%, Pennsylvania offers many great savings opportunities for first-time homebuyers, including the HOMEstead program, which can offer up to $10,000 in down payment assistance.
#2. North Carolina – Average Home Value: $320,716
North Carolina boasts a desirable combination of natural beauty, a mild climate, and a thriving economy.
Though its home values are a bit higher than those of others on this list, NC still enjoys a lower cost of living than the overall American COL, as housing prices are 14% lower than the national median price. These low prices are combined with a very low property tax rate of just 0.7%, boosting affordability.
NC also has excellent, high-paying job opportunities. The household income is $92,878, significantly higher than the US average of $74,755. Jobs in scientific research, advanced manufacturing, and finance are abundant in the area known as the Research Triangle, and the state’s unemployment rate is just 3.6%. Those looking for the best housing markets in the USA for 2024 will be attracted to NC’s steady appreciation over time.
The state’s diverse geography includes stunning beaches and majestic mountains, offering endless opportunities for outdoor activities.
#3. Utah – Average Home Value: $502,647
Utah is renowned for its breathtaking landscapes, including national parks, mountains, and picturesque valleys. While Utah is one of the most expensive states on this list, it offers a high quality of life, excellent healthcare, a robust economy, and low crime rates. Utah’s unemployment rate is just 3.2%, while its employment has risen by 2.8%, signaling a healthy economy. It has diverse employment opportunities in everything from healthcare to engineering, so you won’t struggle to find your niche.
Homebuyers in Utah can enjoy an active outdoor lifestyle, a family-friendly environment, and a reasonable cost of living. It’s an especially great place to raise children, as it has the 12th best schools in the country, scoring exceptionally high for safety and low dropout rates. Utah also has the second-best healthcare system in the United States, making it a strong contender for the best state to move to in 2024.
#4. Kentucky – Average Home Value: $196,580
Kentucky is one of the most affordable places on our list for home buying, with a median home price of over $120,000 less than that of neighboring Tennessee. Its housing costs are an incredible 22% lower than national home prices so you can spend more of your paycheck on recreation rather than a mortgage.
While its unemployment rate, at 4.7%, is slightly higher than the US overall, it has dropped significantly from historic highs, showing a robust recovery that bodes well for those looking to enter the housing market. The median income is about $52,295, which, while lower than elsewhere, is balanced by the low cost of living.
With affordable housing options and Southern hospitality, Kentucky provides an inviting atmosphere for homebuyers.
#5. Nevada – Average Home Value: $418,583
Nevada’s appeal lies in its famous entertainment hub, Las Vegas, as well as its diverse landscapes and outdoor recreational opportunities.
Nevada’s housing market is very competitive, with home prices rising over 6% year-over-year. This is partly due to its fast-growing economy, which ranks 6th in the nation. As one would expect, tourism remains an essential part of the economy, but job seekers can also find options in information technology, transportation, financial services, and manufacturing. The typical Kentucky income is a respectable $66,068.
The state boasts a sunny climate, breathtaking desert scenery, and access to outdoor activities such as hiking, skiing, and boating. Additionally, Nevada has no state income tax, making it an attractive choice for those seeking financial benefits.
#6. Iowa – Average Home Value: $207,215
Ranked among the top 10 most affordable states in the U.S., Iowa is also recognized as one of the safest; its crime rate is 25% lower than the US rate. This and its excellent school system make it a perfect place to raise a family. Big cities like Des Moines offer a cosmopolitan atmosphere at a low price tag, and its unemployment rate is a tiny 2.8%.
With a cost of living at around 90% of the national COL and housing costs at just 75% of the countrywide median home price, Iowa offers financial benefits and a diverse population that embraces differences. Its scenic landscapes make it an ideal destination for outdoor activities.
Iowa is located on the border between the Midwestern and Western states, allowing residents to explore scenic landscapes.
#7. Indiana – Average Home Value: $228,879
Offering a mix of large cities and small towns, Indiana provides something for everyone.
It’s a very affordable state to raise a family, with a cost of living that is 8% lower than the nationwide index. Housing is 21% lower than the national median home value, so you’ll save more of your paycheck for other needs. While the unemployment rate is slightly higher than that of neighboring Illinois or Ohio, the typical Indianian makes about $57,304. Indiana also had almost 400 schools, which made the US News and World Report list of the best schools.
With a reasonable cost of living, friendly residents, a relatively low crime rate, and four-season weather, the state encourages people to appreciate each season as it unfolds.
#8. Ohio – Average Home Value: $216,115
Ohio consistently ranks highly on various “best of” lists, including having a significant number of top-ranked school districts. It offers abundant job opportunities and a range of entertainment options. The typical salary is about $74,983; even entry-level workers can do well, making about $41,599 at the beginning of their careers. Job opportunities here range from aerospace manufacturing to pharmaceuticals, healthcare, and more; plus, the state is home to top-ranked universities, like Ohio State University.
Ohio is also among the top 10 cheapest states to live in. RentCafe notes that Ohio’s cost of living index is 7% lower than the national COL; this is significantly impacted by the low median home prices, which allow new residents to enter the housing market even without significant savings.
#9. Nebraska – Average Home Value: $249,135
When considering the best states to buy a house in the USA, you might have overlooked Nebraska. It’s one of America’s best-kept secrets regarding affordability. However, Nebraska pulls above its weight on almost all metrics. Its real GDP growth was an incredible 7.5% year-over-year, with deficient unemployment at just 2.3%. Transportation is big business here: the Union Pacific Railroad’s headquarters are here, promising great opportunities for those in logistics.
Known for its happy residents, Nebraska ranks among the top 10 happiest states. Its tourism tagline reflects its combination of affordability and a touch of humor. The state offers a reasonable cost of living and is appreciated for its beauty and recreational activities, including golf.
#10. Mississippi – Average Home Value: $171,440
Those looking for the lowest cost of living have found it in peaceful, laid-back Mississippi. This state has some of the most affordable housing in the country; its home prices are over half the nationwide median home sale price, making it much easier to enter the housing market here.
Despite its low-ranking public school system, Mississippi has its appeal. It boasts warm weather, friendly people, delicious food, and a low cost of living.
Best Places Within Each State to Buy a House in the USA
Now that we’ve considered the best state to buy a house in 2024 let’s examine the specifics. Each state has its strongest markets for those seeking a good quality of life, excellent schools, and a strong job market. Here, we’ll outline the best cities for you to consider when home shopping.
Pennsylvania: Pittsburgh
With a median home sale price of $234,530, Pittsburgh is known for its highly diversified economy, including manufacturing, logistics, and healthcare.
North Carolina: Raleigh-Durham
Ranked #2 on the US News and World Report’s Best Places to Live in 2021-2022, the median home price is about $329,709, and workers can make approximately $56,887. It’s located in the Research Triangle, renowned for high-paying jobs.
Utah: Benson
This small town is known for being friendly and inclusive. Home prices are about $493,623, which is affordable according to Utah standards.
Kentucky: Plano
While Plano is pricier than the overall state price at $245,900, it makes up for this with excellent schools and low crime.
Nevada: Battle Mountain
This diverse small town is incredibly affordable, at just $193,300. It has good public schools, a low crime rate, and a quiet suburban feel.
Iowa: Cedar Rapids
Living in Cedar Rapids, where home prices are around $195,629, can save you money and maximize your enjoyment. This town has good transportation, a strong job market, and plentiful recreation.
Indiana: Pittsboro
This Indianapolis suburb has house prices around $251,000 and a Niche rating of A+ due to its excellent school district, fantastic safety rating, and reasonable cost of living.
Ohio: Canfield
With a low housing cost of $203,800, Canfield offers excellent public schools, fantastic safety, and plentiful outdoor activities.
Nebraska: David City
A home in David City only costs about $147,600, but you’ll enjoy a strong job market, excellent schools, and a close-knit community.
Mississippi: Madison
This mid-sized suburb of Jackson has a Niche rating of A+. Homes are pricier here at $312,800, but you’ll benefit from fantastic public schools and a robust job market.
Factors to Consider When Buying a USA House in 2024
The best state to buy a home in 2024 depends on your needs. Factors like mortgage rates and whether it’s a buyer or seller’s market will all impact your search. You’ll also want to look at the local job market to determine whether you’ll be able to find employment and consider if the school system will meet your children’s needs. Other things, such as demographics and access to recreation, can help you choose the best place for your needs.
Careful Housing Market Research Can Make Your Home Dreams Come True
Cost of living, home values, and local economies all impact where you choose to live. While the real estate market changes rapidly, these 10 states are proven winners thanks to their unique blend of affordability, a reasonable cost of living, and safety. Each affordable state has strengths, including solid job markets and excellent schools.
Combining these factors with considerations like current interest rates and specific life circumstances allows you to find your perfect property in a community you’ll love.