The first two years of the coronavirus pandemic had a profound impact on the U.S. housing market as Americans fled expensive, high-population areas to mid-sized cities or adjoining suburbs in lower-cost parts of the country. (See how the cost of housing has skyrocketed in these major U.S. cities.)
Low-mortgage rates and high demand for homes in many markets, coupled with a slowdown in new home construction due to pandemic-related disruptions in the labor force and supply chains, often led to intense bidding wars over available homes among prospective buyers.
Though prices have slowed considerably in many markets in 2023 thanks to inflation and higher mortgage rates, they remain elevated and out of reach for the typical household. Still, across the country, there are cities where housing is affordable to a broader range of budgets — at least relative to the state’s broader housing market.
Of the four cities in Alaska with available data from real estate market website Realtor.com, Fairbanks is the least expensive place for homebuyers. As of April 2023, the median list price in the city was $349,900, compared to the median list price of $415,000 across the state as a whole.
All metro area and state level listing price data in this story is from Realtor.com, a real estate market website, and is for April 2023.
Cheapest city to buy a homeMedian list price in city, April 2023 ($)Median list price in state, April 2023 ($)Cities considered in each stateAlabama: Selma75,500330,00025Alaska: Fairbanks349,900415,0004Arizona: Safford302,500495,00011Arkansas: Hope119,000289,90021California: Susanville308,950750,00034Colorado: Sterling245,000639,92517Connecticut: Hartford-East Hartford-Middletown399,900559,9005Delaware: Dover409,500494,9001Florida: Sebring-Avon Park295,000467,99029Georgia: Thomaston183,700395,40037Hawaii: Hilo645,000852,5004Idaho: Mountain Home375,000574,90013Illinois: Macomb69,900310,00026Indiana: Marion92,500299,90038Iowa: Fort Madison-Keokuk125,000315,00023Kansas: Atchison120,000314,82519Kentucky: Maysville92,500299,95021Louisiana: Minden140,000289,25018Maine: Bangor265,000425,0004Maryland: Cumberland139,900420,0007Massachusetts: Springfield369,000759,0006Michigan: Saginaw149,000280,00031Minnesota: Marshall186,185400,00022Mississippi: Clarksdale55,000279,90022Missouri: Kennett102,200300,00025Montana: Butte-Silver Bow373,000660,0007Nebraska: Scottsbluff254,950371,90012Nevada: Fallon386,780475,0009New Hampshire: Berlin249,991549,0006New Jersey: Vineland-Bridgeton269,900518,0004New Mexico: Deming189,000375,00019New York: Olean125,000639,94527North Carolina: Laurinburg209,450419,72037North Dakota: Jamestown179,900332,0608Ohio: Portsmouth129,500249,90042Oklahoma: Miami147,000315,00021Oregon: Hermiston-Pendleton355,000569,90020Pennsylvania: Johnstown98,500290,00035Rhode Island: Providence-Warwick529,900525,5001South Carolina: Bennettsville127,170359,92516South Dakota: Vermillion199,900369,90011Tennessee: Union City187,000444,90027Texas: Vernon109,250384,90071Utah: Price414,000619,9009Vermont: Rutland275,000447,2504Virginia: Big Stone Gap154,500449,00012Washington: Moses Lake383,700649,00020West Virginia: Mount Gay-Shamrock105,000229,90013Wisconsin: Marinette222,400374,90023Wyoming: Rock Springs291,000459,0009
