50 Cities Where You Can Find a House for Less Than $200K
As home prices continue to soar, many individuals interested in becoming homeowners may feel discouraged by the current pricey real estate. If you have the ability to relocate or move to a different city, however, you’ll be able to shop a wide range of homes under $200,000 all while enjoying a lifestyle with lower cost-of-living expenses.
Where should potential buyers look for cheap real estate? To find out, GOBankingRates found the average home value in U.S. cities with a population of at least 1,000 residents. The average mortgage cost was then calculated assuming a 10% down payment. Additional factors, including the average mortgage and livability index, were also sourced as supplemental information. Within the top 50 cities ranked in our list, Ohio has the most cities, 14, with homes under $200K for sale
Ranked by lowest to highest livability score (the higher the score, the more a city may have to offer), see 50 cities where buyers can find a home under $200K.
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Carroll, Iowa
Average home value (March 2024): $184,213.12
10% down payment: $18,421.3
Average monthly mortgage cost: $1,122.01
Average annual mortgage cost: $13,464.12
Livability: 79
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Brooklyn, Ohio
Average home value (March 2024): $177,119.04
10% down payment: $17,711.9
Average monthly mortgage cost: $1,078.80
Average annual mortgage cost: $12,945.62
Livability: 79
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Oskaloosa, Iowa
Average home value (March 2024): $163,599.15
10% down payment: $16,359.9
Average monthly mortgage cost: $996.45
Average annual mortgage cost: $11,957.45
Livability: 79
Marietta, Ohio
Average home value (March 2024): $182,288.06
10% down payment: $18,228.8
Average monthly mortgage cost: $1,110.29
Average annual mortgage cost: $13,323.42
Livability: 79
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Bedford, Indiana
Average home value (March 2024): $196,208.07
10% down payment: $19,620.8
Average monthly mortgage cost: $1,195.07
Average annual mortgage cost: $14,340.83
Livability: 79
Willowick, Ohio
Average home value (March 2024): $176,815.50
10% down payment: $17,681.6
Average monthly mortgage cost: $1,076.95
Average annual mortgage cost: $12,923.43
Livability: 79
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Dumas, Texas
Average home value (March 2024): $170,124.43
10% down payment: $17,012.4
Average monthly mortgage cost: $1,036.20
Average annual mortgage cost: $12,434.38
Livability: 79
Norwalk, Ohio
Average home value (March 2024): $181,766.57
10% down payment: $18,176.7
Average monthly mortgage cost: $1,107.11
Average annual mortgage cost: $13,285.30
Livability: 79
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Urbana, Illinois
Average home value (March 2024): $171,493.97
10% down payment: $17,149.4
Average monthly mortgage cost: $1,044.54
Average annual mortgage cost: $12,534.48
Livability: 79
Dearborn Heights, Michigan
Average home value (March 2024): $193,527.43
10% down payment: $19,352.7
Average monthly mortgage cost: $1,178.74
Average annual mortgage cost: $14,144.90
Livability: 79
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Racine, Wisconsin
Average home value (March 2024): $178,953.71
10% down payment: $17,895.4
Average monthly mortgage cost: $1,089.98
Average annual mortgage cost: $13,079.71
Livability: 79
Springfield, Illinois
Average home value (March 2024): $151,621.12
10% down payment: $15,162.1
Average monthly mortgage cost: $923.50
Average annual mortgage cost: $11,081.98
Livability: 79
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Brownsville, Texas
Average home value (March 2024): $183,965.78
10% down payment: $18,396.6
Average monthly mortgage cost: $1,120.50
Average annual mortgage cost: $13,446.04
Livability: 79
Kingston, Pennsylvania
Average home value (March 2024): $195,502.43
10% down payment: $19,550.2
Average monthly mortgage cost: $1,190.77
Average annual mortgage cost: $14,289.26
Livability: 80
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Fergus Falls, Minnesota
Average home value (March 2024): $181,888.02
10% down payment: $18,188.8
Average monthly mortgage cost: $1,107.85
Average annual mortgage cost: $13,294.18
Livability: 80
Monroe, Minnesota
Average home value (March 2024): $199,841.41
10% down payment: $19,984.1
Average monthly mortgage cost: $1,217.20
Average annual mortgage cost: $14,606.39
Livability: 80
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Mason City, Iowa
Average home value (March 2024): $146,399.59
10% down payment: $14,640.0
Average monthly mortgage cost: $891.69
Average annual mortgage cost: $10,700.33
Livability: 80
Lauderdale Lakes, Florida
Average home value (March 2024): $166,106.57
10% down payment: $16,610.7
Average monthly mortgage cost: $1,011.73
Average annual mortgage cost: $12,140.72
Livability: 80
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Huntington, West Virginia
Average home value (March 2024): $120,275.72
10% down payment: $12,027.6
Average monthly mortgage cost: $732.58
Average annual mortgage cost: $8,790.94
Livability: 80
Youngstown, Ohio
Average home value (March 2024): $55,817.97
10% down payment: $5,581.8
Average monthly mortgage cost: $339.98
Average annual mortgage cost: $4,079.73
Livability: 80
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Waterloo, Iowa
Average home value (March 2024): $137,054.67
10% down payment: $13,705.5
Average monthly mortgage cost: $834.78
Average annual mortgage cost: $10,017.32
Livability: 80
Parma, Ohio
Average home value (March 2024): $187,291.60
10% down payment: $18,729.2
Average monthly mortgage cost: $1,140.76
Average annual mortgage cost: $13,689.13
Livability: 80
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Akron, Ohio
Average home value (March 2024): $126,630.70
10% down payment: $12,663.1
Average monthly mortgage cost: $771.29
Average annual mortgage cost: $9,255.43
Livability: 80
Crestwood, Illinois
Average home value (March 2024): $174,018.19
10% down payment: $17,401.8
Average monthly mortgage cost: $1,059.91
Average annual mortgage cost: $12,718.98
Livability: 81
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Wickliffe, Ohio
Average home value (March 2024): $176,717.19
10% down payment: $17,671.7
Average monthly mortgage cost: $1,076.35
Average annual mortgage cost: $12,916.25
Livability: 81
Hazel Park, Michigan
Average home value (March 2024): $158,291.94
10% down payment: $15,829.2
Average monthly mortgage cost: $964.13
Average annual mortgage cost: $11,569.55
Livability: 81
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Dixon, Illinois
Average home value (March 2024): $151,827.99
10% down payment: $15,182.8
Average monthly mortgage cost: $924.76
Average annual mortgage cost: $11,097.10
Livability: 81
Rose Hill, Virginia
Average home value (March 2024): $97,091.75
10% down payment: $9,709.2
Average monthly mortgage cost: $591.37
Average annual mortgage cost: $7,096.43
Livability: 81
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Richmond, Indiana
Average home value (March 2024): $138,746.06
10% down payment: $13,874.6
Average monthly mortgage cost: $845.08
Average annual mortgage cost: $10,140.94
Livability: 81
Lincoln Park, Michigan
Average home value (March 2024): $141,284.83
10% down payment: $14,128.5
Average monthly mortgage cost: $860.54
Average annual mortgage cost: $10,326.50
Livability: 81
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Muncie, Indiana
Average home value (March 2024): $135,149.70
10% down payment: $13,515.0
Average monthly mortgage cost: $823.17
Average annual mortgage cost: $9,878.08
Livability: 81
Independence, Missouri
Average home value (March 2024): $194,315.35
10% down payment: $19,431.5
Average monthly mortgage cost: $1,183.54
Average annual mortgage cost: $14,202.49
Livability: 81
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Des Moines, Iowa
Average home value (March 2024): $199,738.82
10% down payment: $19,973.9
Average monthly mortgage cost: $1,216.57
Average annual mortgage cost: $14,598.89
Livability: 81
Clarksburg, West Virginia
Average home value (March 2024): $110,099.76
10% down payment: $11,010.0
Average monthly mortgage cost: $670.60
Average annual mortgage cost: $8,047.18
Livability: 82
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Tiffin, Ohio
Average home value (March 2024): $170,823.94
10% down payment: $17,082.4
Average monthly mortgage cost: $1,040.46
Average annual mortgage cost: $12,485.51
Livability: 82
Mount Pleasant, Michigan
Average home value (March 2024): $197,589.09
10% down payment: $19,758.9
Average monthly mortgage cost: $1,203.48
Average annual mortgage cost: $14,441.77
Livability: 82
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Florence, Alabama
Average home value (March 2024): $195,989.44
10% down payment: $19,598.9
Average monthly mortgage cost: $1,193.74
Average annual mortgage cost: $14,324.85
Livability: 82
Cuyahoga Falls, Ohio
Average home value (March 2024): $195,964.23
10% down payment: $19,596.4
Average monthly mortgage cost: $1,193.58
Average annual mortgage cost: $14,323.01
Livability: 82
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Erie, Pennsylvania
Average home value (March 2024): $173,679.34
10% down payment: $17,367.9
Average monthly mortgage cost: $1,057.85
Average annual mortgage cost: $12,694.21
Livability: 82
Garden City, Michigan
Average home value (March 2024): $186,921.38
10% down payment: $18,692.1
Average monthly mortgage cost: $1,138.51
Average annual mortgage cost: $13,662.07
Livability: 83
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Charleston, West Virginia
Average home value (March 2024): $149,601.02
10% down payment: $14,960.1
Average monthly mortgage cost: $911.19
Average annual mortgage cost: $10,934.33
Livability: 83
Covington, Kentucky
Average home value (March 2024): $196,298.28
10% down payment: $19,629.8
Average monthly mortgage cost: $1,195.62
Average annual mortgage cost: $14,347.43
Livability: 84
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Scranton, Pennsylvania
Average home value (March 2024): $163,312.26
10% down payment: $16,331.2
Average monthly mortgage cost: $994.71
Average annual mortgage cost: $11,936.48
Livability: 84
Meadville, Pennsylvania
Average home value (March 2024): $148,407.12
10% down payment: $14,840.7
Average monthly mortgage cost: $903.92
Average annual mortgage cost: $10,847.06
Livability: 85
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Southgate, Michigan
Average home value (March 2024): $181,826.58
10% down payment: $18,182.7
Average monthly mortgage cost: $1,107.47
Average annual mortgage cost: $13,289.69
Livability: 85
South Euclid, Ohio
Average home value (March 2024): $162,497.18
10% down payment: $16,249.7
Average monthly mortgage cost: $989.74
Average annual mortgage cost: $11,876.91
Livability: 86
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Sandusky, Ohio
Average home value (March 2024): $132,944.35
10% down payment: $13,294.4
Average monthly mortgage cost: $809.74
Average annual mortgage cost: $9,716.89
Livability: 87
Cleveland Heights, Ohio
Average home value (March 2024): $186,328.89
10% down payment: $18,632.9
Average monthly mortgage cost: $1,134.90
Average annual mortgage cost: $13,618.76
Livability: 87
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Wyandotte, Michigan
Average home value (March 2024): $180,422.75
10% down payment: $18,042.3
Average monthly mortgage cost: $1,098.92
Average annual mortgage cost: $13,187.08
Livability: 88
Allen Park, Michigan
Average home value (March 2024): $197,182.72
10% down payment: $19,718.3
Average monthly mortgage cost: $1,201.01
Average annual mortgage cost: $14,412.07
Livability: 88
Heather Taylor contributed to the reporting for this piece.
Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: For this study, GOBankingRates analyzed US cities to find the best places where you can afford a home for less than $200k. First GOBankingRates found the average home value in cities across the country with a population of at least 1,000 residents, with the population data sourced from the US Census American Community Survey and the home value sourced from Zillow Home Value Index for March 2024. Cities with a home value over $200,000 were removed for this study. Assuming a 10% down payment and using the 30 year national fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. The average mortgage was included as supplemental information. The livability index for each city was sourced from AreaVibes and included as a factor for quality of life. The remaining cities are all within the price range and were sorted to show the highest to lowest livability, representing the highest quality of life cities that you can afford a house for less than $200k. All data was collected on and is up to date as of April 30, 2024.
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This article originally appeared on GOBankingRates.com: 50 Cities Where You Can Find a House for Less Than $200K