In this article, we will explore the most affordable mansions in America. We will also explore how to find a house that is within your budget and what you should do before buying a home.
The cheap mansions for sale in usa 2020 is a list of American cities that have the most affordable mansions.
If life, liberty, and the pursuit of happiness are inherent rights, and homeownership is the American ideal, where does having a large house fit on the spectrum of motivating desires? Mansion living, for the most part, seems to be a world of unfulfilled, nose-pressed-against-the-glass dreams. But hold on! We’re here to inform you that, despite how oxymoronic the term may seem, it is feasible to locate cheap mansions. All you have to do is know where to look.
So, in an age when homebuyers are yearning for greater room, Realtor.com’s analytics team set out to discover the locations where people can locate the most enormous mansions—for under $1 million!
We had our job cut out for us, to be sure. To put this in context, in August, the national median list price for houses of 5,000 square feet or more was $1.58 million. The COVID-19 epidemic boosted demand for large houses, and individuals valued room above location, resulting in a 17 percent increase in prices for such supersized homes in the last year.
Chris Martin, CRS, Coldwell Banker Select – Midtown Office / Realtor.com image.
Mansions in the Most Affordably Priced Cities
The cheapest mansions were found in the Midwest and South, where real estate is usually less expensive. Many may be found in places like the Rust Belt, which were once industrial powerhouses but have recently struggled economically. However, the magnificent mansions of local tycoons, designed to flaunt their riches, still stand—and some may be had for a bargain.
Elizabeth Finkelstein, co-host of the HGTV program “Cheap Old Buildings” and an architectural historian, adds, “These are houses that will simply require a particular buyer.”
Don’t anticipate most of them to be move-in ready. Nonetheless, many of these houses were well-designed, constructed with high-quality materials, and built to endure.
Finkelstein explains, “These are the finest homes, with magnificent architecture, constructed by individuals who were flourishing.”
On our list, there were a few surprises, including cities in the Sun Belt. These are locations where megamansions and sprawling family estates may be constructed for a fraction of the price paid on the expensive coastlines. Over the last 20 years, most have experienced a large inflow of new people, prompting builders to create huge projects and communities to keep up.
New houses are often considerably bigger than single-family homes were in the 1950s, when the average single-family home was about 950 square feet. According to U.S. Census statistics, it was 2,261 last year. However, we set our goals higher for our list. Much higher.
On Realtor.com, we searched for cities with the most inexpensive houses of 5,000 square feet. To be considered, cities had to have at least 50 mansion listings in August. We restricted our selection to only one city per state to create geographic variety. The final list was sorted by median price per square foot to provide a fair comparison.
Is that clear? Let’s go locate your massive, low-cost dream house!
Feverpitched/ istockphoto is the source of this image.
1. The city of Indianapolis
- The average cost of a mansion (5,000 square feet or more) is $845,000.
- The average mansion costs $137 per square foot.
The state capital of Indiana was formerly a hotspot for transportation sector heavyweights, natural gas-rich families, pharmaceutical pioneer Eli Lilly, and Madam C.J. Walker, America’s first self-made billionaire. With so many affluent people, lots of large houses were constructed to suit their status.
The Great Depression, however, roiled the economy by the 1930s, and many fled to find employment elsewhere. The city has never been able to recapture its previous grandeur.
“The individuals who controlled these businesses constructed these mansions, and that’s where all the money flowed into town,” Finkelstein adds. “As industry began to depart, individuals began to abandon these areas….” They seem to be stuck in time.”
One of the most attractive districts, Old Northside, is located within walking distance of the city’s restored center. It’s full of beautiful Victorian and Tudor homes, including this newly restored manse constructed in 1900 and offered for little under $1 million. Many of the big houses here are on tiny lots, but the spacious parlors and interior entertainment spaces compensate for the lack of outside space.
There are many big houses for sale in the Herron-Morton Place area. When business leaders from Pfizer and Dow Chemicals come to town, it’s a favorite hangout place. The pricing per square foot is unbeatable for people moving from considerably more costly locations on the coastlines.
Image credit: F.C. Tucker Company – Downtown / Realtor.com / Kate & Kurt Flock
Canton, Georgia is number two.
- The average cost of a mansion is $829,000 dollars.
- The average mansion costs $141 per square foot.
Over the last two decades, this neighborhood north of Atlanta has witnessed rapid development, with builders rushing to construct big houses. Its handy position between the major metropolis and the Blue Ridge Mountains is one of the reasons behind this.
While being within commuting distance of Atlanta and Alpharetta, outdoor enthusiasts may enjoy beautiful views of the mountain foothills and the Etowah River.
Home construction firms have been constructing huge homes on massive acres due to low land costs and plenty of room. There are several single-family projects in Canton featuring inexpensive mansions, such as this 6,000-square-foot house in a country club development offered for $765,000.
Davenport Group in collaboration with Keller Williams Realty Partners / Realtor.com
3. The city of Kansas City, Missouri
- The average cost of a mansion is $899,900.
- The average mansion costs $148 per square foot.
Kansas Metropolis is today renowned for its jazz and finger-lickin’ barbeque, but it was formerly a major meatpacking city and transportation center connecting the East and West in the nineteenth and twentieth centuries. However, by the 1950s, technological advances had rendered K.C.’s central position obsolete.
Residents in Northeast Kansas City, which consists of various residential areas and the 300-acre Kessler Park, were largely wealthy at the time. Many older houses remain, and keen purchasers may discover Queen Annes, Italianate, and Craftsman homes with authentic characteristics.
According to Denise Hamilton, an independent real estate agent with Keller Williams KC North, “it’s still a popular area with all kinds of individuals wanting to purchase here.”
“Young couples are flocking to this neighborhood since it is near to downtown and has a genuine urban vibe.” “Some individuals may be empty nesters looking for a really one-of-a-kind home,” Hamilton adds.
Built in 1905 and constructed by local architectural company Root and Siemens, this magnificent art deco house is on the market for $535,000. This house is on the National Register of Historic Places, and it has a pool in the basement.
Denise Hamilton, Keller Williams Kansas City – Northland, and Realtor.com contributed to this image.
Utah’s Lehi is number four.
- The average cost of a mansion is $767,400.
- The average mansion costs $150 per square foot.
Since 2010, the population of Lehi, Utah, which is located between Salt Lake City and Provo, has increased dramatically. Its accessible location and the development of the region’s tech sector are both contributing to its fast growth. The Silicon Slopes, as the region is called, has been flooded by white-collar IT employees. Microsoft, eBay, and Adobe are among the notable employers in the area.
More employees need more housing, therefore the majority of big houses in this area are new construction. Massive houses are still being constructed, with over 100 planned for the Traverse Mountain region. The residences are designed to appeal to homeowners seeking an outdoor yet premium lifestyle.
A 5,000-square-foot house in the $1 million bracket is available, including this six-bedroom, 3.5-bathroom property offered for $875,000.
Blaine Washburn of RXB Realty, Inc. / Realtor.com contributed to this image.
Louisville, Kentucky is number five.
- The average cost of a mansion is $969,900.
- The average mansion costs $159 per square foot.
For the Victorian era’s movers and shakers, Louisville was the place to be. With the advent of the steamboat in the early 1800s, the city enjoyed a tremendous boom. It was a significant economic center at the time because of its position on the Ohio River near the Indiana border. Residents of the upper class resided in what is now known as historic Old Louisville, which is located close downtown.
Affluent people migrated farther out to the suburbs as automobiles and train travel became more common. Many residences in Old Louisville were converted to boarding houses by the 1930s. The area is now popular with young professionals and college students who attend the University of Louisville, which is located just across the street. Old Louisville is one of the country’s biggest preservation areas, featuring blocks upon blocks of Victorian-era houses.
Some of the vast century-old houses need expensive repairs because the region started to deteriorate in the early to mid-20th century. This magnificent five-bedroom home on Millionaires Row, constructed in 1896, is offered for little under a million dollars for those who want history without the effort.
Rob St John of Nest Realty / Realtor.com contributed to this image.
Katy, Texas is number six.
- The average cost of a mansion is $899,000.
- The average mansion costs $162 per square foot.
In Texas, everything is larger, even the bargains on cheap houses. This old railroad town is now a Houston suburb that has seen rapid development in recent years. Its population almost quadrupled in the last decade, thanks to a determined push by the city to attract new employment. The British oil giant BP, as well as a newly built Amazon distribution facility, are also major employers in the region.
New housing complexes have sprung up at a fast rate in recent years to keep up with the influx of new people, and Katy now has a real suburban feel with lots of master-planned neighborhoods. Spacious houses abound, ideal for families attracted to the area’s excellent schools, bicycling and walking paths, and many shopping and eating options. A subdivision’s custom-built brick home just fell in price to under $600,000.
Frank Jreij of Newland Realty, Llc / Realtor.com contributed to this image.
Birmingham, Alabama is number seven.
- The average cost of a mansion is $1.2 million.
- The average mansion costs $176 per square foot.
Birmingham was formerly an industrial railroad center, with a concentration on steel and mining, and is now within driving distance to the ocean and mountains, as well as Nashville, Atlanta, and New Orleans. It was dubbed “The Magic City” because it was one of the South’s fastest-growing cities. However, like with many towns that depend largely on a single sector, economic fluctuations may have a significant impact. During the Great Depression, Birmingham was the worst affected city in the country.
Although steel is still a significant sector in this town, employers have become more diverse. Buyers seeking historical appeal might look into the Highland Park area, which is one of the city’s oldest. Because of its closeness to downtown, homes constructed in the late 19th and early 20th centuries coexist alongside modern condominiums. A newly restored 1935 house with original pocket doors is on the market for less than $500,000.
Jane Huston Crommelin of Ray & Poynor Properties and Realtor.com contributed to this image.
Overland Park, Kansas is ranked number eight.
- The average cost of a mansion is $1 million.
- The average mansion costs $181 per square foot.
The population of this Kansas City suburb is significantly higher than that of Kansas City itself. The neighborhood was first developed in the early 1900s and has continued to grow since then. While some residents commute to the city, Overland Park has a strong economy. T-Mobile and Black & Veatch, the area’s biggest engineering firm with a 100-year history, are both major employers.
Homebuilders have been building enormous houses for decades because of the wide-open areas and inexpensive land. It’s a popular family destination, and it’s where everyone’s closest buddy Paul Rudd grew up. There are several affordable homes in this area, including one 1980s behemoth on the market for $430,000.
Tom Matthews of Keller Williams Realty Partners, Inc / Realtor.com contributed to this image.
Tulsa, Oklahoma is number nine.
- The average cost of a mansion is $1.2 million.
- The average mansion costs $182 per square foot.
For most of the twentieth century, Tulsa was known as the “Oil Capital of the World,” and it was home to many rich oil scions and their families. They needed to spend their money, so well-known art deco architects came to Tulsa and designed homes. Tulsa’s population growth has slowed in recent years as individuals relocate to the suburbs and other large cities. To attract new inhabitants, it just established a remote worker program.
Colonial, conventional, and art deco houses were constructed in the 1920s and 1930s in the historic Midtown area. Stately mansions have been converted into wedding venues, flats, and offices throughout the years, but some may be restored to their previous grandeur. Moore Manor, which dates from 1917, is listed for $1.6 million. It was recently converted into a law office, but most of the home’s original features, including a magnificent entrance staircase, have been preserved.
While the oil business is no longer as large as it once was, there are still plenty of freshly constructed megamansions for customers seeking for the “wow” effect without the labor. Large houses have recently been purchased by purchasers from California and Texas seeking for cheaper living expenses.
“With its excellent restaurants and lovely neighborhoods, Tulsa is extremely easy to live in,” says Peter Walter, a broker and owner of Walter & Associates, a longstanding business in the region. “When people come here, they are astonished.”
Even yet, since most residents cannot pay high costs, prices stay low.
“Our city is doing well and is healthy,” Walter adds, “but there is a limit to what people here can spend.”
This story was syndicated by MediaFeed.org and originally published on Realtor.com.
Chris Martin, CRS, Coldwell Banker Select – Midtown Office / Realtor.com image.
The cheap mansions for sale usa is a website that lists the most affordable mansions in America.
Frequently Asked Questions
In what state are mansions the cheapest?
Mansions are typically the cheapest in New York, California, Florida, and Michigan.
What city in the US has the most mansions?
The city with the most mansions is Beverly Hills.
What city has the most beautiful homes in the US?
New York City has the most beautiful homes in the US.
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