House shopping? If so, you might want to look into these locations for a home at a good price. While you're at it, prepare to lower your cost of living as well.
The states with the lowest home prices and coming in at No. 1 are Iowa, Indiana and Ohio. Ohio's average listing price is $173,323, Indiana's is $179,698 and Iowa has homes with prices of $186,233 according to Trulia.com. Michigan has an average listing price of $188,346 and Nebraska's is $189,733. The highest average listing price is in Hawaii, where the majority of homes sell for more or less $933,001. In the District of Columbia, homes list for $750,000 and New York homes list for $716,265 on average. So there you have it, if you want to buy a house at a better deal, you know where to look and where to steer away from.
Northeast Always Expensive
The Northeast region of the United States of course is always the most expensive for homes given its location of top companies and hospitals. If you are in the market for something smaller than a home, maybe you are considering a condo or co-op apartment. The price for these types of properties is also relatively higher than in other parts of the country. According to the National Association of Realtors, the sale price of existing condo and co-op homes in the Northeast in 2011 was $276,300 and lowest in the Midwest at $167,500.
Should You Move?
If you are considering relocating in an effort to save more and limit your current and future costs, changing your place of residence might not be convenient. You'll have to uproot your family or move away from family and friends. You'll leave behind everything that is familiar in order to better afford a home. That is not an easy thing to do. You'll need to consider things like the cost of medical care, transportation, food and clothes. Also, are mortgage costs higher or lower in the location you're interested in? If you have children, is the quality of the local schools better? There are many factors you'll need to consider before making such a major transition, so think about everything very carefully. Connect with folks who have made a similar type of move and ask how it went for them. Get their feedback and ask plenty of questions. One way to find folks who have moved to the state you're interested in is through public online forums. Do a Google search on the topic and you'll find tons of related information.
You'll need to consider all your deciding factors carefully before making the move. Use a cost of living calculator to help you better estimate costs and savings. For example, according to Salary.com, a person who currently earns $40,000 per year and moves from New York City to Akron, Ohio, would have to earn a salary of $21,868 in Ohio in order to maintain their current standard of living. So your cost of living will drop by 45.3% if you were to move to Ohio! That's pretty drastic and something to seriously think about if you want to decrease your expenses. Keep in mind, however, that employers in Akron, Ohio typically pay 19.9% less than employers in New York. If you take the same type of job in the same type of company in Akron, Ohio that you had in New York, you are likely to earn $32,020 instead of $40,000.
The Bottom Line
So, before relocating to greener pastures, weigh in all the factors that will directly affect the way you and your family will live and save for the future. That is the smartest move of all.