The Ten Places in the US with the Cheapest Home Ownership Costs for 2020

As housing costs continue to soar, many Americans are giving up on their dreams to break out of the rent cycle and own their own homes. While it's unlikely to find affordable options in high-demand areas like New York City, there are livable, vibrant communities where most can afford to buy a home. Here are the ten cheapest places to purchase a home in 2020, according to a study done by LendEDU. This list is not strictly ordered from the lowest-priced housing on up. It is based on how affordable housing is compared to the median income of the region.

1. Elmira, NY
Located in Upstate New York, situated just north of the Pennsylvania border, Elmira has a population of around 30,000. The average home here costs around $70,000 in stark contrast to most of the state.

2. Terre Haute, IN
The home of Indiana State University, Terre Haute sports a population of about 60,000 with a total metropolitan area population of around 170,000. The city is situated near Illinois's eastern border, but it certainly doesn't share the high housing costs that plagues much of Illinois! The average house sells for a mere $70,000 here.

3. Binghamton, NY
Home to Binghamton University and located in upstate New York, this city has a population of around 45,000 people. A large jump up from numbers 1 and 2 on the list, the average house here sells for $87,500. Of course, this is still nothing compared to the US average, which hovers around $316,000.

4. Midland, TX
Originally an oil boom town in the 1930s, Midland is one of the few cities in the sparsely populated western portion of Texas. With a population of about 125,000 and a fairly high median income of $87,500, the city appears to still be booming! The average home costs $182,000. Though the home cost may sound high for this list, keep in mind that it's only just over twice the yearly median income!

5. Eau Claire, WI This small city in mid-Wisconsin has a population of just about 70,000. With plenty of amenities and proximity to the Minneapolis metropolitan area, it's no surprise that its residents make a healthy $65,000 a year on average. The average house costs about $140,000, making the salary to housing cost ratio on-par with Midland, TX.

6. La Crosse, WI
Situated right on the Mississippi river at the Minnesota border, La Crosse has a relatively small population of 50,000. The average homeowner makes about $62,000 each year, and the average house sells for about $132,000.

7. Sierra Vista, AZ
Sierra Vista is located just miles from the Mexican border in southern Arizona. Its true desert climate likely drives down prices in this community of about 50,000. Due to a military base being nearby, the average income of those buying a home is $72,000. Though artificially driven up due to high incomes, the average house here sells for $178,000.

8. Jacksonville, NC
Back on the east coast, this community is located just miles from the world-renowned Outer Banks of the Atlantic Ocean. Due to its proximity to Wilmington, NC, many commuters' incomes are pushed to average out at $62,000 a year. A house here will run $150,000 on average, just minutes from the beach.

9. Danville, IL
Although Illinois is known for its high cost of living, especially when compared to surrounding states in the Midwest, there are exceptions. It lies near the eastern border of Illinois and is within 40 miles of Champagne, IL. As the smallest city on the list, it has a population of 30,000. The average homeowner makes $50,000 per year, with the average home being priced at a mere $65,000. However, the city is plagued with an extremely high crime rate, poor schools, and a dearth of local jobs.

10. Warner Robins, GA
The second item in the southeast, this city of 73,000 is located on Interstate 75 in central Georgia, situated equidistant from Atlanta and Savannah. With the average homeowner making $61,000 per year and the average house price at $111,000, it's one of the few places left where less than two years of salary can pay for a house.

Wrapping Up

Remember, this list is simply of places where an average income can afford a house the most easily. It does not take into account very important factors, such as crime rate, climate, job opportunities, and more. Always take time to properly research before moving!

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