The median sale price for homes across the U.S. is around $234,000. While that may seem like a steal for residents of expensive states like California, there are many other places where the typical home costs even less.
CNBC Make It identified 13 cities where median home prices are less than $200,000, based on data from the National Association of Realtors’ Metropolitan Median Area Prices and Affordability index from the second quarter of 2019.
For context, we also included the qualifying income needed to purchase a home with a 10% or 20% down payment. The data assumes a 4.1% mortgage rate for all areas and a monthly principal and interest payment limited to 25% of a resident’s income.
Below, check out 13 cities where you can become a homeowner for just a fraction of what it would cost elsewhere, ranked from highest median home price to lowest.
Lincoln, Nebraska
Median home price: $199,800
Salary required with a 10% down payment: $42,103
Salary required with a 20% down payment: $37,424
Lincoln, Nebraska
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St. Louis, Missouri
Median home price: $194,800
Salary required with a 10% down payment: $41,049
Salary required with a 20% down payment: $36,488
Cincinnati, Ohio
Median home price: $194,100
Salary required with a 10% down payment: $40,901
Salary required with a 20% down payment: $36,357
Memphis, Tennessee
Median home price: $194,000
Salary required with a 10% down payment: $40,880
Salary required with a 20% down payment: $36,338
Colorful cafe bars at the iconic Beale Street music and entertainment district of downtown Memphis, Tenn.
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Columbia, South Carolina
Median home price: $188,500
Salary required with a 10% down payment: $39,721
Salary required with a 20% down payment: $35,308
Lexington, Kentucky
Median home price: $183,900
Salary required with a 10% down payment: $38,752
Salary required with a 20% down payment: $34,446
Winston-Salem, North Carolina
Median home price: $179,500
Salary required with a 10% down payment: $37,825
Salary required with a 20% down payment: $33,622
Winston-Salem, North Carolina.
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Tulsa, Oklahoma
Median home price: $178,400
Salary required with a 10% down payment: $37,593
Salary required with a 20% down payment: $33,416
Cedar Rapids, Iowa
Median home price: $170,000
Salary required with a 10% down payment: $35,823
Salary required with a 20% down payment: $31,843
Wichita, Kansas
Median home price: $163,700
Salary required with a 10% down payment: $34,495
Salary required with a 20% down payment: $30,663
Wichita, Kansas.
Walter Bibikow
Rochester, New York
Median home price: $156,700
Salary required with a 10% down payment: $33,020
Salary required with a 20% down payment: $29,351
South Bend, Indiana
Median home price: $146,000
Salary required with a 10% down payment: $30,766
Salary required with a 20% down payment: $27,347
Charleston, West Virginia
A man in Memphis, Tennessee.
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