The COVID-19 pandemic had devastating economic consequences in the United States, grinding entire industries to a halt. One sector that did not suffer, however, was real estate. Driven by the pandemic, existing home sales hit their highest level in nearly a decade and a half in 2020.
The median home sale price in the United States was $265,000 in 2020 -- $30,000 more than it was the previous year. A quarter of a million dollars, however, is not affordable for many Americans. Still, for those on a tight budget, there are many parts of the country where most homes are selling for far less.
Using median home sale prices provided by ATTOM Data Solutions, a real estate and property data company, 24/7 Wall St. identified the least expensive ZIP codes in each state.
The typical home in Wisconsin's 54220 ZIP code, located about 80 miles north of Milwaukee along the western shore of Lake Michigan is the least expensive part of the state for single-family home buyers. The typical home in the area sold for $120,000 in 2020, well below the median statewide home price of $202,100.
As is often the case in areas with low home values, most homes in the 54220 ZIP are relatively old. Over 61% of the houses in the area were built in 1969 or earlier, compared to about 45% of homes statewide. Lack of new development in the area is indicative of the relative lack of demand for housing. Between 2010 and 2019, the local population contracted by 3.0%.
ZIP codes were ranked based on median sales price of condos and single-family homes in 2020. Only ZIP codes with at least 1,000 single-family homes and condos and where at least 500 of housing units were sold in 2020 were considered. The estimated market value is determined by ATTOM's automated valuation model.
Supplemental data on median household income, the share of households that are at least 50 years old, and unemployment are five-year estimates at the ZIP code level for 2015-2019 from the U.S. Census Bureau's American Community Survey.
|Least expensive ZIP||Location||Median home sales price ($)||Median household income ($)||ZIP codes in state with home sale data|
|Kansas: 66104||Kansas City||103,344||39,726||7|
|Louisiana: 71112||Bossier City||135,000||51,623||16|
|Missouri: 63136||Saint Louis||37,000||32,223||49|
|Nevada: 89103||Las Vegas||199,000||42,537||44|
|New Jersey: 08332||Millville||124,750||57,265||50|
|New Mexico: 88310||Alamogordo||169,097||43,307||12|
|New York: 14616||Rochester||127,000||52,660||16|
|North Carolina: 28052||Gastonia||115,000||39,426||121|
|North Dakota: 58103||Fargo||190,000||46,866||3|
|Oklahoma: 73110||Oklahoma City||97,500||43,059||30|
|Oregon: 97603||Klamath Falls||199,500||51,972||37|
|Rhode Island: 02889||Warwick||243,000||77,783||1|
|South Carolina: 29841||North Augusta||145,000||52,516||58|
|West Virginia: 26508||Morgantown||264,450||70,904||1|