For most people, buying a mansion is a fantasy—we’re lucky if we can afford a modest place that doesn’t need too much work. But if you’re dreaming of living large in a bona-fide mansion, you soon learn that the word doesn’t have an official definition. A mansion is whatever people think is a mansion, which means there’s probably one out there you can afford...somewhere.
There are some rough guidelines as to what constitutes a mansion. It needs to be large—about 5,000 square feet. It should have grounds—that is, property around it that’s landscaped into gardens and water features and such. It should have amenities most homes lack, like a pool, home theater, or game room. And it should be well-constructed, using durable, custom materials.
If you’re in the market for a real, actual mansion but you don’t have several million dollars to drop on one, rejoice: Throughout history, mansions have often been built during boom times, then left behind when the economics of an area shifted. That means you can buy a lot of legit mansions for just a few hundred grand—as long as you’re flexible on location.
Where you can buy a real mansion for cheap
You can actually find a lot of mansions in foreclosure if you put in the research, and that can translate into a significant drop in price. The problem with this strategy is that you’re still looking at paying millions of dollars for the place. Even if that’s a relative bargain, it’s not exactly cheap.
The key to buying a relatively cheap mansion is location. The bargains tend to be located in areas that were once thriving economic centers but have hit harder times. Most have a similar story: Built by a local tycoon who made bank in whatever industry was huge back in the day, then eventually sold off or abandoned when the money dried up or the tycoon passed on and their family wasn’t interested in staying put. For example, in Bridgeton, New Jersey (closer to Delaware and Pennsylvania than New York), you can pick up the historic Nail House for a little over $300,000.
Peruse a list of mansions you can buy relatively cheaply, and a clear pattern emerges: You’re looking at homes located in the Rust Belt, Deep South, and rural Midwestern areas.
The best places to find a cheap mansion
If your primary goal is to own an old-school mansion, here are some of the best areas of the country to look.
West Virginia: You might not think of West Virginia as a place brimming with mansions, but you can definitely find some bargains there—especially because the median price per square foot is among the lowest in the nation, hovering at just $85 a few years ago. For example, in the town of Martinsburg, 816 King Street, built in 1852 and sporting 10 bedrooms and over 5,000 square feet of living space on 3/4ths of an acre, sold for just $180,000 in 2019, though current price estimates hover over $300,000.
Iowa: With a median price per square foot of just $133, Iowa can offer a great opportunity to pick up some glamorous historic housing stock for a song. 17 Oak Lane in Davenport, for example, was built in 1903 and has more than 6,000 square feet of old-school living space. It sold in 2019 for $230,000 and is currently estimated to be worth $328,000 at the lower end.
Ohio: If you thought Iowa was a bargain, Ohio is even better, with a median price of just $111 per square foot. That’s why you can find a mansion like this one in Cincinnati, with 7,000 square feet of space and some spectacular wood trim and flooring, priced at $250,000 (though after a bidding war, it sold for $500,000). Sure, the amount of work the place needs is staggering, but it’s still a mansion you could conceivably buy.
Indiana: Housing in Indiana is generally pretty cheap, which is why you can find a place like 4000 W Peachtree Lane in Muncie, which is still estimated at being worth just $273,000 despite having room for 20 cars in the driveway and offering more than 6,000 square feet.
Missouri: Missouri’s another state where the price per square foot hovers just over $100, and that means there’s a supply of fine old mansions that can be had for a steal, like this place at 225 N. Maple Avenue in Hannibal. Estimated to be worth somewhere around $330,000-$350,000, it features five bedrooms and lots of old-school charm.
Other states where you can sometimes find mansions that aren’t out of reach include Georgia, Kentucky, Alabama, Kansas, and Oklahoma. All it takes is some research, some patience—and a willingness to move to the smaller cities and towns where these affordable old mansions can typically be found.
