Where Can You Find a Great Deal on a House

A retiree who wants to purchase a home will naturally be wondering “Where can you find a great deal on a house?” This is a valid question.

There are advantages to buying a house as opposed to renting one, but it is hard to know which states have affordable housing prices.

Following is some helpful information that can help one know which state to buy a house in.

Generally speaking, the cheapest area of the United States is the Midwest. While the price of housing in this area is one the rise, the current median price still comes to only $136,400, according to CBS News. However, it is important to realize that the cost of a house depends not only on which state one lives in, but also on the city where the house is purchased.

Presently, the five cheapest cities to buy a house in are Louisville (KY), Houston (TX), Cincinnati (OH), Nashville (TN) and Austin-San Marcos (TX). Of these five cities, Louisville has the lowest median price of just a bit over $130,000. However, a retiree who is looking for a large house with several bedrooms, a couple of bathrooms and a large garage should be prepared to pay about $150,000.

While the United States real estate market is still in crisis after housing bubble burst in 2008, the cost of real estate is slowly starting to rise again. The western United States is the only region where housing prices are going down instead of up. Real Estate ABC has noted that the median price of housing in this area has fallen from $203,400 to $192,300 in the last quarter.

While this does not necessarily make either Nevada or California a cheap place to buy housing, it does mean that these sunny, attractive states may be an ideal place to retire in a few years, if housing trends continue. Keeping an eye on trends is extremely important, as the real estate market is in flux and housing prices rise or fall on a quarterly or even monthly basis in some instances.

A person who is looking for detailed information on the subject of housing prices should check out two detailed reports by realtor.org. Both reports can be found at realtor.org. The first report, titled “Single-Family 1st Quarter 2011” lists the median cost of a single family home in all major metropolitan cities in the United States. The second report, titled “Condo 1st Quarter 2011” lists the median price of a condo or apartment in major metropolitan cities in the U.S.


What Else Should Be Considered When Buying a House, Apartment or Condo?

A person who is buying properly should be prepared to pay property taxes. A wise retiree will consider the cost of not only purchasing a house but also paying taxes on it. While some cities may have both cheap housing and low property tax rates, many cities charge high property taxes even on low cost housing.

Property taxes are determined on a county level as opposed to a state level. The Tax Foundation has drawn up a list of property tax rates (for owners living in their houses) and this list can help one to know if a particular state is a good place to buy housing in. The list can be viewed at taxfoundation.org.

A retiree should not rush into buying a home, even if it appears to be a good deal. It is important to research, compare prices and consider how much will have to be paid in property taxes. The information above can help you to know where you can find a great deal on a house. Consider all the options and then choose a house that is not only cheap but also good value for the money.


Continue on with  our Free  Newsletter Topics

Topic  1 – How to Easily Calculate your Retirement Income in Five Simple Steps

Topic 2 – How to Determine Which States Have the Lowest Cost of Living for Retirees

Topic 3 – How Does Living Abroad Compare to Living at Home – Tips on Comparing Costs

Topic 4 – How to Cut Costs to Make Your Cost of Living Lower and Stretch Your Dollars – Tips

Topic 5 – How to Know Which States Have the Lowest Taxes that Affects Retirees

Topic 6 – What are the Top 3 Cities Recommended for Retiring Cheaply in the US

Topic 7 – Where Can You Find a Great Deal on a House – Tips, Advice,  and Options

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