Do you know which U.S. states have affordable housing and plenty of jobs available to professionals? GOBankingRates used the March 2023 Zillow Home Value Index and March 2023 Zillow Observed Rental Index filtered by states. The top 10 states were ranked based on 2023 average rent and home value and the labor force participation rate and unemployment rate.
See: 15 Cities Where Houses Are Best Bargains Right Now
More: How To Build Your Savings From Scratch
Ready to move somewhere with a lower cost of living and employment opportunities? These 10 states have the best-paying jobs and cheapest housing.
10. Arkansas
- 2023 average rent: $1,147.51
- 2023 home value: $176,107.12
- Labor force participation rate: 58.1%
- Unemployment rate: 3%
Housing Market 2023: Prices Are Now So High That Banks Are Losing Money on Mortgages
Read More: 5 Expensive Renovations Homeowners Always Regret
9. Oklahoma
- 2023 average rent: $1,032.97
- 2023 home value: $189,084.69
- Labor force participation rate: 60.8%
- Unemployment rate: 3%
I'm a Real Estate Agent: Here Are the 6 Cities Where You Should Avoid Buying a Home This Summer
8. Iowa
- 2023 average rent: $1,072.62
- 2023 home value: $201,545.64
- Labor force participation rate: 66.8%
- Unemployment rate: 2.8%
7. Kansas
- 2023 average rent: $898.50
- 2023 home value: $208,882.50
- Labor force participation rate: 65.8%
- Unemployment rate: 2.9%
6. Wisconsin
- 2023 average rent: $1,016.02
- 2023 home value: $262,565.60
- Labor force participation rate: 66.0%
- Unemployment rate: 2.5%
5. Missouri
- 2023 average rent: $1,011.28
- 2023 home value: $226,968.21
- Labor force participation rate: 62.9%
- Unemployment rate: 2.5%
Discover: States Whose Economies Are Failing vs. States Whose Economies Are Thriving
4. Alabama
- 2023 average rent: $1,318.07
- 2023 home value: $201,212.15
- Labor force participation rate: 57.4%
- Unemployment rate: 2.3%
3. Nebraska
- 2023 average rent: $1,120.85
- 2023 home value: $242,559.96
- Labor force participation rate: 68.9%
- Unemployment rate: 2.1%
2. North Dakota
- 2023 average rent: $1,051.12
- 2023 home value: $245,225.87
- Labor force participation rate: 68.5%
- Unemployment rate: 2.1%
1. South Dakota
- 2023 average rent: $1,147.71
- 2023 home value: $283,596.45
- Labor force participation rate: 67.5%
- Unemployment rate: 1.9%
More From GOBankingRates
- 5 Expensive Renovations Homeowners Always Regret
- Financial Insight in Your Inbox: Sign Up for GBR's Daily Newsletter
- 3 Ways to Recession Proof Your Retirement
- 7 Things You Must Do To Create a Plan for Your Money
Methodology: In order to identify US states that have plenty of jobs and cheap housing, GoBankingRates gathered the March 2023 Zillow Home Value Index and March 2023 Zillow Observed Rental Index filtered by states. GoBankingRates then gathered unemployment data from March 2023 Bureau of Labor Statistics. Then all the states were scored with the first two factors weighing half as much as the third factor. The scores were combined and sorted with the lowest score being the best. Supplemental information was then found for the top 15 states including; labor force participation (for population 16+) and median household income from the 2022 US Census quickfacts. All data was collected and is up-to-date as of May 12th, 2023.
This article originally appeared on GOBankingRates.com: 10 States With the Best-Paying Jobs and Cheapest Housing
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
