Yahoo Finance The 50 Worst Places To Buy a Home for Less Than $250,000
As alluring as it may seem to shop for real estate at relatively cheap prices, not all metros are created equal. The old saying “location, location, location” should still remain top of mind for savvy buyers to ensure the area they’re moving into is just as fulfilling an investment as their new home.
Where should buyers avoid purchasing homes for under $250,000? To find out, GOBankingRates found the average single-family home value and calculated the average monthly mortgage cost for all homes under $250K. Using the cost-of-living indexes and national expenditure costs for all residents, the average expenditure cost was then calculated with expenditure and mortgage costs combined to find the average total cost of living in each city.
Ranked from 50th place to No. 1, here are the 50 worst places to buy a home for under $250,000.
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50. Waynesville, Missouri
Livability: 64
Average home value: $226,501.46
Average mortgage monthly cost: $1,368.57
Expenditure cost: $1,817.67
Monthly total cost of living: $3,186.24
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49. Hammond, Louisiana
Livability: 66
Average home value: $209,333.34
Average mortgage monthly cost: $1,264.84
Expenditure cost: $2,079.06
Monthly total cost of living: $3,343.90
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48. Bartlesville, Oklahoma
Livability: 62
Average home value: $171,565.93
Average mortgage monthly cost: $1,036.64
Expenditure cost: $2,012.68
Monthly total cost of living: $3,049.32
47. Jonesboro, Alabama
Livability: 63
Average home value: $215,065.88
Average mortgage monthly cost: $1,299.48
Expenditure cost: $1,834.35
Monthly total cost of living: $3,133.83
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46. Warner Robins, Georgia
Livability: 64
Average home value: $199,639.78
Average mortgage monthly cost: $1,206.27
Expenditure cost: $2,011.75
Monthly total cost of living: $3,218.02
45. Washington, North Carolina
Livability: 65
Average home value: $230,035.04
Average mortgage monthly cost: $1,389.92
Expenditure cost: $1,909.47
Monthly total cost of living: $3,299.39
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44. Marion, Illinois
Livability: 61
Average home value: $165,585.45
Average mortgage monthly cost: $1,000.50
Expenditure cost: $2,004.09
Monthly total cost of living: $3,004.59
43. Saint Joseph, Missouri
Livability: 59
Average home value: $150,628.75
Average mortgage monthly cost: $910.13
Expenditure cost: $1,951.67
Monthly total cost of living: $2,861.81
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42. Rockford, Illinois
Livability: 60
Average home value: $148,502.18
Average mortgage monthly cost: $897.28
Expenditure cost: $2,045.77
Monthly total cost of living: $2,943.06
41. Wilson, North Carolina
Livability: 63
Average home value: $207,568.94
Average mortgage monthly cost: $1,254.18
Expenditure cost: $1,926.47
Monthly total cost of living: $3,180.65
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40. Albany, Georgia
Livability: 56
Average home value: $126,003.88
Average mortgage monthly cost: $761.34
Expenditure cost: $1,893.37
Monthly total cost of living: $2,654.72
39. Horn Lake, Mississippi
Livability: 60
Average home value: $189,939.30
Average mortgage monthly cost: $1,147.66
Expenditure cost: $1,826.19
Monthly total cost of living: $2,973.85
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38. Bolivar, Missouri
Livability: 64
Average home value: $235,439.28
Average mortgage monthly cost: $1,422.58
Expenditure cost: $1,855.88
Monthly total cost of living: $3,278.46
37. Killeen, Texas
Livability: 63
Average home value: $226,573.28
Average mortgage monthly cost: $1,369.01
Expenditure cost: $1,846.00
Monthly total cost of living: $3,215.01
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36. Kings Mountain, North Carolina
Livability: 63
Average home value: $223,357.40
Average mortgage monthly cost: $1,349.57
Expenditure cost: $1,874.77
Monthly total cost of living: $3,224.35
35. Channelview, Texas
Livability: 65
Average home value: $216,525.82
Average mortgage monthly cost: $1,308.30
Expenditure cost: $2,073.56
Monthly total cost of living: $3,381.86
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34. Clovis, New Mexico
Livability: 56
Average home value: $162,400.12
Average mortgage monthly cost: $981.26
Expenditure cost: $1,743.18
Monthly total cost of living: $2,724.43
33. Pasadena, Texas
Livability: 65
Average home value: $223,417.90
Average mortgage monthly cost: $1,349.94
Expenditure cost: $2,054.58
Monthly total cost of living: $3,404.52
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32. Farmington, New Mexico
Livability: 62
Average home value: $246,640.40
Average mortgage monthly cost: $1,490.26
Expenditure cost: $1,716.20
Monthly total cost of living: $3,206.45
31. Beckley, West Virginia
Livability: 56
Average home value: $127,829.09
Average mortgage monthly cost: $772.37
Expenditure cost: $1,985.78
Monthly total cost of living: $2,758.15
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30. Beverly Hills, Florida
Livability: 64
Average home value: $242,008.76
Average mortgage monthly cost: $1,462.27
Expenditure cost: $1,910.29
Monthly total cost of living: $3,372.56
29. Morristown, Tennessee
Livability: 63
Average home value: $239,529.76
Average mortgage monthly cost: $1,447.29
Expenditure cost: $1,864.65
Monthly total cost of living: $3,311.94
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28. Benton, Arkansas
Livability: 62
Average home value: $229,863.36
Average mortgage monthly cost: $1,388.89
Expenditure cost: $1,850.87
Monthly total cost of living: $3,239.76
27. Springfield, Ohio
Livability: 57
Average home value: $167,127.66
Average mortgage monthly cost: $1,009.82
Expenditure cost: $1,866.26
Monthly total cost of living: $2,876.08
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26. Hope Mills, North Carolina
Livability: 64
Average home value: $242,097.07
Average mortgage monthly cost: $1,462.80
Expenditure cost: $1,951.64
Monthly total cost of living: $3,414.44
25. Sumter, South Carolina
Livability: 58
Average home value: $187,974.02
Average mortgage monthly cost: $1,135.78
Expenditure cost: $1,827.06
Monthly total cost of living: $2,962.84
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24. Waller, Texas
Livability: 64
Average home value: $232,388.76
Average mortgage monthly cost: $1,404.14
Expenditure cost: $2,011.47
Monthly total cost of living: $3,415.61
23. La Crosse, Wisconsin
Livability: 67
Average home value: $241,806.97
Average mortgage monthly cost: $1,461.05
Expenditure cost: $2,187.59
Monthly total cost of living: $3,648.64
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22. Hot Springs, Arkansas
Livability: 62
Average home value: $236,729.74
Average mortgage monthly cost: $1,430.37
Expenditure cost: $1,872.96
Monthly total cost of living: $3,303.34
21. Jackson, Tennessee
Livability: 62
Average home value: $218,300.58
Average mortgage monthly cost: $1,319.02
Expenditure cost: $1,995.98
Monthly total cost of living: $3,315.00
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20. Houma, Louisiana
Livability: 58
Average home value: $189,298.43
Average mortgage monthly cost: $1,143.78
Expenditure cost: $1,908.13
Monthly total cost of living: $3,051.91
19. Romulus, Michigan
Livability: 60
Average home value: $183,879.26
Average mortgage monthly cost: $1,111.04
Expenditure cost: $2,096.63
Monthly total cost of living: $3,207.67
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18. Ponchatoula, Louisiana
Livability: 65
Average home value: $236,609.06
Average mortgage monthly cost: $1,429.64
Expenditure cost: $2,161.59
Monthly total cost of living: $3,591.23
17. Oak Grove, Kentucky
Livability: 57
Average home value: $195,023.64
Average mortgage monthly cost: $1,178.38
Expenditure cost: $1,861.32
Monthly total cost of living: $3,039.70
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16. Phenix City, Alabama
Livability: 57
Average home value: $190,254.48
Average mortgage monthly cost: $1,149.56
Expenditure cost: $1,902.30
Monthly total cost of living: $3,051.86
15. Hephzibah, Georgia
Livability: 59
Average home value: $206,288.20
Average mortgage monthly cost: $1,246.44
Expenditure cost: $1,959.16
Monthly total cost of living: $3,205.60
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14. Millington, Tennessee
Livability: 60
Average home value: $232,774.59
Average mortgage monthly cost: $1,406.48
Expenditure cost: $1,921.59
Monthly total cost of living: $3,328.07
13. Louisville, Kentucky
Livability: 60
Average home value: $243,629.74
Average mortgage monthly cost: $1,472.06
Expenditure cost: $1,873.73
Monthly total cost of living: $3,345.79
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12. Gatesville, Texas
Livability: 59
Average home value: $235,785.25
Average mortgage monthly cost: $1,424.67
Expenditure cost: $1,853.28
Monthly total cost of living: $3,277.95
11. Montevallo, Alabama
Livability: 61
Average home value: $234,556.80
Average mortgage monthly cost: $1,417.24
Expenditure cost: $2,019.55
Monthly total cost of living: $3,436.80
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10. Hopkins, South Carolina
Livability: 58
Average home value: $202,682.79
Average mortgage monthly cost: $1,224.65
Expenditure cost: $1,993.17
Monthly total cost of living: $3,217.82
9. Forestdale, Alabama
Livability: 56
Average home value: $169,175.60
Average mortgage monthly cost: $1,022.20
Expenditure cost: $2,045.61
Monthly total cost of living: $3,067.80
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8. Conley, Georgia
Livability: 62
Average home value: $239,777.31
Average mortgage monthly cost: $1,448.79
Expenditure cost: $2,127.42
Monthly total cost of living: $3,576.21
7. Florence, South Carolina
Livability: 56
Average home value: $212,417.23
Average mortgage monthly cost: $1,283.47
Expenditure cost: $1,855.86
Monthly total cost of living: $3,139.33
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6. Palatka, Florida
Livability: 55
Average home value: $197,724.90
Average mortgage monthly cost: $1,194.70
Expenditure cost: $1,870.40
Monthly total cost of living: $3,065.10
5. Spring Lake, North Carolina
Livability: 58
Average home value: $234,140.83
Average mortgage monthly cost: $1,414.73
Expenditure cost: $1,913.81
Monthly total cost of living: $3,328.54
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4. Atlantic City, New Jersey
Livability: 58
Average home value: $226,570.77
Average mortgage monthly cost: $1,368.99
Expenditure cost: $1,963.33
Monthly total cost of living: $3,332.32
3. Cleveland, Texas
Livability: 60
Average home value: $230,288.00
Average mortgage monthly cost: $1,391.45
Expenditure cost: $2,102.96
Monthly total cost of living: $3,494.41
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2. Rossville, Georgia
Livability: 53
Average home value: $198,838.17
Average mortgage monthly cost: $1,201.42
Expenditure cost: $1,974.58
Monthly total cost of living: $3,176.00
1. Adamsville, Alabama
Livability: 49
Average home value: $134,907.96
Average mortgage monthly cost: $815.14
Expenditure cost: $2,061.38
Monthly total cost of living: $2,876.52
Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: For this study, GOBankingRates analyzed cities across the United States to find the worst places where you can afford to buy a home for under $250K. First GOBankingRates found the average single-family home value from March 2024 as sourced from Zillow Home Value Index. All homes over $250K were removed for this study and for each remaining home the average monthly mortgage cost was calculated by assuming a 10% down payment and using the national 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data. The average expenditure cost was calculated by using the cost-of-living indexes, sourced from Sperling’s BestPlaces, and using the national expenditure costs for all residents as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. The average expenditure and mortgage costs can be combined to find an average total cost of living in each city. The livability index was sourced from AreaVibes and all cities with a livability index of 70 or higher were removed for this study. The livability index was scored and weighted at 1.00. The total cost of living was scored and weighted at 1.00. Both scores were summed and the cities were sorted to show the worst places to buy a home for under $250K. All data was collected on and is up to date as of May 10, 2024.
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This article originally appeared on GOBankingRates.com: The 50 Worst Places To Buy a Home for Less Than $250,000
