These Are the Cheapest Places to Buy a Home in the U.S. Right Now

Hint: they're all in the South and Midwest.

St. Louis, Missouri | f11photo/Shutterstock
St. Louis, Missouri | f11photo/Shutterstock

While the NYC real estate market continues to be a thing of nightmares, cities across the US are boasting reasonably priced properties. Wild for us New Yorkers, but it actually makes sense. According to a recent study conducted by LendingTree, it's a lot easier for folks to buy in the South and Midwest. 

While the average down payment in the nation's 50 largest metro areas grew to $62,611 in September (aka 35% up from last year), that number is a lot lower in other states—especially those that broke the top three. Oklahoma City's average is just $38,169 while in St. Louis, Missouri the down payment is around $40,113. Virginia Beach reports $40,530. 

Here are the other cities with the lowest down payment costs in the US: 

  • Louisville, Kentucky ($43,606)
  • Memphis, Tennessee ($43,935)
  • Cleveland, Ohio ($44,121)
  • Cincinnati, Ohio ($44,574)
  • New Orleans, Louisiana ($45,580)
  • San Antonio, Texas ($46,000)
  • Detroit, Michigan ($46,049)

"With home prices showing signs of finally coming down, down payments could also start to fall over the coming months," LendingTree Senior Economist Jacob Channel said in the report.

Meanwhile, coastal cities like San Jose, San Francisco, and Los Angeles reported the highest average down payments—at $142,006, $131,631, and $104,749 respectively. DC's average is $78,831 and New York City (shoutout! But not a good shoutout!) was $88,195. 

Want more Thrillist? Follow us on Instagram, Twitter, Pinterest, YouTube, TikTok, and Snapchat.

Megan Schaltegger is a Staff Writer on the News team at Thrillist.