List of U S. states by median home price Wikipedia

Table Of Content

• Typical home price in Virginia: $370,134 (108% of typical U.S. price)
• More Real Estate Resources
• Median sale price of existing homes sold in the U.S. 2017-2023 with forecast for 2025
• The median home price for the city of Reno rises past a key threshold while mortgage rates also rose just last week.
• Contents

With a median household income just 6% above the national median, the income-to-home-value ratio in New York is low. Montana has among the lowest income-to-home-value ratios, due to the typical home there being 29% more expensive than the average U.S. home and the median income being 10% below the median U.S. income. The typical Missouri home being valued at 69% of the average U.S. house results in an above-average income-to-home-value ratio, despite the median household income there being 13% below the national median. Iowa enjoys the second-best household income-to-home-value ratio due to the typical house being 60% of the national price and the median household income being just 7% below the national median.

Typical home price in Virginia: $370,134 (108% of typical U.S. price)

The housing market has been one of the sectors seen as leading the U.S. economic recovery amid the coronavirus pandemic, which caused widespread shutdowns throughout March and April. Existing home sales rose more than 20 percent in June, according to the National Association of Realtors, with growth throughout major regions of the U.S. If you’re not sure what type of mortgage you might qualify for, focus on rates for the most popular type of mortgage, the 30-year fixed-rate conventional loan.

More Real Estate Resources

With a median household income 10% higher than the national median, homes there are relatively affordable. Illinois homes are priced well below the typical U.S. home and are among the most affordable in the country, due to the median household income there being slightly above the U.S. median. A single-family home in Arizona is expensive -- 22% more than that typically found in the U.S. Buying a home in Arizona is probably not the most affordable option, given that the median household income in the state is in line with the national median. New York state’s real estate prices are heavily influenced by New York City. And while NYC’s reputation for being notoriously expensive is certainly justified — the median price in Manhattan is more than $1.3 million, per Redfin — there is much more to this huge state than just NYC.

Median sale price of existing homes sold in the U.S. 2017-2023 with forecast for 2025

Amy Fontinelle is a freelance writer, researcher and editor who brings a journalistic approach to personal finance content. Since 2004, she has worked with lenders, real estate agents, consultants, financial advisors, family offices, wealth managers, insurance companies, payment companies and leading personal finance websites. Amy also has extensive experience editing academic papers and articles by professional economists, including eight years as the production manager of an economics journal. Enter different home prices, down payments and interest rates into a mortgage calculator to see how each variable affects your monthly payment.

The area with the second-highest rate of price increases—Coralville—is another story. Pennsylvania has affordable homes, with the typical home price being 74% of the national value and the median household income being almost even with the national median. For a look at house prices in each state, the median income by state, and housing affordability, read on. The Federal Reserve only provides data on home sales prices and does not include state-level data. The ZHVI isn't an average, but it represents the typical home value in a given area.

States with the Lowest Median Home Price

With the median household income in Maine at 7% below the national median, the state's income-to-home-value ratio is below average. The median home sales price is $417,700 as of the fourth quarter of 2023. That's a 37% increase from the first quarter of 2020, when the median was $329,000. The cost of living in California is notoriously high, and housing costs are a big driver of those elevated expenses. Of course, you get what you pay for, and to many, a Pacific coast getaway or desert retreat is worth the price. Remember, though, that this state is massive, and while you probably won’t find a bargain in, say, Malibu, the California housing market has plenty of budget-friendly options too, particularly inland.

Typical home price in Connecticut: $373,529 (109% of typical U.S. price)

The typical home value in Arkansas is the fifth lowest in the country. Despite the median household income in Arkansas being 26% below the national median, the state has among the most attractive income-to-home value ratios. Let's take a deeper dive into what average house prices are like across the country. Real estate is a local game, and you should be sure to look at individual towns and neighborhoods to figure out what works for your budget. If you love a particular city, you can often get more bang for your buck just outside of it. Explore local programs for first-time homebuyers and low-income buyers, too, which can help cover a down payment and closing costs for those who qualify.

The architecture carries the same vibe, and most homes on the market resemble a cabin getaway in Big Bear. A five-acre compound complete with a 2,000-square-foot home and 700-vine vineyard has surfaced for sale in Pioneertown for $2 million. A mainstay on those “Best Places to Live” lists, Monterey Park offers a suburban lifestyle in the San Gabriel Valley. In addition to serving as the home of 35,000-student East Los Angeles College, it offers a variety of houses listed between $700,000 and $1 million. Industry-specific and extensively researched technical data (partially from exclusive partnerships). Mortgage rates will vary by loan type and term—for example, a 30-year fixed-rate FHA loan will have a different rate than a 15-year conventional loan.

Contents

Is The Housing Market Going To Crash? - Bankrate.com

Is The Housing Market Going To Crash?.

Posted: Sun, 21 Apr 2024 07:00:00 GMT [source]

This article contains a list of U.S. states and the District of Columbia by median home price, according to data from Zillow. Include some less-than-ideal scenarios in your calculations to see what might happen if home prices go up, interest rates go up or you don’t qualify for the best rates. Targeting those goals gives you more breathing room than assuming everything will go perfectly. You might want to save anywhere from 3.5% to 20% of a home’s price for your down payment, depending on your financial circumstances and the loans you’re eligible for. Like Iowa, Arkansas is a largely rural state, with a population density of just 58 people per square mile in 2021. There's no requirement to buy a home in any market, nor do you need to refinance if rates move against you (assuming you already have a fixed mortgage and a better rate).

Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? - Forbes

Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?.

Posted: Thu, 25 Apr 2024 16:49:00 GMT [source]

That means if reported inflation is ahead of home prices, it will inflation-adjust the front month or two (so you will likely see a front month real price above the nominal price). Homes in Kansas are 62% of the typical U.S. price and among the most affordable in the country, with a high income-to-home-value ratio. The heartland continues its affordable streak in Oklahoma, with home prices considerably lower than its neighbor to the south, Texas. The Sooner State is an affordable option whether you want a bucolic farmhouse, a more urban vibe in Oklahoma City or a college sports haven in Norman. Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower. Get a brief on the top business stories of the week, plus CEO interviews, market updates, tech and money news that matters to you.

Mississippi cracked the top five of Bankrate’s most recent ranking of best states to retire in, and its affordable housing is a big reason why. Combine that with temperate weather, rich history and Gulf coastline, and it’s no wonder more people are discovering this Southern state. A drive east down the 210 Freeway past Pasadena leads to Monrovia, a relaxed city that stretches up into the San Gabriel Mountains. White picket fences and picture-perfect bungalows make it a popular filming location, but of the 28 single-family homes currently on the market, roughly half are listed for more than $1 million.

North Dakota boasts a solid income-to-home-value ratio due to a typical home value being well below the nationwide typical home price and a median household income close to the national median. The typical home price in North Carolina is slightly below the typical national price, as is the median household income there. As a result, the income-to-home-value ratio is in the lower half of the states. Minnesota has a typical home value of $317,275, 7% below the typical national home price.

Divide that number by seven and you get an average price of $415,142. Across the state, exclusionary zoning laws prevent the development of higher-density housing that could bring prices within reason. Strict regulations that have contributed to a housing shortage are the main driver of Hawaii’s high prices. That’s an increase of 2% over last year even though there were more than 300,000 fewer homes on the market.

Washington’s high median home price of $602,000 stems from Seattle’s tech boom, which has driven up wages and home prices, pushing many residents out to lower-cost parts of the state. One example is Spokane, where the median home sale price increased from $185,000 in May 2015 to $371,500 in September 2023. The price of a typical home in Tennessee is $304,617, 89% of the typical U.S. home value. A median household income that is 87% of the national median offsets those low housing costs and results in a below average income-to-home-value ratio. Mortgage rates fell significantly in 2020, driving up demand as home buyers looked to take advantage.

However, despite the high housing costs, Washington State residents enjoy one of the country's best qualities of living. A typical home in Arkansas costs $169,867 and measures 1,792 square feet. Homeownership in the state is slightly higher than the national average, with 66.5% of residents owning their homes. Don’t let the low prices fool you—Ohio’s housing market is competitive.

According to data from the National Association of Realtors, the median price for an existing home — one that’s already standing, not new construction — was $387,600 as of November 2023. All cities in the index reported annual price increases, with four cities—San Diego as well as Los Angeles (8.7%), Washington D.C. San Diego continued to report the highest price hike, at 11.4% from last year, followed by Chicago and Detroit, which saw an 8.9% rise, while Portland recorded the slowest annual increase at 2.2%. With more than 40,000 people in 2.54 square miles, Vermont Square’s density means you won’t get a house on an acre, but there’s always something for sale. Fixer-uppers start at $600,000, and something move-in ready will usually add $100,000 to the asking price.