What Is The Average House Price By State in The USA?

Tue, Apr 09, 2024 18:25 CET

House prices in the US can vary quite significantly from state to state. Research by MyJobQuote shows that California has the highest average home price, at $843,800, while Ohio has the lowest average home price, at $236,700. Various things can affect the cost of housing in a particular area, including quality of life, job opportunities, geographic location, and amenities. Understanding the average home prices across the US can help individuals make informed decisions when looking at buying or selling properties.

Median Home Prices By US State

The table below shows the median home prices and rental prices by US state:

US STATE	MEDIAN HOME PRICE	MEDIAN RENTAL PRICE
California	$843,800	$1,586
Hawaii	$715,900	$1,651
Washington	$668,400	$1,337
Colorado	$624,000	$1,335
Massachusetts	$604,200	$1,336
Utah	$575,100	$1,090
New York	$559,900	$1,315
Oregon	$527,600	$1,173
Idaho	$521,200	$887
New Mexico	$518,300	$857
Arizona	$471,300	$1,097
Nevada	$465,000	$1,159
New Jersey	$454,500	$1,368
Virginia	$447,500	$1,257
New Hampshire	$434,100	$1,145
Rhode Island	$429,200	$1,031
Maryland	$416,800	$1,415
Florida	$410,400	$1,218
Tennessee	$402,600	$897
Texas	$389,100	$1,082
Georgia	$376,700	$1,042
Alaska	$371,500	$1,240
South Carolina	$370,800	$918
Connecticut	$368,900	$1,201
Vermont	$365,100	$999
North Carolina	$360,900	$932
Minnesota	$349,000	$1,010
Maine	$348,600	$873
Delaware	$323,100	$1,150
South Dakota	$312,700	$761
Kansas	$298,100	$863
Alabama	$295,900	$811
West Virginia	$291,300	$732
Pennsylvania	$290,700	$958
Illinois	$286,800	$1,038
Nebraska	$279,900	$857
Wisconsin	$278,900	$872
Louisiana	$266,000	$876
Iowa	$265,700	$806
Mississippi	$257,300	$789
Kentucky	$256,700	$783
Arkansas	$251,900	$760
Missouri	$251,900	£843
Michigan	$249,100	$892
Indiana	$245,300	$844
Oklahoma	$242,500	$818
Ohio	$236,700	$825

The State With The Most Expensive Median Home Price

California is the state with the most expensive median home price. For several decades, the number of homes available to buy or rent in California has not been enough for the number of people who want to live there. Housing production has been far too slow to have any effect on the shortage. Also, building codes in this state make the labour and materials too expensive, and there isn't a lot of vacant land available for new homes. With the little land that is left, current residents are opposed to new housing.

The State With The Lowest Median Home Price

Ohio is the state with the lowest median home price. However, the housing market is quite competitive in this area. Many homes continue to sell above asking price. However, the overall prices of homes are typically lower in general than other states.

What Can Affect The Cost of Housing From State to State?

There are four main things that can affect the cost of housing from state to state. These are demographics, the economy, interest rates, and government policies. Let’s take a closer look at how these things can affect the cost of housing.

Demographics

Demographics are classed as the data that reflects the composition of the population in a certain area. This can include things such as gender, income, age, race, migration patterns, and population growth.

These factors can affect how real estate is priced in each state. For example, states that consist of mainly older people, who are already retired or retiring soon in the future, could significantly influence the housing market. Equally, areas that are more popular with younger people may have more of a demand for rental properties than other areas.

The Economy

The overall health of the economy can affect the housing market. During times of economic stress, there may be more demand for houses in lower priced areas, which could result in the prices rising in these areas. Equally, prices in typically higher priced areas may see less demand, which may result in houses selling below the asking price.

Economic cycles can affect real estate quite significantly.

Interest Rates

Interest rates can also have a large effect on the real estate market. If you are thinking about purchasing a home with a mortgage, it's essential to use a mortgage calculator to see how different rates of interest can affect the price of homes.

Interest rates change and fluctuate regularly and can greatly affect a person’s ability to purchase a particular property. The lower the interest rate, the lower the cost of the mortgage. When interest rates are lower, this can create a greater demand for real estate, which may then push house prices up. These cycles can affect when the best time to buy a property is.

Government Policies and Subsidies

Things such as deductions, tax credits, and subsidies can temporarily boost the demand for real estate. Keeping up to date and being constantly aware of the government incentives can help you determine certain changes in supply and demand, which can help you determine the best time to invest in a new property.

Certain incentives can impact the number of people looking to buy. When the demand for housing is high, this is usually a factor that will drive up real estate prices.

What Factors Can Affect The Price of a Home?

There are also certain factors that can affect the price of a particular property. Comparable home values play a big part, but there are some other factors that can affect how much a home is valued.

These things can include the age of the property, the size of the home, the condition of the building, neighbourhood appeal, and the overall health of the real estate market.

Final Thoughts

As you can see, there are many things that can affect the cost of housing. Prices differ from state to state based on a number of factors. If you are looking to purchase a new property, it's a good idea to look into trends in the real estate market and factors affecting the cost in the local area. Also, consider things that are important to you when moving. You want to make sure your new neighbourhood can accommodate your needs before jumping into buying a well-priced property.

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