GHENT, WV (WVNS) — A study that came out earlier this year named West Virginia the cheapest state to own a home in America.

Real estate experts from Agent Advice found the data on the which 10 states are the cheapest to own homes by looking at the average price of homes across the country from March 2021 to March 2023. Their research includes not only the typical cost of the homes, but also percentage and price increases in those years.

Researchers found West Virginia is the least expensive state to own a home as of March 2023 with house prices averaging at about $146,578, which is 57% less than the national average of $338,649. Since March 2021, the average prices of West Virginia homes have increased by 10%, or roughly $13,666. Between March 2022 and March 2023, the Mountain State had the second-lowest monetary increase in the US with 1%, or a $1,396 rise, from March 2022 and March 2023.

Mississippi sits in second place, with housing prices as of March 2023 typically being $162,292, which is 52% lower than the national average. The state is also the third lowest when it comes to the monetary increase in house prices with a $17,966, or 12%, rise between March 2021 and March 2023. However, the average housing prices in Mississippi decreased in value by 2%, or $2,523, between March 2022 and March 2023.

Arkansas received third place in the ranking, with housing prices as of March 2023 falling around $178,744, which is 47% below the national average. It stands at the fourth-lowest monetary increase with typical housing costs rising 11%, or $18,000, from March 2021 to March 2023. Data gathered from the research also shows that housing prices in Arkansas went down 4%, or $6,646, between March 2022 and March 2023.

Louisiana is in fourth place, with the typical housing prices as of March 2023 being $182,959, or approximately 46% less than the national average. The state has the highest decrease rather than increasing prices between March 2021 and March 2023 as the house prices fell by 2%, or $3,363, and decreased by 8%, or $15,648, from March 2022 to March 2023.

Ranking in fifth is Oklahoma with research showing that, as of March 2023, the state’s housing prices sit around $188,453, or 44% below the national average. Yet it is 21% more than the average price as of March 2021 and has a monetary rise in the last two years of 5%, or $8,428.

Coming in sixth place is Kentucky. Data shows that, as of March 2023, the Bluegrass State’s housing prices are typically around $190,037, which is 44% less than the national average. From March 2022, the overall housing prices in the state increased by 3%, or $5,413, and 15%, or $24,627, from March 2021, which is the seventh-lowest monetary rise in the country.

In seventh place is Iowa, whose typical housing prices in March 2023 were recorded at $200,038 which is 41% below the national average. Between March 2021 and March 2023 the state had a 17%, or $29,356, increase in property value, with 5%, or $10,005, of that ranging from March 2022 to March 2023.

Ohio sits at the eighth-cheapest state with the average house prices as of March 2023 being $205,800. Alabama comes in ninth with the housing prices coming at around $206,044. Kansas comes in tenth place with housing prices typically falling around $210,742. 

The U.S. housing market is estimated to be worth $43.4 trillion in 2023. To take advantage of this, consumers and agents alike must understand the ever-changing nature of the real estate market. Overall, there has been an increase in cost in the last three years throughout the nation. However, this research shows that there has also been a depreciation in multiple states over the last two years, showing a rise in more affordable housing. In Louisiana, for example, typical house prices have reduced by 8% and $15,648 within the last two years. So, it will be interesting to see if this trend in the cost of housing will eventually decrease throughout the country.

Chris Heller | Co-founder of Agent Advice