FROM THE
Unleash Prosperity Hotline

Sweet Home Alabama

The Kiplinger financial newsletter just released a report on the most affordable states to buy a home. They are all red states. We know: Shocking!

These tend to be the poorest states, but they are also some of the fastest growing states. Alabama, South Carolina and Tennessee are booming.

These states also have some of the lowest property taxes in the nation, while their income tax (if they have one) tends to have low, flat rates.

Here are the top nine:

1. West Virginia: Low entry barrier for homeownership
Home price-to-income ratio: 2.73
Median property tax bill: $865
Cost-of-living (COL) index: 89.5

2. Mississippi: Cheap median home prices and cost of living
Home price-to-income ratio: 3.01
Median property tax bill: $1,215
Cost-of-living (COL) index: 87

3. Arkansas: Very low property taxes and costs on daily essentials
Home price-to-income ratio: 3.09
Median property tax bill: $1,040
Cost-of-living (COL) index: 86.9

4. Oklahoma: Lower median household income and home prices
Home price-to-income ratio: 3.07
Median property tax bill: $1,599
Cost-of-living (COL) index: 87.8

5. Alabama: The ‘middle ground’ of low taxes and cost of living
Home price-to-income ratio: 3.28
Median property tax bill: $788
Cost-of-living (COL) index: 88.8

6. Kentucky: Solid middle ground for overall affordability
Home price-to-income ratio: 3.23
Median property tax bill: $1,544
Cost-of-living (COL) index: 90.2

7. Louisiana: Affordable living and home prices
Home price-to-income ratio: 3.56
Median property tax bill: $1,180
Cost-of-living (COL) index: 88.2

8. South Carolina: Popular destination with some affordability
Home price-to-income ratio: 3.74
Median property tax bill: $1,251
Cost-of-living (COL) index: 93.7

9. Tennessee: Can be affordable despite high growth
Home price-to-income ratio: 4.12
Median property tax bill: $1,442
Cost-of-living (COL) index: 91.9

 

 

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