Get a Good House for Dirt Cheap Prices in These Towns

24/7 Wall St. Insights

• Macon County, Illinois offers the most affordable housing market with just 11.8% of annual wages required to purchase a median-priced home, followed by Schuylkill County, Pennsylvania at 12.1%.
• Home buyers should pay no more than 28% on housing, but this is unachievable in many areas of the U.S.
• For example, both Hawaii and Idaho have a significant housing burden, with 60.8% and 47.70% of annual wages spent on housing.
• Also: 2 Dividend Legends to Hold Forever

The coronavirus pandemic significantly affected the American housing market. As people began working remotely, the demand for housing expanded. Workers no longer wanted to spend exorbitant amounts on rent or mortgage when they could live in another area of the country for cheaper costs. With record low interest rates, people began seeking out opportunities to buy. However, given housing shortages, the price of housing eventually shot up, pricing people out in many markets. This has led to a lull in home sales as buyers begin searching for more affordable home-purchasing options. (These 10 cities have become impossibly unaffordable.)

When buying a house, homeowners should ideally stick to the 28/36 rule. This rule posits that home buyers should spend no more than 28% on housing costs, and no more than 36% on debts. Housing costs are more than just mortgage. These costs also include HOA fees or payments, homeowners insurance, local and state taxes, and the inevitability of needing to fix something around the home. For debts, these include student loan debt, auto and personal loans, and alimony, among others. (What is a hard money lender in real estate?)

But it can be challenging for people to follow this rule considering the rising cost of living nationwide. In most areas, housing costs already require more than 28%. 24/7 Wall St. set out to understand what the most affordable housing markets are in each state, and what it takes for people to afford them.

To find the most affordable housing markets in each state, 24/7 Wall St. reviewed data from real estate data company ATTOM’s 2024 U.S. Home Affordability Report. ATTOM analyzed median home prices and average wage data from the Bureau of Labor Statistics in 590 U.S. counties to find the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20% downpayment. Since ATTOM data did not include South Carolina, we supplemented with housing information from Redfin and median family income from the NIMHD. 24/7 Wall St. listed the county in each state where the lowest percentage of wages is required to afford a median-priced home. States are ordered alphabetically.

However, it’s important to note that just because a housing market is the most affordable in the state does not mean it’s actually affordable. In 22 states, the most affordable housing market does not adhere to the 28% mortgage rule (though South Dakota is right on the border), including 16 states where the most affordable housing market is less affordable than the national average. In eight of those states, homeowners would need to spend over 40% of their income on major housing expenses.

For example, in Hawaii, the most affordable housing market is Hawaii County, which encompasses the Big Island. The median sales price of housing in the county was $515,000 in the first quarter of 2024 for single-family homes and condos. The median local annualized wage, meanwhile, is just $54,561, meaning housing expenses amount to nearly 61% of the annualized wage. To adhere to the 28% rule, the required annual wage would be about $118,000. Alternately, in the 29 states that do adhere to the 28% rule, 19 states require less than 20% of wages spent on housing expenses.

Here are the most affordable housing markets in each state: 

Why This Matters

Home affordability has been a sore subject for some time, as housing prices growth has far outpaced wage growth in recent years. With interest rates near highs not seen in decades, affordability has further worsened. The good news is that in the past two quarters, home affordability has improved, according to ATTOM. The bad news is that affordability remains near the worst levels in 15 years as home prices stay close to all-time highs. Here, 24/7 Wall St. aims to find the most affordable housing market in each state.

Alabama: Jefferson

• County seat: Birmingham
• Pct. of annualized wage needed to buy a median priced home: 12.50%
• Median home sales price, Q1 2024: $129,000 (#14 lowest of 590 counties)
• Annualized weekly wages: $68,510
• Annual income needed to buy (20% down, 28% expenses): $30,664
• County population: 672,265

Alaska: Anchorage

• County seat: Anchorage
• Pct. of annualized wage needed to buy a median priced home: 39.40%
• Median home sales price, Q1 2024: $375,000 (#401 lowest of 590 counties)
• Annualized weekly wages: $70,265
• Annual income needed to buy (20% down, 28% expenses): $98,874
• County population: 290,674

Arizona: Cochise

• County seat: Bisbee
• Pct. of annualized wage needed to buy a median priced home: 28.90%
• Median home sales price, Q1 2024: $249,990 (#201 lowest of 590 counties)
• Annualized weekly wages: $56,680
• Annual income needed to buy (20% down, 28% expenses): $58,453
• County population: 125,504

Arkansas: Sebastian

• County seat: Fort Smith
• Pct. of annualized wage needed to buy a median priced home: 20.20%
• Median home sales price, Q1 2024: $162,000 (#55 lowest of 590 counties)
• Annualized weekly wages: $53,014
• Annual income needed to buy (20% down, 28% expenses): $38,339
• County population: 128,184

California: Kings

• County seat: Hanford
• Pct. of annualized wage needed to buy a median priced home: 39.90%
• Median home sales price, Q1 2024: $310,000 (#305 lowest of 590 counties)
• Annualized weekly wages: $53,014
• Annual income needed to buy (20% down, 28% expenses): $75,480
• County population: 152,515

Colorado: Pueblo

• County seat: Pueblo
• Pct. of annualized wage needed to buy a median priced home: 30.30%
• Median home sales price, Q1 2024: $253,862 (#212 lowest of 590 counties)
• Annualized weekly wages: $54,132
• Annual income needed to buy (20% down, 28% expenses): $58,667
• County population: 168,135

Connecticut: Hartford

• County seat: Hartford
• Pct. of annualized wage needed to buy a median priced home: 29.20%
• Median home sales price, Q1 2024: $299,000 (#290 lowest of 590 counties)
• Annualized weekly wages: $80,275
• Annual income needed to buy (20% down, 28% expenses): $83,646
• County population: 897,512

Delaware: New Castle

• County seat: Wilmington
• Pct. of annualized wage needed to buy a median priced home: 26.70%
• Median home sales price, Q1 2024: $303,747 (#301 lowest of 590 counties)
• Annualized weekly wages: $76,180
• Annual income needed to buy (20% down, 28% expenses): $72,667
• County population: 570,567

Florida: Duval

• County seat: Jacksonville
• Pct. of annualized wage needed to buy a median priced home: 26.90%
• Median home sales price, Q1 2024: $260,813 (#219 lowest of 590 counties)
• Annualized weekly wages: $67,886
• Annual income needed to buy (20% down, 28% expenses): $65,322
• County population: 995,708

Georgia: Richmond

• County seat: Augusta
• Pct. of annualized wage needed to buy a median priced home: 15.50%
• Median home sales price, Q1 2024: $128,304 (#12 lowest of 590 counties)
• Annualized weekly wages: $56,381
• Annual income needed to buy (20% down, 28% expenses): $31,192
• County population: 206,153

Hawaii: Hawaii

• County seat: Hilo
• Pct. of annualized wage needed to buy a median priced home: 60.80%
• Median home sales price, Q1 2024: $515,000 (#520 lowest of 590 counties)
• Annualized weekly wages: $54,561
• Annual income needed to buy (20% down, 28% expenses): $118,454
• County population: 202,163

Idaho: Ada

• County seat: Boise
• Pct. of annualized wage needed to buy a median priced home: 47.70%
• Median home sales price, Q1 2024: $473,347 (#488 lowest of 590 counties)
• Annualized weekly wages: $64,974
• Annual income needed to buy (20% down, 28% expenses): $110,793
• County population: 497,494

Illinois: Macon

• County seat: Decatur
• Pct. of annualized wage needed to buy a median priced home: 11.90%
• Median home sales price, Q1 2024: $99,000 (#4 lowest of 590 counties)
• Annualized weekly wages: $67,327
• Annual income needed to buy (20% down, 28% expenses): $28,685
• County population: 103,542

Indiana: Delaware

• County seat: Muncie
• Pct. of annualized wage needed to buy a median priced home: 17.70%
• Median home sales price, Q1 2024: $128,847 (#13 lowest of 590 counties)
• Annualized weekly wages: $49,660
• Annual income needed to buy (20% down, 28% expenses): $31,446
• County population: 112,156

Iowa: Woodbury

• County seat: Sioux City
• Pct. of annualized wage needed to buy a median priced home: 25.40%
• Median home sales price, Q1 2024: $180,000 (#77 lowest of 590 counties)
• Annualized weekly wages: $51,558
• Annual income needed to buy (20% down, 28% expenses): $46,804
• County population: 105,526

Kansas: Sedgwick

• County seat: Wichita
• Pct. of annualized wage needed to buy a median priced home: 21.30%
• Median home sales price, Q1 2024: $175,331 (#72 lowest of 590 counties)
• Annualized weekly wages: $58,370
• Annual income needed to buy (20% down, 28% expenses): $44,367
• County population: 522,700

Kentucky: Kenton

• County seat: Independence
• Pct. of annualized wage needed to buy a median priced home: 20.00%
• Median home sales price, Q1 2024: $207,125 (#121 lowest of 590 counties)
• Annualized weekly wages: $70,616
• Annual income needed to buy (20% down, 28% expenses): $50,446
• County population: 169,066

Louisiana: Caddo

• County seat: Shreveport
• Pct. of annualized wage needed to buy a median priced home: 16.80%
• Median home sales price, Q1 2024: $132,500 (#15 lowest of 590 counties)
• Annualized weekly wages: $55,900 vs.
• Annual income needed to buy (20% down, 28% expenses): $33,610
• County population: 236,259

Maine: Penobscot

• County seat: Bangor
• Pct. of annualized wage needed to buy a median priced home: 32.70%
• Median home sales price, Q1 2024: $245,643 (#193 lowest of 590 counties)
• Annualized weekly wages: $53,144
• Annual income needed to buy (20% down, 28% expenses): $62,049
• County population: 152,640

Maryland: Baltimore City

• County seat: Baltimore (independent city)
• Pct. of annualized wage needed to buy a median priced home: 18.30%
• Median home sales price, Q1 2024: $195,000 (#95 lowest of 590 counties)
• Annualized weekly wages: $79,989
• Annual income needed to buy (20% down, 28% expenses): $52,167
• County population: 584,548

Massachusetts: Hampden

• County seat: Springfield
• Pct. of annualized wage needed to buy a median priced home: 35.10%
• Median home sales price, Q1 2024: $281,900 (#260 lowest of 590 counties)
• Annualized weekly wages: $59,488
• Annual income needed to buy (20% down, 28% expenses): $74,530
• County population: 464,575

Michigan: Wayne

• County seat: Detroit
• Pct. of annualized wage needed to buy a median priced home: 13.30%
• Median home sales price, Q1 2024: $135,000 (#21 lowest of 590 counties)
• Annualized weekly wages: $73,203
• Annual income needed to buy (20% down, 28% expenses): $34,825
• County population: 1,781,641

Minnesota: Saint Louis

• County seat: Duluth
• Pct. of annualized wage needed to buy a median priced home: 21.50%
• Median home sales price, Q1 2024: $179,000 (#75 lowest of 590 counties)
• Annualized weekly wages: $57,577
• Annual income needed to buy (20% down, 28% expenses): $44,219
• County population: 200,122

Mississippi: Jackson

• County seat: Pascagoula
• Pct. of annualized wage needed to buy a median priced home: 23.00%
• Median home sales price, Q1 2024: $199,900 (#103 lowest of 590 counties)
• Annualized weekly wages: $57,772
• Annual income needed to buy (20% down, 28% expenses): $47,386
• County population: 143,721

Missouri: Saint Louis City

• County seat: St. Louis (indepedent city)
• Pct. of annualized wage needed to buy a median priced home: 15.00%
• Median home sales price, Q1 2024: $162,000 (#55 lowest of 590 counties)
• Annualized weekly wages: $75,400
• Annual income needed to buy (20% down, 28% expenses): $40,519
• County population: 298,018

Montana: Yellowstone

• County seat: Billings
• Pct. of annualized wage needed to buy a median priced home: 41.50%
• Median home sales price, Q1 2024: $358,497 (#382 lowest of 590 counties)
• Annualized weekly wages: $59,124
• Annual income needed to buy (20% down, 28% expenses): $87,727
• County population: 165,524

Nebraska: Douglas

• County seat: Omaha
• Pct. of annualized wage needed to buy a median priced home: 30.50%
• Median home sales price, Q1 2024: $265,000 (#225 lowest of 590 counties)
• Annualized weekly wages: $66,274
• Annual income needed to buy (20% down, 28% expenses): $72,144
• County population: 582,638

Nevada: Clark

• County seat: Las Vegas
• Pct. of annualized wage needed to buy a median priced home: 45.20%
• Median home sales price, Q1 2024: $428,000 (#462 lowest of 590 counties)
• Annualized weekly wages: $61,503
• Annual income needed to buy (20% down, 28% expenses): $99,270
• County population: 2,265,926

New Hampshire: Hillsborough

• County seat: Nashua
• Pct. of annualized wage needed to buy a median priced home: 45.80%
• Median home sales price, Q1 2024: $467,336 (#485 lowest of 590 counties)
• Annualized weekly wages: $76,427
• Annual income needed to buy (20% down, 28% expenses): $125,048
• County population: 422,733

New Jersey: Cumberland

• County seat: Bridgeton
• Pct. of annualized wage needed to buy a median priced home: 27.80%
• Median home sales price, Q1 2024: $193,300 (#93 lowest of 590 counties)
• Annualized weekly wages: $55,354
• Annual income needed to buy (20% down, 28% expenses): $55,053
• County population: 153,588

New Mexico: San Juan

• County seat: Aztec
• Pct. of annualized wage needed to buy a median priced home: 27.10%
• Median home sales price, Q1 2024: $223,521 (#157 lowest of 590 counties)
• Annualized weekly wages: $53,638
• Annual income needed to buy (20% down, 28% expenses): $51,881
• County population: 121,798

New York: Oswego

• County seat: Oswego
• Pct. of annualized wage needed to buy a median priced home: 14.70%
• Median home sales price, Q1 2024: $124,250 (#9 lowest of 590 counties)
• Annualized weekly wages: $59,579
• Annual income needed to buy (20% down, 28% expenses): $31,301
• County population: 118,037

North Carolina: Robeson

• County seat: Lumberton
• Pct. of annualized wage needed to buy a median priced home: 14.50%
• Median home sales price, Q1 2024: $96,020 (#3 lowest of 590 counties)
• Annualized weekly wages: $43,979
• Annual income needed to buy (20% down, 28% expenses): $22,747
• County population: 117,573

North Dakota: Cass

• County seat: Fargo
• Pct. of annualized wage needed to buy a median priced home: 31.20%
• Median home sales price, Q1 2024: $275,000 (#240 lowest of 590 counties)
• Annualized weekly wages: $63,869
• Annual income needed to buy (20% down, 28% expenses): $71,124
• County population: 186,328

Ohio: Lucas

• County seat: Toledo
• Pct. of annualized wage needed to buy a median priced home: 16.90%
• Median home sales price, Q1 2024: $133,000 (#16 lowest of 590 counties)
• Annualized weekly wages: $59,384
• Annual income needed to buy (20% down, 28% expenses): $35,753
• County population: 430,014

Oklahoma: Comanche

• County seat: Lawton
• Pct. of annualized wage needed to buy a median priced home: 18.00%
• Median home sales price, Q1 2024: $124,000 (#8 lowest of 590 counties)
• Annualized weekly wages: $47,970
• Annual income needed to buy (20% down, 28% expenses): $30,767
• County population: 121,777

Oregon: Douglas

• County seat: Roseburg
• Pct. of annualized wage needed to buy a median priced home: 38.60%
• Median home sales price, Q1 2024: $295,000 (#282 lowest of 590 counties)
• Annualized weekly wages: $50,830
• Annual income needed to buy (20% down, 28% expenses): $70,163
• County population: 111,322

Pennsylvania: Schuylkill

• County seat: Pottsville
• Pct. of annualized wage needed to buy a median priced home: 12.10%
• Median home sales price, Q1 2024: $86,000 (#2 lowest of 590 counties)
• Annualized weekly wages: $52,052
• Annual income needed to buy (20% down, 28% expenses): $22,448
• County population: 143,201

Rhode Island: Providence

• County seat: Providence
• Pct. of annualized wage needed to buy a median priced home: 41.60%
• Median home sales price, Q1 2024: $380,000 (#408 lowest of 590 counties)
• Annualized weekly wages: $66,417
• Annual income needed to buy (20% down, 28% expenses): $98,641
• County population: 657,984

South Carolina: Sumter

• County seat: Sumter
• Pct. of annualized wage needed to buy a median priced home: 18.40%
• Median home sales price, Q1 2024: $141,500 (#28 lowest of 590 counties)
• Annualized weekly wages: $50,063
• Annual income needed to buy (20% down, 28% expenses): $32,859
• County population: 105,199

South Dakota: Beadle

• County seat: Huron
• Pct. of annualized wage needed to buy a median priced home: 28.1%
• Median home sales price, Q1 2024: $150,000 (#29 lowest of 590 counties)
• Annualized weekly wages: $77,470
• Annual income needed to buy (20% down, 28% expenses): $51,693
• County population: 19,376

Tennessee: Shelby

• County seat: Memphis
• Pct. of annualized wage needed to buy a median priced home: 17.30%
• Median home sales price, Q1 2024: $166,666 (#60 lowest of 590 counties)
• Annualized weekly wages: $68,614
• Annual income needed to buy (20% down, 28% expenses): $42,314
• County population: 926,440

Texas: Jefferson

• County seat: Beaumont
• Pct. of annualized wage needed to buy a median priced home: 18.50%
• Median home sales price, Q1 2024: $161,250 (#54 lowest of 590 counties)
• Annualized weekly wages: $65,611
• Annual income needed to buy (20% down, 28% expenses): $43,264
• County population: 254,942

Utah: Salt Lake

• County seat: Salt Lake City
• Pct. of annualized wage needed to buy a median priced home: 45.00%
• Median home sales price, Q1 2024: $501,470 (#514 lowest of 590 counties)
• Annualized weekly wages: $72,813
• Annual income needed to buy (20% down, 28% expenses): $116,898
• County population: 1,180,643

Vermont: Chittenden

• County seat: Burlington
• Pct. of annualized wage needed to buy a median priced home: 45.60%
• Median home sales price, Q1 2024: $434,900 (#466 lowest of 590 counties)
• Annualized weekly wages: $69,615
• Annual income needed to buy (20% down, 28% expenses): $113,383
• County population: 168,309

Virginia: Richmond City

• County seat: Richmond (independent city)
• Pct. of annualized wage needed to buy a median priced home: 23.90%
• Median home sales price, Q1 2024: $280,000 (#252 lowest of 590 counties)
• Annualized weekly wages: $79,040
• Annual income needed to buy (20% down, 28% expenses): $67,415
• County population: 227,171

Washington: Cowlitz

• County seat: Kelso
• Pct. of annualized wage needed to buy a median priced home: 38.60%
• Median home sales price, Q1 2024: $360,000 (#385 lowest of 590 counties)
• Annualized weekly wages: $63,271
• Annual income needed to buy (20% down, 28% expenses): $87,135
• County population: 110,621

West Virginia: Kanawha

• County seat: Charleston
• Pct. of annualized wage needed to buy a median priced home: 16.20%
• Median home sales price, Q1 2024: $140,500 (#27 lowest of 590 counties)
• Annualized weekly wages: $57,915
• Annual income needed to buy (20% down, 28% expenses): $33,575
• County population: 179,895

Wisconsin: Fond Du Lac

• County seat: Fond du Lac
• Pct. of annualized wage needed to buy a median priced home: 25.10%
• Median home sales price, Q1 2024: $200,000 (#104 lowest of 590 counties)
• Annualized weekly wages: $56,576
• Annual income needed to buy (20% down, 28% expenses): $50,773
• County population: 104,027

Wyoming: Laramie

• County seat: Cheyenne
• Pct. of annualized wage needed to buy a median priced home: 37.70%
• Median home sales price, Q1 2024: $330,000 (#347 lowest of 590 counties)
• Annualized weekly wages: $57,811
• Annual income needed to buy (20% down, 28% expenses): $77,771
• County population: 100,316

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