In the United States, the median home value comes in at $320,662. While most wouldn’t consider that cheap, it isn’t anywhere near what you may have to pay in some parts of the country. However, that doesn’t mean there aren’t areas where paying that amount would only happen with a luxury-style home, as the average for the state is actually far lower. In the end, where you buy a home makes a big difference when it comes to pricing. If you’re wondering how much, here’s a look at what homes cost in five states around the country.
When it comes to lower-cost housing, Iowa is one of the least expensive places to buy a home. Even though home values have risen by 12.2 percent within the past year, the cost of a house is much lower than many would expect. In Iowa, the average home value comes in at $178,608, putting it more than $142,000 below the national average.
Texas has also seen home values rise quickly in the past year. Overall, the year-over-year change is a startling 21.6 percent, leading many to assume that prices in the area would be hard to manage.
In reality, the average home value in Texas is $276,048. That’s still more than $44,000 under the national average, making the properties seem downright affordable by comparison.
3. New York
While real estate in New York City is notoriously expensive, that doesn’t mean home values are out of control in the rest of the state. In fact, even with home values rising 13.7 percent over the past year, New York isn’t as high cost as you might expect.
The average home value in New York sits at $374,717. While that’s still about $54,000 above the national average, it’s likely isn’t as high as you’d expect.
In the land of higher-cost real estate, California firmly has a position near the top. Typically, the state is sitting just one place behind the highest cost state (if you don’t count the District of Columbia).
Certain cities are notoriously pricy, such as San Francisco, which comes in with an average home value above $1.5 million. However, not all areas have those kinds of price tags, so the state average is fortunately far below that amount.
Still, California home values have risen by 20.1 percent in the past year, causing the average home value to come in at $734,612. That’s $413,950 above the national average.
If you’re wondering which state has the highest housing prices, look no further than Hawaii. It usually tops the charts when it comes to real estate purchase costs, outpacing every other state in the nation.
The average home value in Hawaii is a shocking $821,263. That’s more than half a million above the national average. In fact, you could have four average-value Iowa homes or two average-value New York homes for that amount with a notable amount of room to spare.
Are you surprised by how different the cost of homes is in each of the states above? Have housing prices encouraged you to relocate to another state to make homeownership more affordable? Share your thoughts in the comments below.
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Tamila McDonald has worked as a Financial Advisor for the military for past 13 years. She has taught Personal Financial classes on every subject from credit, to life insurance, as well as all other aspects of financial management. Mrs. McDonald is an AFCPE Accredited Financial Counselor and has helped her clients to meet their short-term and long-term financial goals.