Average House Prices by State in the USA

Table Of Content

• Typical home price in New Hampshire: $442,513 (129% of typical U.S. price)
• Los Angeles healthcare prices
• Hidden Housing Gems
• How has the coronavirus (COVID- pandemic affected Americans’ homeownership plans?
• The Balance Home Affordability Index
• Housing market in the United States
• That's rich: Rise in all-cash transactions helping drive price gains for most expensive US homes
• Typical home price in Pennsylvania: $253,342 (74% of typical U.S. price)

Depending on the data release, it will only be a maximum of one week out of date with those series. 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). Colombus is the capital city of Ohio, and other major cities are Dayton, Cincinnati, and Cleveland.

Typical home price in New Hampshire: $442,513 (129% of typical U.S. price)

However, the high-paying jobs and the high demand for housing have pushed the price of houses skyward. Buying a house is a big milestone for many people in the United States. Whether it’s a first house, an investment property, or a place to retire to, a home purchase is one of the largest buying decisions many people make. There are few purchases that involve as much money, and the price of houses is constantly changing.

Los Angeles healthcare prices

Sales of previously occupied US homes fell last month as home buyers contended with elevated mortgage rates and rising prices. The gap that has jumped open between these two lines has created a nationwide lock-in effect — paralyzing people in homes they may wish to leave — on a scale not seen in decades. For homeowners not looking to move anytime soon, the low rates they secured during the pandemic will benefit them for years to come. But for many others, those rates have become a complication, disrupting both household decisions and the housing market as a whole. The median income in Louisiana is 25% below the national median, and the typical price of a house in the state is 50% of the typical price across the country. That balances out to make homeownership more affordable in Louisiana than most other states.

Hidden Housing Gems

The average mortgage payment made in Ohio is 26.9% of the median income in the state. The typical house price in Nevada is the first on this list to fall below half a million dollars. Although the typical price of a house is less than in states like Oregon, Utah, and Colorado, the mortgage payments are comparatively high when accounting for the median income in the state.

How has the coronavirus (COVID- pandemic affected Americans’ homeownership plans?

If you clamor enough, I'll extend the series further back with linear interpolation. It’s physically removed from the contiguous United States, it’s home to stunning glaciers and mountains, and it’s the only state that will pay you to live there. The state needs more full-time residents, so much so that the government pays each resident an annual dividend of about $1,600. In addition to the potential money saving opportunities offered in Kentucky, there are other reasons people enjoy living in the state. It has four distinct seasons, its own regional food and beverages, and a variety of outdoor recreation options. Some of the best places to live in Arkansas include Fayetteville, where the University of Arkansas is located, and Little Rock, the capital city of the state.

The Balance Home Affordability Index

With an average house price of $180,661, the state has plenty to offer—most famously, New Orleans. Just know that the vibrant city has the highest home prices in Louisiana. The average home price in Illinois is $223,455, which has gone up 7.1 percent over the past year. The average house price in Chicago is $285,579, whereas a home in Clarendon Hills is going for $508,973 on average. If you’re thinking about a move to the Windy City, act fast—the market in the Chicago area is hot right now. Home to Hotlanta, the average house price for the state is $228,599—a 9.9 percent increase from last year.

That said, a low median home price doesn’t make Ohio immune to the affordability challenges plaguing most parts of the United States. 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. Over the same period, Seattle prices went from $395,000 to $800,500.

The Average Cost of a House in the US vs. Canada - Yahoo Finance

The Average Cost of a House in the US vs. Canada.

Posted: Thu, 04 Jan 2024 08:00:00 GMT [source]

That's rich: Rise in all-cash transactions helping drive price gains for most expensive US homes

The median sales price of homes in the U.S. is near record highs and touched $406,700 as of July 2023, according to the National Association of Realtors (NAR) report. This isn’t a true warranty; it’s an optional service contract that might, under certain conditions, repair particular features of your home. These typically cost around $500 or more for a year’s coverage and are renewable. As the warranties usually don’t cover more expensive repairs, they often contain many exclusions and limitations, and could require a copay on covered items or service calls. A smaller down payment might seem appealing, but paying more initially reduces loan costs.

Located in the far northeast of the country, Maine has a typical house price that is just over the typical price across the USA. But buying a house in Maine is anything but typical for any student with school loans to pay off. This number changes slightly on a yearly basis, but the only requirement is having lived in the state for at least a year and the intention of remaining a resident indefinitely. With typical house prices below the typical price in the country, this helps to make Alaska an attractive possibility. The average mortgage payment on a house in Utah is 42.9% of the median income in the state. The average mortgage payment on a house in Colorado is 45% of the median income in the state, and Coloradans have a median income that is 22% higher than the national median.

The long winters and high property taxes may be the only complaints. The average home price is $689,945, a 5.5 percent increase from last year. The reality is that if you want to live in paradise, be ready to pay the price.

Rates on new home loans now far surpass rates locked in by Americans with existing mortgages. Adding to Florida's headwinds is a rising insurance crisis, with close to three-quarters of homeowners in a Redfin survey noting rising insurance costs or changing coverage. "Out-of-town homebuyers no longer see Florida as a place to get amazing value," Auciello said. "Now they're moving to North Carolina or Tennessee to get a good deal. Many local blue-collar workers have been priced out of homeownership, too." He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.

The average hourly wage of a construction worker in Louisiana was about $19 in 2022, according to the U.S. By comparison, construction workers in Hawaii, the top-paying state, earned about $32 per hour. These five states have the lowest median home prices in the country. Here you’ll find the average price of a home runs $113,578, which has increased 5.2 percent over the last year.

Oregon has the ninth-lowest income-to-home-value ratio, driven by a typical home value that is ninth highest in the country and the median household income there being just 1% higher than the national median. The typical home in Oklahoma is cheap at 57% of the typical U.S. home price. The median income is low, 80% of the national median, but it's enough to make homes in Oklahoma among the most affordable in the country.

In other areas like the Hollywood Hills, Westlake and Koreatown, rent runs closer to the city’s average. One-bedrooms across these three neighborhoods averages between $2,510 and $2,800. Top Fed officials themselves have said recently they could hold interest rates high for a while before getting full confidence inflation is heading down toward their target of 2%.