Which state is best for first time home buyers?

The best states for first-time homebuyers generally offer a strong combination of affordability, a healthy job market, and robust homebuyer assistance programs. States in the Midwest and South, such as West Virginia, Iowa, Mississippi, and Ohio, consistently rank high due to lower median home prices and overall cost of living.

What is the best state to buy your first home in?

Sunbelt states lead.

Alabama, Mississippi, and South Carolina top the list for their mix of warm weather, modest home prices, and small average mortgage balances.

What salary do you need for a $400,000 house?

To afford a $400k house, you generally need an annual income between $90,000 and $135,000, though this varies by interest rates, down payment, and debt, with lenders often looking for housing costs under 28% of your gross income (28/36 rule). A lower income might suffice with a large down payment or higher interest, while more debt requires a higher income, potentially pushing the need to over $100k-$120k+ annually. 

Which state has the best first home owners grant?

Queensland offers the highest grant, strong growth potential, and realistic property prices making it the best state for first-home buyers in 2025 and 2026.. While NSW and Victoria offer useful concessions, Queensland's combination of affordability and government support creates the strongest pathway to home ownership.

What's the most affordable state to buy a home in?

The cheapest states to buy a house consistently include West Virginia, Mississippi, Arkansas, Oklahoma, and Iowa, offering median home prices well below the national average, with states like West Virginia and Mississippi often topping lists for affordability due to low median sale prices and overall lower cost of living.
 

Dave Ramsey's 7 Tips For First-Time Home Buyers

What is the cheapest but safest state to live in?

For the best combination of cheap and safe, consider states like Iowa, Kansas, Mississippi, West Virginia, and Arkansas, which consistently rank high in affordability (low housing, groceries, overall cost of living) while also offering manageable safety, with Vermont and New Hampshire often topping pure safety lists, though they are pricier. The ideal balance depends on whether you prioritize the lowest cost (Mississippi) or strong safety (Vermont), with Midwestern/Southern states generally offering lower expenses and Northern/New England states often leading in safety metrics. 

What US city is selling homes for $1?

Louisville, KY, is trying a new approach to neighborhood revival: selling $1 homes in blighted areas. The city hopes new owners will restore the properties and bring life back to these communities. The program, run by Louisville's Landbank Authority, focuses on putting vacant and abandoned homes back into use.

What are the rules for a first-time buyer?

A first-time buyer is someone who has never owned a residential property anywhere in the world, either outright (without mortgage) or jointly with someone else. That includes ownership through inheritance, gifted property, or shared ownership.

What is the Biden grant for first-time home buyers?

First-time home buyers may be eligible to receive a $25,000 grant to purchase a new home through the Downpayment Toward Equity Act. The Act, also known as the $25,000 First-Time Buyer Home Grant, stems from the Biden-era first-time home buyer initiative to help Americans enter the housing market.

How much house can I afford if I make $36,000 a year?

With a $36,000 salary, you can likely afford a home in the $100,000 to $150,000 range, but this heavily depends on your debts, credit, down payment, and location, with lenders looking at a maximum monthly payment of around $900-$1,000 (around 30% of your gross income) for PITI (principal, interest, taxes, insurance). Use online calculators and factor in your full budget, as high-cost areas or significant loans will reduce this significantly, while low-debt/high-down-payment scenarios improve it. 

What is a good credit score to buy a house?

640-699: Qualified for a home loan, but not the best mortgage rates available. 700-749: Strong borrower with access to good interest rates and more home loan options. 750-850: Excellent credit! You'll qualify for the best interest rates and loan terms.

How much house can I afford if I make $70,000 a year?

With a $70,000 salary, you can generally afford a house between $210,000 and $350,000, but your actual budget depends heavily on your credit score, existing debts, down payment, and current mortgage rates, with lenders often following the 28/36 rule (housing costs under 28% of gross income, total debt under 36%). A good starting point is keeping your total monthly housing payment (PITI) under $1,633, but a lower Debt-to-Income (DTI) ratio and larger down payment increase your buying power. 

What is the easiest state to buy a house in?

The easiest states to buy a house generally offer high affordability (low prices) and strong job markets, with Iowa, Mississippi, and West Virginia frequently topping lists due to low median home prices and good cost of living, though Utah is noted for young homebuyer opportunities, and specific programs exist in states like Louisiana and Washington, making the "easiest" depend on your priorities. 

What states have no property tax?

Sadly for investors, the answer is no, there are no states without property tax. This is because property tax is a useful way for local governments to fund public services such as schools, fire and police departments, infrastructure and libraries. There is a caveat to this though.

What are red flags when buying a house?

Red flags when buying a house include visible issues like foundation cracks, water stains, mold, musty smells, poor DIY renovations (crooked cabinets, cheap finishes), and neglected yard, signaling hidden problems with structure, drainage, or maintenance, plus neighborhood issues (many "For Sale" signs, busy roads) or unclear seller reasons for moving, all pointing to potential costly repairs or future headaches. Always get a professional inspection to uncover issues with the roof, electrical, plumbing, and structural integrity before buying. 

How much money do I need as a first time buyer?

As a first-time buyer this will usually come from your savings. Your deposit should be at least 5% or 10% of the price of the home you'd like to buy. The bigger your deposit, the less you might need to borrow.

What is the best loan for first time home buyers?

Federal Housing Administration (FHA) loans are popular among first-time homebuyers since they offer lower credit score and down payment requirements. They often have more flexible lending requirements than conventional loans. Even with a weaker credit score, you may only be required to put 3.5% down.

What salary do you need for a $400000 mortgage?

To comfortably afford a 400k mortgage, you'll likely need an annual income between $100,000 to $125,000, depending on your specific financial situation and the terms of your mortgage.

What state is the cheapest to buy a house?

The cheapest states to buy a house consistently include West Virginia, Mississippi, Iowa, Arkansas, Oklahoma, and Ohio, often featuring median home prices well below the national average, with West Virginia and Mississippi frequently topping lists for lowest overall cost and highest affordability. While Iowa offers great value with a strong housing market, Southern states like Mississippi and Alabama, alongside Midwestern options like Ohio and Indiana, provide budget-friendly entry points for homebuyers. 

How much of a down payment do I need for $500,000?

For homes that cost between $500,000 and $1,000,000, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance. For homes that cost over $1,000,000, the minimum down payment is 20% or more depending on property location.

Where can you buy cheap houses in the USA?

You can buy a cheap house in the USA in states like West Virginia, Mississippi, Arkansas, Ohio, Indiana, Kentucky, and Alabama, where median home prices are lower, with cities like Detroit, MI; St. Louis, MO; Pittsburgh, PA; and Dayton, OH often cited as affordable markets. Look for listings on sites like Cheap Old Houses for discounted properties and consider areas with lower cost of living, but be aware that lower incomes often accompany lower housing costs. 

How much money do you need to buy a $1 m house?

To afford a $1 million house, you generally need an annual income of $225,000 to $300,000+, depending on your down payment (aim for 20% or $200k), current mortgage rates, property taxes, insurance, and other debts, using the common guideline of spending no more than 28-36% of your gross income on housing. A smaller down payment or higher interest rates will increase your required income, potentially necessitating a jumbo loan. 

Is it legal to buy a house for $1?

Giving someone a house as a gift — or selling it to them for $1 — is legally equivalent to selling it to them at fair market value. The home is now the property of the giftee and they may do with it as they wish.