NewsNov 28, 2023

Best Place to Buy a House in the USA Under $300K

As of 2023, the value of the entire US real estate market has reached a record high of 47 trillion dollars. Because of that, many people (both foreign and domestic) are looking to get themselves a piece of that very large pie. Some are foreign investors looking to buy US real estate, while others are US citizens searching for their primary residence or a way to grow their portfolios. All of them are looking for a cheap place in the US, where they can buy houses under 300k.

The exact reasons for buying a house can vary, depending on each case, but one thing is for certain — there’s a lot of money to be made (if you’re looking to do that). And, this is especially true if you’re looking at affordably-priced houses under 300k. You can invest in them, or, you can buy one house, live in it and use it as a means to create generational wealth that will outlive you, and will be a steady source of income for the future generations of your family. It’s completely up to you.

Now, without further ado, let’s check some of the best places to buy a house under $300k (or just about).

10 Places in US Where You Can Buy Houses Under 300K 

If you’re looking to buy your main residence, are a newcomer or an experienced investor and just want to build your portfolio, looking at reasonably-priced houses under 300k is always a good idea. You’ll never know what you might find in the vastness of the US real estate market. 

Here’s a list of the 10 best places in US to buy a house under 300k:

a beautiful house in Milwaukee just under 300k

1. Milwaukee, Wisconsin

Milwaukee is a city mostly known for its famous breweries, its Major League baseball team, the Milwaukee Brewers, and Milwaukee Bucks who won the  NBA Championship in 2021.

With a population of more than half a million people, Milwaukee is an emerging city with a lot to offer. The population growth rate of the entire county is on the rise, with 2022 ending with an increase in population of around 0,6%. So, if you’re looking to buy a rental property in the US (i.e. invest in real estate) the time is now. 

For those looking to make a permanent move to Milwaukee, you’ll be happy to know that the crime rates are down (7% in 2022). The city also has a special program for first-time home buyers that gives up to $7,000 of forgivable grants to anyone looking to buy a house in Milwaukee.

Looking to buy a house in Milwaukee?

2. Airport North, Orlando, Florida

Airport North is in Orange County. It’s a suburban neighborhood where more than 50% of residents are renters, which makes it great for those looking to buy and invest in rental property.

The neighborhood is quiet, almost completely crime-free, and attracts young professionals and families. The public schools in the area are exceptionally good, and most importantly — it’s a place where you can find and purchase houses under 300k.   

3. Pioneer Park, Las Vegas, Nevada 

The key reason why the Pioneer Park neighborhood is appealing (apart from being a place where you can buy houses under 300k) is its prime location. This predominantly residential and suburban neighborhood is extremely close to all of the main Las Vegas attractions. Pioneer Park is located just 8 miles from Las Vegas city center and around 11 miles from the world-famous “Strip”. The majority of real estate properties in this Las Vegas neighborhood are single-family homes and condominiums.

Now, one thing that kind of sets Pioneer Park apart from other neighborhoods in Las Vegas is its crime rate index — It’s actually double the national average. So, be wary of that if you’re looking to buy a house and move your family there. On the other hand, if you are looking to invest in rental real estate property, you should know that the numbers are actually good. The average rent is around $1,700 (but can go higher if the property is decent) and the location (proximity to main Las Vegas attractions) is more than solid. 

4. Myrtle Beach, South Carolina

Myrtle Beach, with only around 38,000 permanent residents, can attract millions of visitors and tourists each year. This is mainly due to its wonderful beaches, great weather, amazing local culture and community. Myrtle Beach has on average 215 sunny days each year, making it attractive to tourists almost all year round.

So, for those looking to buy a house for under 300k to rent, this is a great city to do that. Vacation and Airbnb rentals will probably generate the most income. But, don’t rule out the power of regular tenants, just yet. With an average rent of $1,600 per month, they can also be a great source of income for real estate investors.

And, if you are looking to purchase a primary residence, the State of Carolina has implemented some interesting programs that can help you get your very own real estate property, (especially if you are a first-time home buyer). 

5. Dallas, Texas

Dallas, a city with over 1 million residents, has a variety of things to offer to almost anyone. For those who enjoy contemporary art, there is the Nasher Sculpture Center with many amazing pieces on display. The city is also home to the Dallas Museum of Art, (one of the largest museums in the US) and the world-famous Dallas Symphony Orchestra.

The city has experienced a slight population growth, of around 0,4% since 2020, which is good news for real estate inventors. A steady growth in population usually translates into a healthy real estate market (obviously, combined with other factors). Another great news for those looking to buy rental property is that Texas doesn’t have income taxes. Meaning that the amount of money your property is able to generate through rent, will not be taxed on the state level (you’ll still have to pay federal taxes).

If your main reason for looking at houses under 300k in Dallas is to make a permanent move there, you should know that the city’s crime rates are above both national and state averages. That shouldn’t be a cause for alarm, as crime rates are usually higher in big cities, which Dallas most certainly is. The city also has a government-funded program aimed at helping low and middle-income buyers purchase property.

6. Spring Hill, Florida

Spring Hill is a census-designated place (or CDP) located in Florida, or more precisely, in Hernando County. The place has experienced a 2,4% population growth since 2019 and is currently home to more than 100,000 permanent residents. The average rent is pretty high (considering you can find houses under 300k here) and is around $1,700. 

Spring Hill has a lot of great public and private schools, mostly for primary and secondary education. This and the relatively low prices of houses (under 300k) make it a great place to move if you have a family or are looking to start one. One thing to note here is that the crime rate is slightly higher than the national average.

7. New Orleans, Louisiana

New Orleans, or as it’s also called the “Big Easy”, is a city mostly known for its relaxed and casual atmosphere. It’s the most populous city in Louisiana and the third most populous in the Deep South (composed of the states of Georgia, Alabama, South Carolina, Louisiana, and Mississippi). 

The unique vibe New Orleans has to offer is in no small part thanks to the amazing Spanish and French colonial architecture, which permeates throughout the entire city. More than 18 million tourists visit New Orleans each year, due to its amazing music, filling food, and more than 130 unique festivals and events. This amount of tourists makes the city ideal for investing in Airbnb and vacation rentals. 

The Metro area of New Orleans has experienced a slight population growth of around 0,8% in 2022. That, coupled with a decrease in home prices, makes this city’s real estate market ripe for investment opportunities. And, with violent crime dropping more than 25% in 2023, New Orleans is also a great city to move into and buy your primary residence.

8. Louisville, Kentucky

Louisville is the number one largest city in Kentucky and home to the world-famous Kentucky Derby, which is held every year at Churchill Downs. And, even though the value of an average home went up by 4,3% in 2023, Kentucky is still one of the most affordable places in the US and is a place where you can buy houses under 300k.

Louisville is actually a pretty popular city for all types of visitors and tourists. It’s visited by more than 16 million people each year, who all collectively spend an estimated $3,5 billion adding to this city’s coffers. This amount of tourists and visitors makes Louisville a prime spot for real estate investors looking to purchase short-term rental properties. It’s also a good place to invest in long-term rentals, as the average rent (of around $1,200) is more than decent when compared to the purchase price of an average home.

9. Indianapolis, Indiana 

Indianapolis is the most populous city in Indiana, with almost 900,000 people. The city is widely known as the racing capital of the world due to it being a host to three extremely popular racing events — the Indy 500, the Brickyard 400, and the U.S. Grand Prix Formula One race.

Indianapolis is visited by more than 25 million people each year which has a huge economic impact on the city in the form of an additional 5,6 billion dollars. These numbers show that there is a lot of money to be made in purchasing short-term rentals, especially when a lot of them are priced under 300k.

10. Pittsburgh, Pennsylvania

Pittsburgh, the second most-populous city in the state of Pennsylvania famous for its amazing art museums (Andy Warhol Museum, Carnegie Museum of Natural History, Carnegie Museum of Art) and, believe it or not, 446 bridges.

Pittsburgh was visited by almost 20 million people in 2022, in no small part due to its amazing cultural and tourist offerings. The low price of real estate, which has increased by around 4% in 2023, makes this city ideal for people operating on a tight budget, newcomers to the real estate game and experienced investors looking to build up their portfolios. 

The fact that you can find houses under 300k and because the state of Pennsylvania is landlord-friendly makes the city of Pittsburgh one of the most interesting places to invest in real estate (or more precisely rental property). 

what is the cheapest place to buy a house in the us

Buy Your Ideal Property in the US!

Do you need help finding your ideal property in the US? Nonresident Investor is a company that specializes in helping people to buy a house in the US. We can assist you in every step of that process – from connecting you with our vast network of real estate agents, to finding you the best lenders and most favorable financing options. Our team of seasoned professionals will analyze your case and connect you with lenders across the US. We’ll then help you sort through all the loan offers, compare them, and choose the one that best suits your needs. 

If you are a Canadian looking to buy a house in the US, check out our guide. If you are looking to buy a house under 200k, we wrote about that too!

Luka
Founder & CEO
Luka Malkovich is a serial entrepreneur with years of experience in international real estate investing. As the CEO of Nonresident Investor, Luka’s mission is to educate foreign nationals about the US real estate market and help them secure funding and buy property in America. That’s why he’s using his expertise to turn the NRI blog into a knowledge hub for anyone interested in learning about US real estate. This article was written by a professional content writer in conjunction with Luka Malkovich. Luka has thoroughly reviewed this article and has given his final approval before publishing.

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