You Might Actually Be Able To Afford a Mansion in These 17 States
See the cheapest places to live and own a mansion.
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Spending so much time at home over the past year left many Americans re-evaluating their living situations. Working from home with three kids in the house undoubtedly left many people thinking, "Wow, we need a much, much larger house." Or, as more people learned they could work at their jobs remotely, even after the coronavirus pandemic subsides, that left them wondering where they could get the most house for the money.
While the average home in San Francisco costs $1.45 million, according to Zillow, there are many places where you could buy two or three 5,000-square-foot homes for that amount. For just one home of that size, a homeowner could have a mortgage payment of less than $3,000 a month in plenty of states.
Find Out: This Is the Salary You Need To Afford the Average Home in Your State
To illustrate this, GOBankingRates put together a list of 17 states where you can buy a mansion and still anticipate mortgage payments that don't necessarily require you to be super rich to afford. The study compiled places where 5,000-square-foot and even 8,000-square-foot residences are actually in a price range that wouldn't be completely outrageous for some middle-class families.
Read: What Homes Will Be Worth in Your State by the End of 2021
Even if you haven't considered a mansion, it doesn't mean you can't scope out your prospects. So, here's a look at the best states to buy a mansion, in descending order of their estimated mortgage payment.
Last updated: Jun. 4, 2021
17. Iowa
- Median list price per square foot: $133
- Effective property tax rate: 1.50%
- 5,000-square-foot home
- Estimated list price: $666,787
- 20% down payment: $133,357
- Estimated monthly mortgage payment: $3,082
- 8,000-square-foot home
- Estimated list price: $1,066,859
- 20% down payment: $213,372
- Estimated monthly mortgage payment: $4,932
Learn More: 50 Cities With the Most Underpriced Homes
16. Georgia
- Median list price per square foot: $139
- Effective property tax rate: 0.92%
- 5,000-square-foot home
- Estimated list price: $696,029
- 20% down payment: $139,206
- Estimated monthly mortgage payment: $2,881
- 8,000-square-foot home
- Estimated list price: $1,113,646
- 20% down payment: $222,729
- Estimated monthly mortgage payment: $4,610
Support Small: It's Not Too Late To Nominate Your Favorite Small Business To Be Featured on GOBankingRates -- Extended to June 5
15. New Mexico
- Median list price per square foot: $143
- Effective property tax rate: 0.68%
- 5,000-square-foot home
- Estimated list price: $714,130
- 20% down payment: $142,826
- Estimated monthly mortgage payment: $2,813
- 8,000-square-foot home
- Estimated list price: $1,142,608
- 20% down payment: $228,521
- Estimated monthly mortgage payment: $4,501
14. Missouri
- Median list price per square foot: $131
- Effective property tax rate: 1.01%
- 5,000-square-foot home
- Estimated list price: $654,056
- 20% down payment: $130,811
- Estimated monthly mortgage payment: $2,757
- 8,000-square-foot home
- Estimated list price: $1,046,489
- 20% down payment: $209,298
- Estimated monthly mortgage payment: $4,410
Time To Move? 35 Surprising Cities With Low Costs of Living
13. South Carolina
- Median list price per square foot: $142
- Effective property tax rate: 0.56%
- 5,000-square-foot home
- Estimated list price: $709,029
- 20% down payment: $141,806
- Estimated monthly mortgage payment: $2,722
- 8,000-square-foot home
- Estimated list price: $1,134,446
- 20% down payment: $226,889
- Estimated monthly mortgage payment: $4,356
12. Ohio
- Median list price per square foot: $111
- Effective property tax rate: 1.62%
- 5,000-square-foot home
- Estimated list price: $557,307
- 20% down payment: $111,461
- Estimated monthly mortgage payment: $2,632
- 8,000-square-foot home
- Estimated list price: $891,692
- 20% down payment: $178,338
- Estimated monthly mortgage payment: $4,211
11. Louisiana
- Median list price per square foot: $135
- Effective property tax rate: 0.52%
- 5,000-square-foot home
- Estimated list price: $673,454
- 20% down payment: $134,691
- Estimated monthly mortgage payment: $2,563
- 8,000-square-foot home
- Estimated list price: $1,077,527
- 20% down payment: $215,505
- Estimated monthly mortgage payment: $4,101
10. North Dakota
- Median list price per square foot: $122
- Effective property tax rate: 0.95%
- 5,000-square-foot home
- Estimated list price: $608,828
- 20% down payment: $121,766
- Estimated monthly mortgage payment: $2,535
- 8,000-square-foot home
- Estimated list price: $974,125
- 20% down payment: $194,825
- Estimated monthly mortgage payment: $4,057
9. Wyoming
- Median list price per square foot: $131
- Effective property tax rate: 0.55%
- 5,000-square-foot home
- Estimated list price: $654,957
- 20% down payment: $130,991
- Estimated monthly mortgage payment: $2,509
- 8,000-square-foot home
- Estimated list price: $1,047,930
- 20% down payment: $209,586
- Estimated monthly mortgage payment: $4,015
8. Kentucky
- Median list price per square foot: $121
- Effective property tax rate: 0.82%
- 5,000-square-foot home
- Estimated list price: $607,362
- 20% down payment: $121,472
- Estimated monthly mortgage payment: $2,464
- 8,000-square-foot home
- Estimated list price: $971,779
- 20% down payment: $194,356
- Estimated monthly mortgage payment: $3,942
7. Indiana
- Median list price per square foot: $120
- Effective property tax rate: 0.87%
- 5,000-square-foot home
- Estimated list price: $598,974
- 20% down payment: $119,795
- Estimated monthly mortgage payment: $2,454
- 8,000-square-foot home
- Estimated list price: $958,358
- 20% down payment: $191,672
- Estimated monthly mortgage payment: $3,927
Be Wary: 40 Cities With a Housing Bubble That’s About To Burst
6. Kansas
- Median list price per square foot: $106
- Effective property tax rate: 1.33%
- 5,000-square-foot home
- Estimated list price: $529,928
- 20% down payment: $105,986
- Estimated monthly mortgage payment: $2,375
- 8,000-square-foot home
- Estimated list price: $847,884
- 20% down payment: $169,577
- Estimated monthly mortgage payment: $3,800
5. Oklahoma
- Median list price per square foot: $115
- Effective property tax rate: 0.88%
- 5,000-square-foot home
- Estimated list price: $574,350
- 20% down payment: $114,906
- Estimated monthly mortgage payment: $2,359
- 8,000-square-foot home
- Estimated list price: $919,248
- 20% down payment: $183,850
- Estimated monthly mortgage payment: $3,775
4. Alabama
- Median list price per square foot: $126
- Effective property tax rate: 0.40%
- 5,000-square-foot home
- Estimated list price: $631,510
- 20% down payment: $126,302
- Estimated monthly mortgage payment: $2,340
- 8,000-square-foot home
- Estimated list price: $1,010,415
- 20% down payment: $202,083
- Estimated monthly mortgage payment: $3,745
3. Mississippi
- Median list price per square foot: $106
- Effective property tax rate: 0.65%
- 5,000-square-foot home
- Estimated list price: $531,738
- 20% down payment: $106,348
- Estimated monthly mortgage payment: $2,081
- 8,000-square-foot home
- Estimated list price: $850,781
- 20% down payment: $170,156
- Estimated monthly mortgage payment: $3,330
2. Arkansas
- Median list price per square foot: $106
- Effective property tax rate: 0.64%
- 5,000-square-foot home
- Estimated list price: $530,592
- 20% down payment: $106,118
- Estimated monthly mortgage payment: $2,073
- 8,000-square-foot home
- Estimated list price: $848,947
- 20% down payment: $169,789
- Estimated monthly mortgage payment: $3,316
1. West Virginia
- Median list price per square foot: $85
- Effective property tax rate: 0.55%
- 5,000-square-foot home
- Estimated list price: $423,331
- 20% down payment: $84,666
- Estimated monthly mortgage payment: $1,622
- 8,000-square-foot home
- Estimated list price: $677,329
- 20% down payment: $135,466
- Estimated monthly mortgage payment: $2,595
- Jaw-Dropping Stats About the State of Retirement in America
- Big Personal Goals That You Should Put Your Money Toward
- 20 Home Renovations That Will Hurt Your Home’s Value
- 27 Things You Should Never Do With Your Money
Joel Anderson contributed to the reporting for this article.
Methodology: To find the states with the most affordable mansions, GOBankingRates first compiled data on the median list price per square foot for homes in every state from Realtor.com's April 2021 data. GOBankingRates used these figures to create estimated median list prices for 5,000- and 8,000-square-foot homes in each state. 5,000- and 8,000-square-foot homes were selected to represent the range of home sizes various authorities use to define "mansion" (5,000 to 8,000 square feet is the range provided by Zillow). GOBankingRates then compiled data on the effective property tax rate in every state and the average 30-year fixed mortgage interest rate in the U.S. from the Tax Foundation and the Federal Reserve Economic Data site, respectively. Utilizing this data and assuming a 20% down payment on home purchases, GOBankingRates used Zillow's mortgage calculator to create estimated monthly mortgage payments for 5,000- and 8,000-square-foot homes in each state. These estimates do not include additional, highly variable fees such as home insurance or homeowners' association dues. GOBankingRates found that, in 17 states, monthly mortgage payments for mansions up to 8,000 square feet would total less than $5,000. Finally, GOBankingRates ranked the 17 states where it is possible to own a mansion for less than $5,000 per month by affordability, with the state where monthly mortgage payments on mansions are least expensive ranked No. 1. All data was compiled on and up to date as of May 25, 2021.
Photo disclaimer: Images used are for representational purposes only.
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Spending so much time at home over the past year left many Americans re-evaluating their living situations. Working from home with three kids in the house undoubtedly left many people thinking, "Wow, we need a much, much larger house." Or, as more people learned they could work at their jobs remotely, even after the coronavirus pandemic subsides, that left them wondering where they could get the most house for the money.
While the average home in San Francisco costs $1.45 million, according to Zillow, there are many places where you could buy two or three 5,000-square-foot homes for that amount. For just one home of that size, a homeowner could have a mortgage payment of less than $3,000 a month in plenty of states.
Find Out: This Is the Salary You Need To Afford the Average Home in Your State
To illustrate this, GOBankingRates put together a list of 17 states where you can buy a mansion and still anticipate mortgage payments that don't necessarily require you to be super rich to afford. The study compiled places where 5,000-square-foot and even 8,000-square-foot residences are actually in a price range that wouldn't be completely outrageous for some middle-class families.
Read: What Homes Will Be Worth in Your State by the End of 2021
Even if you haven't considered a mansion, it doesn't mean you can't scope out your prospects. So, here's a look at the best states to buy a mansion, in descending order of their estimated mortgage payment.
Last updated: Jun. 4, 2021
17. Iowa
- Median list price per square foot: $133
- Effective property tax rate: 1.50%
- 5,000-square-foot home
- Estimated list price: $666,787
- 20% down payment: $133,357
- Estimated monthly mortgage payment: $3,082
- 8,000-square-foot home
- Estimated list price: $1,066,859
- 20% down payment: $213,372
- Estimated monthly mortgage payment: $4,932
Learn More: 50 Cities With the Most Underpriced Homes
16. Georgia
- Median list price per square foot: $139
- Effective property tax rate: 0.92%
- 5,000-square-foot home
- Estimated list price: $696,029
- 20% down payment: $139,206
- Estimated monthly mortgage payment: $2,881
- 8,000-square-foot home
- Estimated list price: $1,113,646
- 20% down payment: $222,729
- Estimated monthly mortgage payment: $4,610
Support Small: It's Not Too Late To Nominate Your Favorite Small Business To Be Featured on GOBankingRates -- Extended to June 5
15. New Mexico
- Median list price per square foot: $143
- Effective property tax rate: 0.68%
- 5,000-square-foot home
- Estimated list price: $714,130
- 20% down payment: $142,826
- Estimated monthly mortgage payment: $2,813
- 8,000-square-foot home
- Estimated list price: $1,142,608
- 20% down payment: $228,521
- Estimated monthly mortgage payment: $4,501
14. Missouri
- Median list price per square foot: $131
- Effective property tax rate: 1.01%
- 5,000-square-foot home
- Estimated list price: $654,056
- 20% down payment: $130,811
- Estimated monthly mortgage payment: $2,757
- 8,000-square-foot home
- Estimated list price: $1,046,489
- 20% down payment: $209,298
- Estimated monthly mortgage payment: $4,410
Time To Move? 35 Surprising Cities With Low Costs of Living
13. South Carolina
- Median list price per square foot: $142
- Effective property tax rate: 0.56%
- 5,000-square-foot home
- Estimated list price: $709,029
- 20% down payment: $141,806
- Estimated monthly mortgage payment: $2,722
- 8,000-square-foot home
- Estimated list price: $1,134,446
- 20% down payment: $226,889
- Estimated monthly mortgage payment: $4,356
12. Ohio
- Median list price per square foot: $111
- Effective property tax rate: 1.62%
- 5,000-square-foot home
- Estimated list price: $557,307
- 20% down payment: $111,461
- Estimated monthly mortgage payment: $2,632
- 8,000-square-foot home
- Estimated list price: $891,692
- 20% down payment: $178,338
- Estimated monthly mortgage payment: $4,211
11. Louisiana
- Median list price per square foot: $135
- Effective property tax rate: 0.52%
- 5,000-square-foot home
- Estimated list price: $673,454
- 20% down payment: $134,691
- Estimated monthly mortgage payment: $2,563
- 8,000-square-foot home
- Estimated list price: $1,077,527
- 20% down payment: $215,505
- Estimated monthly mortgage payment: $4,101
10. North Dakota
- Median list price per square foot: $122
- Effective property tax rate: 0.95%
- 5,000-square-foot home
- Estimated list price: $608,828
- 20% down payment: $121,766
- Estimated monthly mortgage payment: $2,535
- 8,000-square-foot home
- Estimated list price: $974,125
- 20% down payment: $194,825
- Estimated monthly mortgage payment: $4,057
9. Wyoming
- Median list price per square foot: $131
- Effective property tax rate: 0.55%
- 5,000-square-foot home
- Estimated list price: $654,957
- 20% down payment: $130,991
- Estimated monthly mortgage payment: $2,509
- 8,000-square-foot home
- Estimated list price: $1,047,930
- 20% down payment: $209,586
- Estimated monthly mortgage payment: $4,015
8. Kentucky
- Median list price per square foot: $121
- Effective property tax rate: 0.82%
- 5,000-square-foot home
- Estimated list price: $607,362
- 20% down payment: $121,472
- Estimated monthly mortgage payment: $2,464
- 8,000-square-foot home
- Estimated list price: $971,779
- 20% down payment: $194,356
- Estimated monthly mortgage payment: $3,942
7. Indiana
- Median list price per square foot: $120
- Effective property tax rate: 0.87%
- 5,000-square-foot home
- Estimated list price: $598,974
- 20% down payment: $119,795
- Estimated monthly mortgage payment: $2,454
- 8,000-square-foot home
- Estimated list price: $958,358
- 20% down payment: $191,672
- Estimated monthly mortgage payment: $3,927
Be Wary: 40 Cities With a Housing Bubble That’s About To Burst
6. Kansas
- Median list price per square foot: $106
- Effective property tax rate: 1.33%
- 5,000-square-foot home
- Estimated list price: $529,928
- 20% down payment: $105,986
- Estimated monthly mortgage payment: $2,375
- 8,000-square-foot home
- Estimated list price: $847,884
- 20% down payment: $169,577
- Estimated monthly mortgage payment: $3,800
5. Oklahoma
- Median list price per square foot: $115
- Effective property tax rate: 0.88%
- 5,000-square-foot home
- Estimated list price: $574,350
- 20% down payment: $114,906
- Estimated monthly mortgage payment: $2,359
- 8,000-square-foot home
- Estimated list price: $919,248
- 20% down payment: $183,850
- Estimated monthly mortgage payment: $3,775
4. Alabama
- Median list price per square foot: $126
- Effective property tax rate: 0.40%
- 5,000-square-foot home
- Estimated list price: $631,510
- 20% down payment: $126,302
- Estimated monthly mortgage payment: $2,340
- 8,000-square-foot home
- Estimated list price: $1,010,415
- 20% down payment: $202,083
- Estimated monthly mortgage payment: $3,745
3. Mississippi
- Median list price per square foot: $106
- Effective property tax rate: 0.65%
- 5,000-square-foot home
- Estimated list price: $531,738
- 20% down payment: $106,348
- Estimated monthly mortgage payment: $2,081
- 8,000-square-foot home
- Estimated list price: $850,781
- 20% down payment: $170,156
- Estimated monthly mortgage payment: $3,330
2. Arkansas
- Median list price per square foot: $106
- Effective property tax rate: 0.64%
- 5,000-square-foot home
- Estimated list price: $530,592
- 20% down payment: $106,118
- Estimated monthly mortgage payment: $2,073
- 8,000-square-foot home
- Estimated list price: $848,947
- 20% down payment: $169,789
- Estimated monthly mortgage payment: $3,316
1. West Virginia
- Median list price per square foot: $85
- Effective property tax rate: 0.55%
- 5,000-square-foot home
- Estimated list price: $423,331
- 20% down payment: $84,666
- Estimated monthly mortgage payment: $1,622
- 8,000-square-foot home
- Estimated list price: $677,329
- 20% down payment: $135,466
- Estimated monthly mortgage payment: $2,595
- Jaw-Dropping Stats About the State of Retirement in America
- Big Personal Goals That You Should Put Your Money Toward
- 20 Home Renovations That Will Hurt Your Home’s Value
- 27 Things You Should Never Do With Your Money
Joel Anderson contributed to the reporting for this article.
Methodology: To find the states with the most affordable mansions, GOBankingRates first compiled data on the median list price per square foot for homes in every state from Realtor.com's April 2021 data. GOBankingRates used these figures to create estimated median list prices for 5,000- and 8,000-square-foot homes in each state. 5,000- and 8,000-square-foot homes were selected to represent the range of home sizes various authorities use to define "mansion" (5,000 to 8,000 square feet is the range provided by Zillow). GOBankingRates then compiled data on the effective property tax rate in every state and the average 30-year fixed mortgage interest rate in the U.S. from the Tax Foundation and the Federal Reserve Economic Data site, respectively. Utilizing this data and assuming a 20% down payment on home purchases, GOBankingRates used Zillow's mortgage calculator to create estimated monthly mortgage payments for 5,000- and 8,000-square-foot homes in each state. These estimates do not include additional, highly variable fees such as home insurance or homeowners' association dues. GOBankingRates found that, in 17 states, monthly mortgage payments for mansions up to 8,000 square feet would total less than $5,000. Finally, GOBankingRates ranked the 17 states where it is possible to own a mansion for less than $5,000 per month by affordability, with the state where monthly mortgage payments on mansions are least expensive ranked No. 1. All data was compiled on and up to date as of May 25, 2021.
Photo disclaimer: Images used are for representational purposes only.
