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Median Home Price By State

Median Home Price By State
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Introduction

For countless American families, owning a home remains a cornerstone of the American Dream. However, the dream is increasingly becoming more elusive, primarily due to escalating housing prices. From the coastal cities of California to the mountain towns of Colorado, home buyers face an intense housing market where median home prices continue to climb, fueled by a combination of limited housing inventory and robust demand.

  • The highest median home price was in California, with a median home value of $799,000, significantly above the national median home price.
  • States with the lowest median home prices include Iowa and Ohio, well below the national median, indicating possible affordability for potential homeowners on more modest incomes.
  • There appears to be a regional trend with Western and Northeast states having significantly higher median home prices compared to Midwestern and Southern states.
  • States known for their booming technology and healthcare sectors, such as Massachusetts, Washington, and Colorado, have some of the highest median home prices, suggesting a correlation between strong job markets and higher home costs.
  • It's also key to note the steep drop-off from top-tier states to middle-tier ones, with a roughly $200,000 decrease in median home price from California (ranked 1st) to Nevada (ranked 16th).

States with the Most Expensive Homes

California takes the lead with the highest median home price in the country, a staggering $799,000. It possesses a robust and diverse economy, making it an attractive place for homeownership despite the steep prices.

Hawaii comes in second with its median home price of $713,000 known for its natural beauty and high quality of life.

Following closely is Massachusetts with a median home price of $640,000, fueled by its strong technology, biotech, finance, and higher education industries. 

Washington, with its thriving tech industry anchored by giants like Microsoft and Amazon, has a median home price of $621,000. 

Next are Colorado and Utah, with median home prices of $582,000 and $545,000 respectively, driven in part by their burgeoning tech scenes and natural recreational opportunities.

Home to bustling New York City, the state’s median home price is $531,000, while Montana is slightly lower at $527,000. 

Oregon’s growing economy and appealing lifestyle options put its median home price at $510,000. Rounding out our top ten most expensive states for homes is New Jersey, with a median price tag of $498,000.

States with the Most Expensive Homes:

  1. California - $799,000
  2. Hawaii - $713,000
  3. Massachusetts - $640,000
  4. Washington - $621,000
  5. Colorado - $582,000
  6. Utah - $545,000
  7. New York - $531,000
  8. Montana - $527,000
  9. Oregon - $510,000
  10. New Jersey - $498,000

States with the Least Expensive Houses

With a median home price of $239,000, Iowa stands as the least expensive state for homeownership. 

The Midwest continues to represent affordability with Ohio holding the second least expensive median home price of $249,000. Not far behind, Oklahoma presents a median home price of $256,000, making it the third most affordable state. Kentucky further contributes to this list, evident from its median home price of $257,000.

The state of Indiana has a median home price of $258,000, while Arkansas keeps in close contention at $259,000. Michigan and Louisiana both boast median home prices of $260,000, offering potential homeowners additional options for affordable living.

Progressing down the spectrum, Mississippi and Missouri present attractive options for families looking for more affordable housing. With a median home price of $263,000 in Mississippi and $267,000 in Missouri, these states round out the ten states with the most affordable median home prices. 

States with the Least Expensive Houses:

  1. Iowa - $239,000
  2. Ohio - $249,000
  3. Oklahoma - $256,000
  4. Kentucky - $257,000
  5. Indiana - $258,000
  6. Arkansas - $259,000
  7. Michigan - $260,000
  8. Louisiana - $260,000
  9. Mississippi - $263,000
  10. Missouri - $267,000

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