Monday, March 4, 2024
HomeMinnesota Breaking NewsThis is the Least Expensive Housing Market in Minnesota

This is the Least Expensive Housing Market in Minnesota

imageForEntry4 Zk0Homeownership was once a cornerstone of the American dream. But for a growing share of the population, it is now more akin to a pipe dream. Within the last two years, real incomes have been crushed under the weight of historic inflation. At the same time, the Federal Reserve’s interest rate hikes have sent mortgage rates soaring.

With reduced buying power and increased borrowing costs, consumer interest in the real estate market has cooled. The number of existing home sales in the U.S. declined by 23% from April 2022 to April 2023, according to the National Association of Realtors. But while demand from home buyers has fallen, home prices have not. (These are the states with the worst housing shortages for low income Americans.)

According to the real estate market website Realtor.com, the median list price for a home in the United States was $441,445 in May 2023 – 2.7% higher than it was a year earlier. But while such prices are prohibitively high for most Americans, there are parts of the country where homes are selling for far less and where homeownership is still possible for those on a modest budget.

Of the 82 counties in Minnesota with available data from Realtor.com and at least 10 homes actively listed, Faribault County has the least expensive housing market. As of May 2023, the median list price in the area was $119,725, compared to the statewide median list price of $409,950.

All data in this story is from Realtor.com.

State County or county equivalent with cheapest housing market Median list price in county/county equivalent ($) Median list price in state ($) Counties/county equivalents considered
Alabama Dallas 70,500 336,750 63
Alaska Hoonah-Angoon 219,975 415,400 12
Arizona Graham 323,500 500,000 14
Arkansas Jackson 79,425 291,075 66
California Alpine 41,175 774,500 57
Colorado Crowley 164,900 649,450 57
Connecticut Hartford 386,950 579,900 8
Delaware Kent 417,225 499,997 3
Florida Hamilton 232,000 475,000 66
Georgia Terrell 96,175 400,000 131
Hawaii Hawaii 617,944 850,000 4
Idaho Butte 256,250 589,500 43
Illinois Greene 51,350 321,150 85
Indiana Sullivan 88,700 306,475 89
Iowa Page 112,500 319,950 91
Kansas Cloud 69,425 321,632 63
Kentucky Letcher 103,000 307,364 105
Louisiana Evangeline 113,875 289,950 60
Maine Aroostook 189,000 439,475 16
Maryland Allegany 122,350 426,780 24
Massachusetts Hampden 344,175 799,000 14
Michigan Iron 115,600 292,450 82
Minnesota Faribault 119,725 409,950 82
Mississippi Humphreys 79,000 284,000 68
Missouri Knox 62,363 301,350 105
Montana Phillips 160,375 675,000 39
Nebraska Furnas 134,900 372,513 43
Nevada Mineral 180,000 469,750 14
New Hampshire Coos 261,975 549,950 10
New Jersey Cumberland 254,975 544,500 21
New Mexico Cibola 156,875 382,475 28
New York Livingston 124,900 654,475 62
North Carolina Northampton 134,950 425,000 99
North Dakota Pierce 139,500 349,350 23
Ohio Jefferson 99,850 257,500 87
Oklahoma Woods 85,125 319,950 66
Oregon Harney 295,000 579,925 33
Pennsylvania Cambria 85,500 299,000 66
Rhode Island Providence 409,900 537,000 5
South Carolina Marlboro 143,440 360,995 45
South Dakota Perkins 98,000 372,375 27
Tennessee Lake 112,400 449,995 95
Texas Hall 86,499 389,950 210
Utah Emery 305,000 629,900 26
Vermont Essex 235,950 454,500 14
Virginia Buchanan 64,725 456,062 122
Washington Adams 378,725 650,000 37
West Virginia Mcdowell 59,175 239,495 47
Wisconsin Florence 194,925 375,000 70
Wyoming Washakie 218,750 477,500 22
RELATED ARTICLES

Most Popular

Recent Comments