Buying a home is definitely tough to accomplish. If you have ever had an elaborate discussion with a broker or an expert on real estate, you must know the importance of location when buying a home. When the budget is fixed, the space that you get within that price depends on the median price listing in that state or city.
We all are aware of the fact that different states have different price listings. If you are looking forward to moving to a bigger and better location than your current location, the space you can get at a fixed budget of $250,000 will definitely be smaller. Just the same way moving to a less expensive and more affordable location can fetch you the luxury of having a nice spacious house to yourself.
When you are on a house hunt with $250,000 in hand, the first thing you should know is the latest median home price in the country and also the price trends in different regions across the nation. With this knowledge, it becomes easier to narrow down your search to the states in which you can afford a house at $250K.
Latest Home Price Trends Across The Country
In the year 2020, the median home price in the entire U.S. has been above $310,000. This record is quite higher when compared to previous years. Region-wise, the price trends differ. Let’s have a look:
- West:$410,100
The states in this region include California, Washington, Oregon, and Alaska. With the exception of Alaska, all other states have a high cost of living.
- Northeast:$295,400
New York, Connecticut, New Hampshire, New Jersey, and Massachusetts are the most expensive states in this region, while the remaining four states fall under the affordable category.
- South:$238,000
In this region, Maryland is the most expensive region. The least expensive state of West Virginia is also located here.
- Midwest:$203,700
Chicago, Illinois is the most expensive location in this region. The remaining states are cheap to live in and a budget of $250,000 can get you a huge space in these states.
From the trends given above, we see that the Midwest region is the least expensive if you want to own a house. On the other hand, the West Coast is the most expensive. Hence, with $250,000 you can easily afford a great home in the Southern and Midwestern states of the country.
Apart from this, the age of the house and the size are two important factors for consideration.
Expensive Areas for Owning a House for $250,000
As per records, the coastal states of California, Hawaii, and Massachusetts have topped the list of the most expensive states to own a home in the U.S. These states have a median price of $550,000, $630,000 and $479,000. Clearly, a budget of $250,000 is quite less when compared to the median prices in these states.
Below we list the top ten expensive states to buy a home:
- Massachusetts
- New Jersey
- District of Columbia
- California
- Washington
- New York
- Hawaii
- Connecticut
- New Hampshire
- Maryland
So, what type of house can you get for $250,000 in one of these states?
In the popular cities of Los Angeles and San Diego in California, you can buy a house with a space ranging between 500 to 750 square feet. This means you can afford a single bedroom and a shared bathroom in these expensive locations. If you are a couple with no kids, then this space may be enough for you. However, for a bigger family, $250,000 isn’t enough to own a house in most Californian cities.
You can afford only a studio apartment with $250,000 in New York, Hawaii, and Washington D.C. The maximum space you get is 500 square feet.
Chicago in Illinois, Denver in Colorado, and Portland in Oregon are also on the list of expensive cities. One bedroom with an attached bath is the best house one can afford in these cities with the given price.
To sum, a budget of $250,000 can get you a small apartment with one bedroom and a shared bathroom. Unfortunately, you might not enjoy the luxury of a backyard or parking space or a small house for your pet.
More Affordable Areas
The good news is that there are many states that have an average home price below $250,000, which implies you can purchase a nice spacious home. You can afford a space of 1000 square feet and more in these states.
Which States Are the Least Expensive for Owning a House?
Following are the top ten states where the median price is much lower than $250,000:
- West Virginia: $169,000
- Arkansas: $179,900
- Alabama: $219,900
- Mississippi: $189,000
- Oklahoma: $193,000
- Indiana: $195,000
- Kentucky: $199,000
- Missouri: $193,000
- South Carolina: $250,000
- Ohio: $180,000
In these states, $250,000 is enough to own a townhouse with three to four bedrooms, three attached bathrooms, parking space, a large backyard, and enough space for pets. The maximum amount of space you get will differ from one state to another.
Where Can You Own Houses with 3–4 Bedrooms?
Here are a few states in which you can get a house within 1,000 to 2,000 square feet:
Columbus in Ohio, Philadelphia in Pennsylvania, Charleston in South Carolina, Nashville in Tennessee, Dallas and Houston in Texas, Salt Lake City in Utah, Anchorage in Alaska and Virginia Beach in Virginia are some popular locations where you can buy a house with three bedrooms and two or three baths.
Similar homes can be bought in Kentucky, Wisconsin, Wyoming, Vermont, and Rhode Island too. These homes are great for single families. You can also have a garage and a fenced yard.
Where Can You Own Townhouses with 5 Bedrooms or More?
If you are looking for an even bigger house, something above 2,000 square feet, there are enough options for that too.
Birmingham and Mobile, Alabama
With $250,000 you can easily buy a house of 2,300 square feet. This space is big enough to accommodate five bedrooms and three to four attached baths.
Jacksonville, Florida
In this location too, you can get something in the 2,000–2,500 square feet range, which means a house with five to six rooms and attached baths.
Oklahoma, Nebraska, Mississippi, Michigan, and Kansas are some other states where you can afford five-bedroom townhouses.
Bridgeport in Connecticut is another less expensive area where you can own a luxurious home in the range of 4,700 square feet or more. Similarly, Missouri, Indiana, and Arkansas have low median home prices that let you own houses in vast ranges of 3,500 square feet or more. In these locations, you can own a house with nine to ten bedrooms, five to six attached baths, a spacious kitchen, a garage, a backyard, and even a house for your pet. These houses come facilitated with heating and cooling systems, laundry rooms, and much more for $250,000.
The houses in such affordable areas are big enough for big families, where each member can have his or her room. The cost of living in these areas is much less compared to the expensive states on the West Coast. The quality of life is also pretty good in most of these areas.
Conclusion
The comparisons given above will provide you an idea about the maximum area that can be purchased within the $250,000 price range. Within a state, the prices vary depending on which city you choose to live in. Similarly, different neighborhoods in a city have different price ranges. In expensive cities, $250,000 may be enough to accommodate only the singles. At the same price, cheaper locations have nice luxurious houses suitable for large families. Most states fall in the middle range, making it affordable for the majority of the population. However, you can own a home in any state in the country for $250,000.
