You Might Actually Be Able To Afford a Mansion in These 20 States
Right now, a great many Americans are currently reassessing their living situation. If for no other reason because, well, they’ve been spending a lot more time in their residences in recent weeks. As such, more than a few people are likely finding themselves holed up at home with three kids and suddenly thinking to themselves “we need a much, much larger house.” While the primary concern surrounding coronavirus is that people develop COVID-19, a secondary (though clearly less serious) outbreak of cabin fever has occurred.
See: How Much Income You Need To Buy a Mansion in Every State
So while you should take a little time to reconsider the size of your living space once you’ve been able to spend a good stretch of time outside again, if you’re still dead set on getting a lot more space, know that a little flexibility on location can create a lot of flexibility on cost. That’s because, while even a modest home in the Bay Area is starting to approach seven figures, plenty of states have home prices that can put mansion living within reach for a much larger chunk of the population. This includes a number of states where a typical mortgage for 5,000 glorious square feet can come in for under $3,000 a month.
To illustrate this, GOBankingRates put together a list of 20 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.
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Clearly, many Americans won’t be making plans to hit open houses in the near future — no matter how much they might want to — especially when you consider the grave economic impacts that are expected to come along with the health impacts of this pandemic. However, just because your potential move isn’t coming any time soon doesn’t mean you can’t start scoping 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: April 9, 2021
20. Pennsylvania
Median list price per square foot: $133
Median property tax rate: 1.35%
5,000-square-foot home
Estimate list price: $665,000
20% down payment: $133,000
Estimated monthly mortgage payment: $3,122
8,000-square-foot home
Estimate list price: $1,064,000
20% down payment: $212,800
Estimated monthly mortgage payment: $4,996
Related: The Best Place To Buy a Home in Every State
19. Michigan
Median list price per square foot: $124
Median property tax rate: 1.62%
5,000-square-foot home
Estimate list price: $620,000
20% down payment: $124,000
Estimated monthly mortgage payment: $3,050
8,000-square-foot home
Estimate list price: $992,000
20% down payment: $198,400
Estimated monthly mortgage payment: $4,881
Read: 7 Devastating Home-Buying Mistakes You’re Making
18. Iowa
Median list price per square foot: $128
Median property tax rate: 1.29%
5,000-square-foot home
Estimate list price: $640,000
20% down payment: $128,000
Estimated monthly mortgage payment: $2,973
8,000-square-foot home
Estimate list price: $1,024,000
20% down payment: $204,800
Estimated monthly mortgage payment: $4,757
See: 50 Cities With the Most Underpriced Homes
17. Delaware
Median list price per square foot: $151
Median property tax rate: 0.43%
5,000-square-foot home
Estimate list price: $755,000
20% down payment: $151,000
Estimated monthly mortgage payment: $2,966
8,000-square-foot home
Estimate list price: $1,208,000
20% down payment: $241,600
Estimated monthly mortgage payment: $4,746
16. North Carolina
Median list price per square foot: $136
Median property tax rate: 0.78%
5,000-square-foot home
Estimate list price: $680,000
20% down payment: $136,000
Estimated monthly mortgage payment: $2,870
8,000-square-foot home
Estimate list price: $1,088,000
20% down payment: $217,600
Estimated monthly mortgage payment: $4,591
15. Tennessee
Median list price per square foot: $136
Median property tax rate: 0.68%
5,000-square-foot home
Estimate list price: $680,000
20% down payment: $136,000
Estimated monthly mortgage payment: $2,813
8,000-square-foot home
Estimate list price: $1,088,000
20% down payment: $217,600
Estimated monthly mortgage payment: $4,501
Check Out: The 50 Hardest Places To Sell a Home
14. Kansas
Median list price per square foot: $120
Median property tax rate: 1.29%
5,000-square-foot home
Estimate list price: $600,000
20% down payment: $120,000
Estimated monthly mortgage payment: $2,787
8,000-square-foot home
Estimate list price: $960,000
20% down payment: $192,000
Estimated monthly mortgage payment: $4,459
13. New Mexico
Median list price per square foot: $135
Median property tax rate: 0.55%
5,000-square-foot home
Estimate list price: $675,000
20% down payment: $135,000
Estimated monthly mortgage payment: $2,719
8,000-square-foot home
Estimate list price: $1,080,000
20% down payment: $216,000
Estimated monthly mortgage payment: $4,351
12. Georgia
Median list price per square foot: $123
Median property tax rate: 0.83%
5,000-square-foot home
Estimate list price: $615,000
20% down payment: $123,000
Estimated monthly mortgage payment: $2,621
8,000-square-foot home
Estimate list price: $984,000
20% down payment: $196,800
Estimated monthly mortgage payment: $4,194
11. Missouri
Median list price per square foot: $120
Median property tax rate: 0.91%
5,000-square-foot home
Estimate list price: $600,000
20% down payment: $120,000
Estimated monthly mortgage payment: $2,597
8,000-square-foot home
Estimate list price: $960,000
20% down payment: $192,000
Estimated monthly mortgage payment: $4,155
10. South Carolina
Median list price per square foot: $128
Median property tax rate: 0.50%
5,000-square-foot home
Estimate list price: $640,000
20% down payment: $128,000
Estimated monthly mortgage payment: $2,552
8,000-square-foot home
Estimate list price: $1,024,000
20% down payment: $204,800
Estimated monthly mortgage payment: $4,082
9. Ohio
Median list price per square foot: $108
Median property tax rate: 1.36%
5,000-square-foot home
Estimate list price: $540,000
20% down payment: $108,000
Estimated monthly mortgage payment: $2,540
8,000-square-foot home
Estimate list price: $864,000
20% down payment: $172,800
Estimated monthly mortgage payment: $4,064
8. Kentucky
Median list price per square foot: $118
Median property tax rate: 0.72%
5,000-square-foot home
Estimate list price: $590,000
20% down payment: $118,000
Estimated monthly mortgage payment: $2,460
8,000-square-foot home
Estimate list price: $944,000
20% down payment: $188,800
Estimated monthly mortgage payment: $3,937
7. Indiana
Median list price per square foot: $108
Median property tax rate: 0.85%
5,000-square-foot home
Estimate list price: $540,000
20% down payment: $108,000
Estimated monthly mortgage payment: $2,310
8,000-square-foot home
Estimate list price: $864,000
20% down payment: $172,800
Estimated monthly mortgage payment: $3,697
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6. Louisiana
Median list price per square foot: $122
Median property tax rate: 0.18%
5,000-square-foot home
Estimate list price: $610,000
20% down payment: $122,000
Estimated monthly mortgage payment: $2,269
8,000-square-foot home
Estimate list price: $976,000
20% down payment: $195,200
Estimated monthly mortgage payment: $3,631
5. Oklahoma
Median list price per square foot: $108
Median property tax rate: 0.74%
5,000-square-foot home
Estimate list price: $540,000
20% down payment: $108,000
Estimated monthly mortgage payment: $2,162
8,000-square-foot home
Estimate list price: $864,000
20% down payment: $172,800
Estimated monthly mortgage payment: $3,617
4. Arkansas
Median list price per square foot: $101
Median property tax rate: 0.52%
5,000-square-foot home
Estimate list price: $505,000
20% down payment: $101,000
Estimated monthly mortgage payment: $2,022
8,000-square-foot home
Estimate list price: $808,000
20% down payment: $161,600
Estimated monthly mortgage payment: $3,235
3. Alabama
Median list price per square foot: $105
Median property tax rate: 0.33%
5,000-square-foot home
Estimate list price: $525,000
20% down payment: $105,000
Estimated monthly mortgage payment: $2,019
8,000-square-foot home
Estimate list price: $840,000
20% down payment: $168,000
Estimated monthly mortgage payment: $3,230
Look: Best Places To Own a Home For Less Than $1,000 a Month
2. West Virginia
Median list price per square foot: $97
Median property tax rate: 0.49%
5,000-square-foot home
Estimate list price: $485,000
20% down payment: $97,000
Estimated monthly mortgage payment: $1,930
8,000-square-foot home
Estimate list price: $776,000
20% down payment: $155,200
Estimated monthly mortgage payment: $3,087
1. Mississippi
Median list price per square foot: $96
Median property tax rate: 0.52%
5,000-square-foot home
Estimate list price: $480,000
20% down payment: $96,000
Estimated monthly mortgage payment: $1,922
8,000-square-foot home
Estimate list price: $768,000
20% down payment: $153,600
Estimated monthly mortgage payment: $3,075
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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 Zillow. 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 is the range provided by Zillow). GOBankingRates then compiled data on the median 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 like home insurance or homeowners’ association dues. GOBankingRates found that, in 20 states, monthly mortgage payments for mansions up to 8,000 square feet in size would total less than $5,000. Finally, GOBankingRates ranked the 20 states where it is possible to own a mansion for less than $5,000 a 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 March 9, 2020.
Photo disclaimer: Images used are for representational purposes only.
This article originally appeared on GOBankingRates.com: You Might Actually Be Able To Afford a Mansion in These 20 States
