20 Best Midwest Cities To Buy a Home for Under $300K

The American housing market has been at a low ebb in the current post-COVID-19 era, with ascending mortgage rates, dwindling housing production numbers and increasingly high cost of living all colluding as a deterrent to buying a new home.

That said, times (and the housing market) might be changing.

Per a recent study by GOBankingRates — in which 100 American cities were analyzed for such factors as average home value, median household income, annual cost of living and overall livability score — there are a number of cities in the Midwest in which it is optimal to purchase a home for under $300,000 and live a comfortable life with a cushy annual income and a comparatively low cost of living.

Curious about whether your city made the list? Planning on settling down in the Midwest? See where you can buy a home for under $300,000.

• Average home value: $245,605
• Median household income: $88,026
• Annual cost of living: $39,989
• Livability score: 76

• Average home value: $194,012
• Median household income: $59,480
• Annual cost of living: $36,723
• Livability score: 82

• Average home value: $298,740
• Median household income: $90,109
• Annual cost of living: $43,131
• Livability score: 71

• Average home value: $228,419
• Median household income: $60,293
• Annual cost of living: $37,052
• Livability score: 84

• Average home value: $200,998
• Median household income: $67,859
• Annual cost of living: $35,730
• Livability score: 76

• Average home value: $276,592
• Median household income: $69,991
• Annual cost of living: $43,079
• Livability score: 84

• Average home value: $201,642
• Median household income: $63,966
• Annual cost of living: $35,644
• Livability score: 83

• Average home value: $201,006
• Median household income: $63,741
• Annual cost of living: $38,489
• Livability score: 74

• Average home value: $258,356
• Median household income: $65,327
• Annual cost of living: $40,252
• Livability score: 81

• Average home value: $286,826
• Median household income: $73,055
• Annual cost of living: $42,844
• Livability score: 81

• Average home value: $129,333
• Median household income: $48,544
• Annual cost of living: $30,264
• Livability score: 81

• Average home value: $269,233
• Median household income: $65,526
• Annual cost of living: $40,378
• Livability score: 83

• Average home value: $149,859
• Median household income: $52,170
• Annual cost of living: $32,708
• Livability score: 79

• Average home value: $227,018
• Median household income: $62,995
• Annual cost of living: $37,999
• Livability score: 76

• Average home value: $278,344
• Median household income: $54,293
• Annual cost of living: $41,056
• Livability score: 71

• Average home value: $235,344
• Median household income: $67,449
• Annual cost of living: $39,123
• Livability score: 78

• Average home value: $186,059
• Median household income: $55,902
• Annual cost of living: $35,493
• Livability score: 69

• Average home value: $203,773
• Median household income: $51,888
• Annual cost of living: $37,448
• Livability score: 79

• Average home value: $240,279
• Median household income: $51,707
• Annual cost of living: $39,051
• Livability score: 80

• Average home value: $195,926
• Median household income: $63,072
• Annual cost of living: $36,332
• Livability score: 68

Methodology: For this study, GOBankingRates analyzed cities across the United States for the best places you can buy a home for under $300,000. First GOBankingRates found cities where the average home value for single-family homes (November 2023 to November 2024) was under $300,000 and no monthly value was above $300,000. The 100 cities with the highest populations were used. For each city, GOBankingRates found total population, population ages 65 and over, total households, household median income and the population below the poverty line, all sourced from the U.S. Census American Community Survey. The average home values were sourced from Zillow Home Value Index. The cost-of-living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation and miscellaneous cost-of-living indexes. Using the cost of living and the national expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location was calculated. The livability index was sourced from AreaVibes for each location. Using the average home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated. Using the average mortgage and average expenditure costs, the average cost of living was calculated. All data was collected on and is up to date as of Dec. 30, 2024.