15 Cities Where You Can Buy a House For Less Than $125K
There are many cities in the United States where $125,000 would look like a reasonable down payment on a house. From San Francisco to Austin, the idea of purchasing even a trap house for $125,000 or less is the type of idea you’d have to be in a trap house to come up with.
Yet, there are still cities in America where you can purchase a home—and not necessarily a fixer-upper—for just a shade above five figures. For this list, we tried to avoid fallen metropoles like Gary, Indiana, instead homing in on 15 locales where you might actually want to live.
1. Augusta, GA
The median home sales price in Augusta as of August 2024 was more than $222,000. Home prices in Augusta have remained relatively steady in the past half-decade, which is a breath of fresh air to homeowners sick of seeing unabated inflation in markets like Florida and Texas.
Augusta is the home of the Masters Golf Tournament. It is a quaint Southern town with plenty of charm, parks, and good food. Long-timers swear by Augusta, partly because of the reasonable cost of living.
2. Jacksonville, FL
When you input the “up to $125k” settings on Zillow, a few markets stand out for their concentration of available homes. Jacksonville, FL, is one of those markets.
With much of Florida’s housing market inflating precipitously over the past half-decade, bargains have been difficult to come by. Jacksonville’s relatively robust jobs market, its position on the Saint Johns River (fresh seafood, watersports, and fishing), and the tolerable climate of Northern Florida make J-Ville worth considering for frugal home seekers.
3. Peoria, IL
The average home in Peoria, IL, costs around $125,000. Do we have your attention yet?
Naturally, you’re skeptical about the quality of life in a city with reasonable housing costs.
Peoria Lake and Glen Oak Park offer botanicals and hydration, and the city is known for having a slew of festivals that keep the locals gathering in harmony. Outdoor concerts and other riverfront events also spice up life in Peoria, which maintains a small-town vibe (and small-town home prices), especially in comparison with larger locales like Chicago.
4. Wichita, KS
When you think of “affordable housing,” a handful of states come to mind. These are the states with large swathes of unpopulated land, a reputation for a slower pace of life, and a disproportionate number of pot-shots absorbed from arrogant city folk.
Kansas is near the top of the list of these states, and you should take advantage of it. The average home value in Wichita is less than $200,000, which means you can find a decent one for less than $125,000.
5. Pittsburgh, PA
We said we wouldn’t refer you to fixer-uppers, and a handful of the homes listed for around $125,000 in Pittsburgh certainly qualify as fixer-uppers. Yet, many homes in this price range are absolute steals with a little help from Hoover and Clorox.
While Steel City is not the vibrant working-class hub it once was, there are plenty of well-paying jobs to be had. A vibrant downtown (with one of the country’s most idyllic professional sports quadrants) is one of the many reasons Pittsburgh’s affordable homes are so appealing.
6. Columbia, SC
Though there are some exceptions, those seeking a reasonably priced home are generally well-served heading South. While some fast-growing hotspots like Greenville have seen frugal homebuyers boxed out of the market, Columbia remains friendly to deal hunters.
While Columbia has its share of seven-figure homes, this college town has many quaint offerings in the $125,000 range. The nearby University of South Carolina ensures a lively pace of life if that’s what you seek. But the Southern charm also means you can take it easy if you prefer.
7. Indianapolis, IN
The Midwest has long been a magnet for those seeking an affordable life. With a median home sales price of around $250,000 at the time of writing, the cost of homes in Indy seems to have found its level after a few years of teeter-tottering.
As a major Midwestern city, Indianapolis offers many dining options, concerts, and even professional athletic teams. The city has incorporated activity into its infrastructure with the Indianapolis Cultural Trail bike and walking path. For big-city amenities with small-town charm, consider Indy as you look for your home.
8. Mobile, AL
Those who enjoy fishing and warm Southern weather could do far worse than Mobile. When you drive through the city, you will find that it’s not free of its rougher neighborhoods, and a substantial industrial presence is not easy to miss.
That said, Mobile has plenty of leafy neighborhoods, its fair share of coastline, and abundant affordable homes. The food is a standout feature of life in Mobile, and so long as you pick the right neighborhood, you might find a quaint and affordable life in this coastal Southern city.
9. Cleveland, OH
Few cities have been made fun of more frequently than Cleveland. Between the brutal winters, the rougher sides of town, and the performance of the Cleveland Browns, outsiders have found it easy to crack wise at C-Town’s expense.
Yet, for a city with an NFL and NBA franchise, the cost of purchasing a home in Cleveland remains astoundingly reasonable. Of course, you’ll have to brave those Lake Erie winters, but you can also enjoy Edgewater Beach in the summers. With a median home sales price of around $125,000, heaven knows you’ll have some disposable income to spare.
10. Tulsa, OK
Here’s a tip: If you encounter a state that the average American might say, “I’d never live there,” you can probably snag a borderline dream home at a Goodwill price. Enter Tulsa.
Oklahoma has seen steady population increases due in part to a migration from Western (read: more expensive) states. Culture and amenities have benefited from Oklahoma’s rising popularity, yet the cost of a clean, respectable home (with a yard!) remains well within financial reach.
11. Cincinnati, OH
Compared to most states, the cost of purchasing a quality home in Cincinnati is O-hi-low.
You should definitely expand your search beyond Cincinnati proper, as there may be better deals to be had on its outskirts. You’re going to want to get into the city regularly, though, as Cincinnati is often mentioned among America’s most underrated metropoles. Eye-catching architecture, an abundance of festivals, and walkability are among the many reasons why home-seekers are looking at this Southern Ohioan gem.
12. Detroit, MI
There are many cities in the United States where you can find a sub-$100,000 home, but it comes with more flaws than your ex. In Detroit, there is a glut of brick, multi-story, freshly renovated homes that far exceed the quality of similarly priced houses in other cities nationwide.
Of course, these houses are priced how they’re priced for a reason. Detroit’s comeback has been long bandied about, and you’ll have to decide if Motor City is the city for you as you complete your parade of open houses.
13. Memphis, TN
Memphians will tell you to watch your step and know your surroundings when you’re walkin’ in Memphis. Yet, those who know the dos and don’ts of this storied Southern city may find a rich life filled with spicy chicken, live music, Grizzlies basketball games, and all the South has to offer.
Memphis has some of the roughest neighborhoods you’ll ever encounter, but it also has its fair share of leafy ‘burbs. You’ll probably find the best deals somewhere in between.
14. Louisville, KY
Outside of Atlanta, much of Florida, and certain other in-demand cities, the South is full of deals for homebuyers. Southern cities of reasonable size tend to have high-caliber food, an abundance of outdoor activities, and a general warmth you won’t find in most other areas of the country.
While the housing market in Louisville is a bit richer than most others on this list, it remains affordable by broader US standards. The Kentucky Derby is the crown jewel of a sports-loving city, but this modern Southern city has plenty of culinary and creative offerings.
15. Toledo, OH
Toledo and its suburbs have long been an affordable haven for those seeking to raise a family (or just raise themselves) without paying through the nose. While crime statistics are not comforting, the median home sales price of around $120,000 may be too much for some to pass up.
While it has some of the problems that come with a modern American city, Toledo also offers many of the food and entertainment options that accompany those locations—at an attention-grabbing price point. While nobody will mistake Toledo for New York City or Boston, it’s a fair option for those who can’t afford such larger, more vibrant cities.
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