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

The American housing market has struggled over the last few years, with skyrocketing mortgage rates and low housing production — not to mention extremely high cost of living — making it such that purchasing a new home might seem next to impossible.

However, there is hope for would-be homebuyers.

GOBankingRates recently compiled a study concerning the 100 cities with the highest populations across America, taking into account such factors as cost of living, real estate prices, mortgage rates, income levels, livability scores and more, all to discern which are the best cities in which one could purchase a home under $300,000.

Even further, this list breaks that study down to focus solely on the South, where Texas reigns supreme with the most cities in which to buy a home under $300,000.

• Average home value: $274,706
• Median household income: $85,220
• Annual cost of living: $41,945
• Livability score: 78

• Average home value: $271,957
• Median household income: $70,778
• Annual cost of living: $41,930
• Livability score: 83

• Average home value: $190,862
• Median household income: $62,720
• Annual cost of living: $35,742
• Livability score: 75

• Average home value: $236,408
• Median household income: $73,030
• Annual cost of living: $39,029
• Livability score: 74

• Average home value: $199,376
• Median household income: $66,702
• Annual cost of living: $37,195
• Livability score: 81

• Average home value: $224,379
• Median household income: $58,734
• Annual cost of living: $37,645
• Livability score: 81

• Average home value: $253,737
• Median household income: $65,060
• Annual cost of living: $40,984
• Livability score: 83

• Average home value: $246,595
• Median household income: $65,527
• Annual cost of living: $38,727
• Livability score: 74

• Average home value: $226,102
• Median household income: $60,165
• Annual cost of living: $36,994
• Livability score: 75

• Average home value: $264,021
• Median household income: $67,758
• Annual cost of living: $40,518
• Livability score: 74

• Average home value: $217,306
• Median household income: $66,325
• Annual cost of living: $37,829
• Livability score: 80

• Average home value: $211,755
• Median household income: $63,264
• Annual cost of living: $36,950
• Livability score: 73

• Average home value: $190,186
• Median household income: $48,675
• Annual cost of living: $34,683
• Livability score: 79

• Average home value: $201,215
• Median household income: $60,487
• Annual cost of living: $36,184
• Livability score: 78

• Average home value: $285,951
• Median household income: $49,661
• Annual cost of living: $45,318
• Livability score: 80

• Average home value: $263,295
• Median household income: $58,884
• Annual cost of living: $39,375
• Livability score: 83

• Average home value: $298,589
• Median household income: $64,017
• Annual cost of living: $43,067
• Livability score: 81

• Average home value: $285,230
• Median household income: $66,718
• Annual cost of living: $42,892
• Livability score: 76

• Average home value: $195,549
• Median household income: $62,469
• Annual cost of living: $34,728
• Livability score: 66

• Average home value: $267,193
• Median household income: $71,843
• Annual cost of living: $43,329
• Livability score: 69

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 population 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 were 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. The total cost of living was scored and weighted at 1.00, the household median income was scored and weighted at 1.00, the livability index was scored and weighted at 1.00, the property crime rate was scored and weighted at 1.00, the violent crime rate was scored and weighted at 1.00, the percent population below poverty line was scored and weighted at 1.00. All the scores were summed and sorted to show the total score for each location. All data was collected on and is up to date as of Dec. 30, 2024.