Looking to cash out your equity profits from selling your Las Vegas property and maximize the returns by relocating to lower priced real estate markets. Here's a research studies.
10 US Cities With the Lowest Median Property Prices
Listed below are the top 10 US cities with the lowest median property prices, arranged in descending order
1. Kingman, KS
To the west of Kansas City, closer to the border with Oklahoma, there’s the tiny idyllic town of Kingman. It is next to a small river to the south, a hunting reserve and fishing spots further west, and a much larger city, Wichita, to the east. The median price in the town is lower than $100,000, and with 6% cash on cash return, Kingman is an excellent place to invest.
Key Statistics:
Number of Listings for Sale: 6
Median Property Price: $90,900
Average Price per Square Foot: $71
Days on Market: 27
Number of Traditional Listings: 0
Monthly Traditional Rental Income: $875
Traditional Cash on Cash Return: 6.78%
Traditional Cap Rate: 7.46%
Price to Rent Ratio: 9
Walk Score: 51
2. Garber, OK
Garber is situated in the middle of farmlands. There’s not much going on around it, apart from agriculture and several rivers good for fishing in the area. It may not look like much, but many farm employees are temp workers and will be interested in renting. It’s why traditional cash on cash return approaches 7% in Garber.
Key Statistics:
Number of Listings for Sale: 5
Median Property Price: $90,440
Average Price per Square Foot: N/A
Days on Market: 63
Number of Traditional Listings: 0
Monthly Traditional Rental Income: $852
Traditional Cash on Cash Return: 6.99%
Traditional Cap Rate: 7.71%
Price to Rent Ratio: 9
Walk Score: 7
3. Clinton, IN
Clinton is a small town in Vermillion country, Indiana, that is situated on a riverbank. With golf courses and parks near the town and Indianapolis being within an hour’s drive, Clinton is a great and affordable place to live. The low median price of $87,000 and an ROI of over 6% make it an attractive place to invest, too.
Key Statistics:
Number of Listings for Sale: 7
Median Property Price: $87,357
Average Price per Square Foot: $70
Days on Market: 61
Number of Traditional Listings: 0
Monthly Traditional Rental Income: $817
Traditional Cash on Cash Return: 6.68%
Traditional Cap Rate: 7.30%
Price to Rent Ratio: 9
Walk Score: 35
4. Beaver Falls, PA
Beaver falls is perfectly placed in terms of the ratio of city life and nature. It’s only 31 miles away from Pittsburgh. The town sits on a river with scenic walking routes along its banks. It is sure to attract tenants who are fine with a long drive to Pittsburgh, especially now that many jobs are partly remote. The median price of $83,000 and a 7% cash on cash return make it an excellent investment hotspot, as well.
Key Statistics:
Number of Listings for Sale: 5
Median Property Price: $83,940
Average Price per Square Foot: $114
Days on Market: 38
Number of Traditional Listings: 14
Monthly Traditional Rental Income: $840
Traditional Cash on Cash Return: 7.01%
Traditional Cap Rate: 7.86%
Price to Rent Ratio: 8
Walk Score: 75
5. New Ringgold, PA
New Ringgold is a small borough in Schuylkill County, PA. It’s far from large roads and borders only small rivers and hunting grounds in the nearest proximity. It’s only 37 miles from Allentown with all of its amenities, so getting to a large city for a weekend won’t be a problem. Property prices in town are low, only $83,000 for an average house.
Key Statistics:
Number of Listings for Sale: 5
Median Property Price: $83,900
Average Price per Square Foot: N/A
Days on Market: 102
Number of Traditional Listings: 1
Monthly Traditional Rental Income: $707
Traditional Cash on Cash Return: 6.39%
Traditional Cap Rate: 7.28%
Price to Rent Ratio: 10
Walk Score: 7
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6. Cahokia, IL
Cahokia is a part of the St. Louis agglomeration on the Illinois side of the border. It’s a perfect place for an investor because it’s near a major city. It also attracts more people because of its cost of living. The median price of properties in the neighborhood is $77,000, which is a rare find for an investor.
Key Statistics:
Number of Listings for Sale: 21
Median Property Price: $77,314
Average Price per Square Foot: $70
Days on Market: 76
Number of Traditional Listings: 5
Monthly Traditional Rental Income: $735
Traditional Cash on Cash Return: 4.96%
Traditional Cap Rate: 5.51%
Price to Rent Ratio: 9
Walk Score: 40
7. Highland Park, MI
Highland Park is a true gem. A part of the Detroit agglomeration that’s close to an airport is sure to attract more people. Also, it is worth noting that Detroit is currently undergoing a revival. The housing prices are affordable, with a median of $75,000.
Key Statistics:
Number of Listings for Sale: 6
Median Property Price: $75,633
Average Price per Square Foot: $54
Days on Market: 128
Number of Traditional Listings: 1
Monthly Traditional Rental Income: $675
Traditional Cash on Cash Return: 2.17%
Traditional Cap Rate: 2.34%
Price to Rent Ratio: 9
Walk Score: 70
8. Big Beaver, PA
Big Beaver is a borough in Pennsylvania, some 25 miles away from Pittsburgh. Within the borough, there are two golf courses and a river that’s good for fishing. The low housing prices, averaging at around $67,000, and closeness to a large city make the place perfect for families seeking more affordable housing.
Key Statistics:
Number of Listings for Sale: 5
Median Property Price: $67,920
Average Price per Square Foot: N/A
Days on Market: 40
Number of Traditional Listings: 0
Monthly Traditional Rental Income: $590
Traditional Cash on Cash Return: 5.80%
Traditional Cap Rate: 6.55%
Price to Rent Ratio: 10
Walk Score: 0
9. Donora, PA
Donora is situated in a little curve of Monogahela river, 20 miles south of Pittsburgh. A bit far from a highway, it still provides a fast commute to the city while offering plenty of amazing nature around. One of the most notable points—there’s a skate park in town, which makes it a great place to raise a teen.
Key Statistics:
Number of Listings for Sale: 5
Median Property Price: $65,820
Average Price per Square Foot: N/A
Days on Market: 113
Number of Traditional Listings: 3
Monthly Traditional Rental Income: $671
Traditional Cash on Cash Return: 6.63%
Traditional Cap Rate: 7.47%
Price to Rent Ratio: 8
Walk Score: 52
10. North Appollo, PA
North Appollo is a borough close to Vandergrift, just on the other side of the Kiskiminetas River. It’s a large enough conglomeration with all the city amenities, but there’s also Pittsburgh some 30 miles westward. The borough offers one of the lowest prices in the US, as per Mashvisor data. It is another great place to live, which makes it an investment goldmine.
Key Statistics:
Number of Listings for Sale: 5
Median Property Price: $55,320
Average Price per Square Foot: N/A
Days on Market: 101
Number of Traditional Listings: 0
Monthly Traditional Rental Income: $581
Traditional Cash on Cash Return: 5.67%
Traditional Cap Rate: 6.48%
Price to Rent Ratio: 8
Walk Score: 35