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Tennessee & Virginia are the Cheapest Places to Buy a Home

If you’re looking to move to an area to get the most bang for your buck, Rocket Mortgage recently shared a list of the 10 cheapest states to buy a house. Analyzing single-family house prices and house price index per state in Q4 2021, the cost of living index, and median household income, they gathered the estimates of the cheapest states to purchase a house for 2022. Both Tennessee and Virginia made the list! While Northeast Tennessee and Southwest Virginia may be ranked as affordable places to buy a home, the region is rich in mountain views, outdoor activities, history, and hospitality. 

Tennessee Topped the List of the Cheapest Places to Buy a House in 2022

In the recent Rocket Mortgage report, Tennessee took the number one spot for the cheapest place to buy a house. Across the state, the median household income is $68,600 and has a cost of living index of 89.

Financial benefits of living in Tennessee include:

  • No state income tax
  • Low property taxes
  • Low cost of living 

Other benefits of calling the Volunteer State home include:

  • Mild year-round weather 
  • A long list of recreational opportunities
  • Legendary music scenes, including numerous music festivals and fairs seasonally celebrated across the state, thanks to its deep musical roots

In Bristol, Tennessee, residents enjoy summer days on South Holston Lake or one of the neighboring TN lakes, the thrill of watching racing events at Bristol Motor Speedway, or kicking back to listen to live music in the streets of downtown Bristol. Offering housing options from Downtown lofts to condos with in-town conveniences to farms, you are sure to find a home to fit your needs in Tri-cities TN. 

Virginia Made the Top 10 List for the Cheapest Places to Buy a House

Coming in at number 6 on Rocket Mortgage’s list, Virginia offers a rich history and beautiful scenery in addition to its low cost of living. Across the state, including expensive Northern Virginia, the median household income is $93,000 and has a cost of living index of 101.8. In Washington County, VA, the Median Household income is $48,495 and the cost of living index is 85.3

Some of the benefits of living in Virginia include:

  • Unbeatable scenery having both mountain and coastal areas
  • An abundance of recreational opportunities 
  • Mild weather with residents experiencing all four seasons
  • Ranked as one of the happiest places to live with a well-being score of 64/100
  • Top-quality health care access

The rich cultural history is strong in Abingdon, Virginia and surrounding Southwest VA areas, as you will find many historical sites and architecture throughout the region. In Abingdon, residents enjoy a vibrant downtown scene with local shops, top-rated dining, and Virginia’s State Theatre Barter Theatre. Calling Southwest Virginia home, you’ll have year-round access to fresh, locally-grown food from the Abingdon Farmer’s Market. With a wide range of housing options, from townhomes near all the amenities to historic homes within walking distance to downtown to golf course homes to country homes providing the perfect mix of privacy and convenience, you are sure to find your home sweet home in Virginia. 

Ready to learn about all the benefits of moving to Tennessee or Virginia? Talk to one of our local experts today! 

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