What are the Cheapest States for Home Renovation?
Looking for a fixer-upper of your own? Here are the most affordable places to make it happen.
Looking to flip a house for yourself or to make some extra cash? Just want to improve your current living space? In a time of ongoing inflation, supply chain issues and ongoing labor shortages, it can be easier said than done. And as with most things, where you live can impact how easy it is to get a home improvement project completed and how affordable it is, whether you’re looking to add an extra bathroom or completely re-do a property.
In the latest research from Compare the Market, the cheapest states for home improvement emerge based on five factors:
- Median Age of House, per state averages
- Median Home Value, per state averages
- Median Home Improvement Loan Value, per state averages
- Mean Hourly Labourer Wage, per state averages
- Number of Construction Employees Per 1000 People in each state
Read on for the top five cheapest states for home improvement.
In This Article
1. New Mexico
In first place is New Mexico, with reasonable laborer wages and the highest number of construction workers per 1,000 people, at 13.37. Aside from that, there’s always something to do in New Mexico, from the state’s standout festivals, like the Albuquerque International Balloon Festival or International Folk Art Market, to hiking one of its 35 state parks or three national parks. The food brings together a blend of Spanish, Native American and Mexican influences and the state houses world-renowned research institutions like Sandia National Laboratories and Los Alamos National Laboratory.
2. Mississippi
Mississippi comes in second, with the average household age of 36 years old. It boasts the second cheapest home price, at an average of $136,596, alongside the joint second cheapest home improvement loan values, at $45,000. Plus, living in Mississippi puts residents at a confluence of Southern charm, innovation and cutting-edge culture. The temperate climate and abundant waterways make it a popular location for outdoor lovers, alongside large forested areas, swamps and beaches on the Gulf of Mexico. Oxford, Tupelo and Jackson are among the best places to live in Mississippi.
3. West Virginia
With the average home value coming in at $115,018, West Virginia has some of the most affordable homes in the U.S. With 10.57 construction employees per 1,000 people, there are lots of opportunities to hire an expert and keep costs reasonable. Noted for its mountains, rolling hills and many state parks, West Virginia offers various outdoor recreational options, including hiking, mountain biking, skiing, fishing, hunting and whitewater rafting. The best places to live in West Virginia include Charleston, Huntington, Wheeling and Morgantown.
4. South Carolina
In fourth place, South Carolina has the newest homes, at 32 years on average. It has the eighth-highest number of construction workers per 1,000 people, at 9.12. Plus, South Carolina is on the beautiful Atlantic Ocean and offers more than 40 craft breweries and some pretty delectable cuisine — think everything from barbecue to Asian-inspired dishes — and of course, seafood.
5. Alabama
Alabama rounds out our top five, with the average value of a home standing at $163,900 (the seventh cheapest in the country) and the second most affordable hourly laborer wages. And with its year-round warm temperatures and white sandy beaches, Alabama has everything you need to live the good life: four national forests, part of the 440-mile Natchez Trace Parkway, a historic forest trail and a number of prestigious golf courses.
Find more about this research and the complete list of the 25 most affordable home improvement states here.
