Some of the cities that have the cheapest housing and renting prices, which would include the prices for one-bedroom houses, are Wichita, Kansas; Oklahoma City and Tulsa, Oklahoma; and Knoxville, Tennessee; according to the Today website. It is important to note, however, that one-bedroom houses are scarce in large cities, as one-bedroom apartments tend to be significantly more popular.
A 2014 study by USA Today looked at the percentage of a county's median income that it takes to make average monthly payments on properties in order to determine affordability. The study concluded that some of the most affordable counties to live in, as determined by median income, include Chattanooga County, Georgia; Lake County, Tennessee; and Edgecombe County, North Carolina. Furthermore, the cities whose housing prices are the lowest compared to fundamentals include Detroit, Michigan; Kenosha, Wisconsin; and Cleveland, Ohio; and the least affordable housing is in cities, such as Los Angeles, California; Honolulu, Hawaii; and Fort Lauderdale, Florida; according to Huffington Post.
When looking for homes in places with low housing costs, it may be wise to rent instead of buy one-bedroom homes, suggests NBC News. This is because if the housing market falls out, then the home is not the responsibility of the renter, but instead the owner. This is especially true for those who do not plan to stay in a home for a long time, or for those with poor credit.