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As housing prices continue to increase, more home buyers resort to taking on large mortgages that enable them to achieve their homeownership goals. These mortgages can be a significant financial burden to take on, which can make buying a home daunting to many. However, some states in the U.S. offer more affordable home prices, reducing the need for buyers to take on a mortgage. Here are 23 U.S. states where you can live mortgage-free:
West Virginia
23 U.S. States Where You Can Live Mortgage-Free
West Virginia boasts the highest number of residents living mortgage-free, with over 53% of homeowners without a mortgage. With median home prices in the state being much lower than the national average, homeownership is much more accessible here, reducing the need for residents to rely on mortgages to become homeowners. The living costs in West Virginia are also about 21% lower than the national average, which provides an ideal setting where potential buyers can allocate funds toward buying a home.
Mississippi
With the median price of a home in Mississippi ranging at about $167,000, homeownership in the state is much more accessible without a mortgage. Over 50% of homeowners live mortgage-free, thanks to the affordable housing prices in the state. These individuals also benefit from low living costs and property taxes, enabling them to focus on savings when buying a home. The rural areas in the state, particularly, see high mortgage-free ownership, with homes being passed down from generation to generation.
Louisiana
The combination of low housing costs and property taxes in Louisiana offers home buyers the potential to buy a home without a mortgage. Median home prices in the state range at about $200,000, enabling residents to buy homes mortgage-free or to clear mortgages within a short period. Homeowners in Louisiana also develop a strong culture of long-term homeownership with homes passed down intergenerationally. The state also has low living costs, which contribute to the accessibility of the housing market.
Iowa
Iowa boasts one of the lowest-priced housing markets in the country, with homes ranging from $1630,000 to about $240,000, even in the state’s capital of Des Moines. These low prices have attracted many buyers looking to lower their mortgage needs. Residents also have access to high incomes and modest tax costs, which enables them to focus on building a fund dedicated to buying a home mortgage-free. The high quality of life, access to amenities, and natural landscapes surrounding Iowa also add to the state’s appeal for buyers.
Oklahoma
Oklahoma offers residents one of the lowest living costs in the country. This combines with the affordable housing market and attractive incentives that enable buyers to achieve homeownership mortgage-free. The median home price in the state is about $250,000, and with a high median household income, residents can focus on savings that enable them to get closer to homeownership. Some parts of the state even sell homes at $150,000, which offers ideal prices for buyers who don’t want to take on a mortgage.
North Dakota
The affordable housing market and a strong economy with employment opportunities in the oil and agriculture industries have enabled the residents of North Dakota to become homeowners without a mortgage. The residents have access to stable wages and low housing costs that make it easier to buy homes mortgage-free or pay off mortgages quickly, leading to many mortgage-free residents in the state. Median home prices average at about $230,000, with costs much lower in the state’s more rural settings.
New Mexico
The combination of low living costs and an affordable real estate market has enabled New Mexico to witness a high mortgage-free homeownership rate. The state attracts many retirees and young families drawn to the possibility of buying homes without needing a mortgage. The low property taxes and affordable home values have made homeownership in New Mexico much more accessible to residents.
Arkansas
Arkansas residents benefit from inexpensive housing costs that enable them to become mortgage-free homeowners. The median home price in the state is about $200,000, with some areas having much lower home prices. These low costs, along with the low costs of living and property taxes, make it easy for buyers to focus on allocating funds towards buying a home, eliminating the need for debt, which attracts many potential buyers to the state.
Alabama
The low home prices and cost of living in Alabama have made mortgage-free homeownership accessible to its residents. The median home price in the state is about $210,000, attracting many retirees seeking a high quality of life and homeownership without financial burdens. The low living costs in the state make it easy for residents to buy homes in cash. Alabama also has a strong community culture that encourages long-term homeownership and mortgage-free living.
Montana
Montana boasts a large number of mortgage-free residents. This is because residents have access to affordable rural housing, low property tax rates, and inexpensive living. The strong agricultural sector in the state offers stability, which offers buyers a steady economy that enables them to enter the housing market without debt. Many retirees are also drawn to the low housing prices that enable them to buy homes in cash.
Ohio
The state of Ohio boasts a strong economy driven by the manufacturing and automotive industries. These industries have offered residents many employment opportunities that give them a stable income, enabling them to maximize affordable housing prices. Ohio also offers residents low living costs that allow them to minimize spending and lower their risks for debt.
South Dakota
The strong agricultural economy in South Dakota has been influential in providing residents with access to a steady income that enables them to pay off debts faster. Many residents in the state are mortgage-free homeowners thanks to the affordable housing market and lack of state income tax, which helps buyers keep spending at manageable rates. Many residents also inherit property from their parents, reducing the need for mortgages.
Texas
The housing market in Texas gives residents access to affordable home prices that make it an attractive location for potential buyers. These low costs are enhanced by the state’s affordable living and lack of state income tax, which make it easier for residents to enter the housing market without a mortgage. The median home price in the state is about $350,000, with home prices being much lower in the rural areas, offering much more accessibility.
Kentucky
Many residents in Kentucky have access to mortgage-free homeownership driven by the low prices in the state’s housing market. The median home price in Kentucky is about $200,000, with some areas offering much lower costs. These affordable prices, combined with the low property taxes and cost of living, give residents of the state access to outright homeownership, reducing their need for decades-long mortgages.
Tennessee
The lack of state income tax and relatively affordable housing prices has enabled Tennessee residents to become mortgage-free homeowners. These factors have attracted many retirees and young families looking to avoid mortgage dependency, enter an affordable housing market, and become homeowners. The average home price is about $300,000, with areas outside of urban hubs in the state boasting much cheaper home prices, ideal for individuals living on a budget.
Missouri
The median home price in Missouri is about $230,000, making it a highly affordable market ideal for buyers looking for mortgage-free homeownership. The low prices, along with living costs that are much lower than the national average, enable residents to have more financial flexibility, allowing them to lower spending and contribute to financial savings at the same time. Missouri also has a growing long-term homeownership culture in rural parts of the state, with many families passing on mortgage-free homes to younger generations.
Indiana
Indiana boasts a growing economy driven by the industrial and agricultural sectors, offering residents opportunities for a stable income. The growing economy and the low home prices in the state have played an influential role in enabling residents to become mortgage-free homeowners. The median home price is about $265,000, with some cities offering even lower prices that start at about 100,000. These low costs continue to attract many individuals who dream of becoming homeowners, looking to leverage the state’s low costs.
Nebraska
Many home buyers are drawn to Nebraska’s housing market, which offers affordable home prices and makes homeownership much more accessible. The strong economy driven by agriculture, the affordable living costs, and the low prices in the housing market have created an ideal environment that enables buyers to focus on creating funds for buying a home without needing a mortgage. The median home price in Nebraska is about $295,000; however, many parts of the state boast low-cost properties ideal for budget buyers.
Michigan
Michigan boasts an affordable housing market with median prices of about $270,000. Some parts of the state offer even lower housing prices that appeal to many buyers. The strong economy driven by the manufacturing sector and the mild climate creates a high quality of life for residents, making it an attractive location to call home. The low home prices and living costs make it easier for residents to enter the housing market without a mortgage.
Wisconsin
Wisconsin has many mortgage-free homeowners thanks to the state’s long-term homeownership trends, which see properties passing down from generation to generation, and the highly affordable costs that attract many potential buyers. The stable economy and reasonable home prices offer buyers an accessible housing market that limits their need for a mortgage. The low living costs also make it easier to enter the market, with lower expenses that make it easier to build a home-buying fund.
North Carolina
The affordable housing market and low living costs in North Carolina have created an appealing environment for home buyers. The median home price in the state is about $380,000, but many areas boast much lower costs that make homeownership more accessible. The state has witnessed a growing retiree population looking to lower their spending and enjoy a high quality of life. Affordable homes in the state have played an essential role in giving these individuals access to homes without needing a mortgage.
Georgia
With average home prices of about $385,000, Georgia offers its residents an affordable housing market. Buyers looking for lower-cost homes can find cheaper options in the state’s rural counties, where they can find larger homes with ample spaces for lower prices. Families and retirees looking to limit their debts are drawn to the affordable housing market and the state’s low living costs, making it easy to live off a budget.
Florida
Many regions of Florida have seen a growing number of retirees drawn to the warm climate, high quality of life, lack of state income tax, and attractive housing prices. The cost of living here is lower than the national average, making it easier for residents to build financial security. The affordable housing market has also enabled residents to become mortgage-free homeowners, with many buyers purchasing homes with cash, particularly in places like Sebring and Jacksonville.
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