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The typical Kentucky home is 43% cheaper than the typical U.S. home. Despite the median household income in Kentucky being 21% below the median U.S. income, the state has a high income-to-home-value ratio. Homes in Connecticut are valued 9% above the typical U.S. price, but are still somewhat affordable given the state's relatively high income-to-home-value ratio. Homes in Colorado are the sixth most expensive in the nation, and the state has the eighth-lowest income-to-home-value ratio, despite the median household there being 19% above the national average.
Median Home Price by State and D.C.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. 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. Home values are third highest in the nation and its income-to-home-value ratio is the sixth lowest, despite the median income there being 35% above the national median. California has the second-highest typical home value in the United States and the second-lowest income-to-home-value ratio, despite residents making 22% more than the median U.S. income. Conventional wisdom says to make a 20% down payment on a home, but you don’t need to follow that advice.
Typical home price in Delaware: $369,902 (108% of typical U.S. price)
That's offset by the median income in Alaska being 18% above the national median. This article contains a list of U.S. states and the District of Columbia by median home price, according to data from Zillow. One proposal that might help the affordability crisis is social housing.
Learn About Local Home Prices
New York state’s real estate prices are heavily influenced by New York City. Towns in the Hudson Valley and farther upstate have plenty to offer, at much more affordable prices. To get a sense of how house prices vary by state, we combed through Redfin’s monthly housing market data as of November 2023. If you’re wondering whether you should buy a house now, or wait in the hopes that prices might come down significantly, you could be out of luck.
States With the Lowest Median Home Prices
Home Prices Are Falling. Does It Matter? - The New York Times
Home Prices Are Falling. Does It Matter?.
Posted: Thu, 07 Dec 2023 08:00:00 GMT [source]
The national median may be around $400,000, but the United States is a big country and prices could be much higher or lower where you want to live. For example, Illinois has many cities where you can buy a decent home for under $100,000. If you want to become a homeowner, you’ll need to set some financial goals. Divide that number by seven and you get an average price of $415,142. Strict regulations that have contributed to a housing shortage are the main driver of Hawaii’s high prices.
Median Home Price By State 2024
Although the median income is 71% of the U.S. median, the income-to-home-value ratio is eight highest in the country. The typical home in Louisiana is valued at $195,544, just 57% of the typical U.S. home value. That leads to a high income-to-home-value ratio, despite the median household income in Louisiana being 26% lower than the national median. 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.
California
The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 1,521,330 residential homes for sale in the United States.
For decades, California’s housing supply hasn’t been large enough for the number of people wanting to live there. Housing production has been too slow to make a meaningful dent in the shortage. In addition, building codes make labor and materials more expensive, vacant land is scarce in coastal areas and existing residents often oppose new housing. 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. 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.
Arkansas
With the median household income in Maine at 7% below the national median, the state's income-to-home-value ratio is below average. 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. Georgia homes are not expensive compared to the typical U.S. home, but they aren't all that affordable either, due to the below-median income in the state. A single-family home in Arizona is expensive -- 22% more than that typically found in the U.S.
Homeownership allows households to invest a portion of that money into a tangible asset that appreciates over time. For this reason, 91% of Americans indicate that they would like to own a home in their lifetime. 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. South Carolina is slightly below the national typical home price and median household income, resulting in an average income-to-home-value ratio.
That’s an increase of 2% over last year even though there were more than 300,000 fewer homes on the market. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Lyle Daly is a freelance writer who has been covering personal finance since 2016. 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. It’s also not a popular tourist destination—with the exception of New Orleans, where the impact of short-term vacation rentals on local communities has been a major point of contention.
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