These are the cheapest neighborhoods per square foot in the US in 2024

Last year was a frustrating one for people who wanted to buy a house, with home affordability reaching its poorest level in decades. For those who want to continue their search in 2024, you may want to consider the areas in the country with the lowest real estate prices.

Housing prices vary from state to state, with the Northeast, Midwest and South of the United States recording the cheapest properties based on price per square foot, according to a new report from home warranty company American Home Shield.

According to the analysis, the most expensive neighborhoods in the country can be found in California, Florida and New York, while the cheapest ZIP codes can be found in the area known as the Rust Belt, which includes the Northeast and Midwest of the United States, as well as southern parts of the country.

The cheapest neighborhoods in the US

The analysis was conducted using Homes.com’s neighborhood search database to find average price per square foot data for more than 22,000 neighborhoods nationwide.

The company then ranked the most and least expensive neighborhoods to buy property at the national level, at the state level (excluding Montana, South Dakota, Wyoming, North Dakota and Virginia, where data was not available), and for major cities. According to the results, these are the neighborhoods with the lowest prices per square foot:

Although these locations are cheaper and could offer more affordable properties, they may also have some disadvantages, such as a lack of job opportunities or housing options.

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The most expensive neighborhoods

Meanwhile, the most expensive neighborhood in the US is San Francisco’s South of Market. Buying property in this area will cost about $5,415 per square foot, or about $5.4 million for a 1,000-square-foot apartment. To make a comparison, in the cheapest location, which is Homewood, Pennsylvania, that same-sized home would only cost about $29,000.