Special Report

What a Typical Home Costs in Every State

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The subprime mortgage crisis that began in 2006 ushered in the Great Recession and the global financial crisis. It also taught an important lesson: while homeownership may be the cornerstone of the American dream, it should not be achieved or pushed at any cost.

One’s ability to afford a home depends to a great extent on where they live. Today, the median American home value is $217,600, or 3.6 times the median annual household income of $60,336. Nationwide, real estate values vary considerably across the country, and in some states, owning a home is far less expensive than in others.

24/7 Wall St. reviewed median home value from the U.S. Census Bureau 2017 American Community Survey to determine what a typical home costs in every state. Median home values vary from less than $120,000 in some states to more than four times that amount. 

Overall cost of living tends to be higher in states with the most expensive homes. In all 10 of the states with the lowest median home value, goods and services cost at least 10% less than they do on average nationwide. Similarly, goods and services are more expensive than average in eight of the 10 states with the highest median home value. 

Higher home values and higher costs of living generally reflect higher incomes. The correlation, however, is not perfect, and the state with the highest median home value is not the wealthiest state in America

Additionally, while those living in states with higher real estate values are more likely to have higher incomes, they are also more likely to borrow more to finance their home. Eight of the 10 states with the highest median home value also rank among the 10 states with the most mortgage debt.

Click here to see the typical home costs in every state

To determine how much it costs to buy a home in each state, 24/7 Wall St. reviewed 2017 median home value from the U.S. Census Bureau’s American Community Survey. In cases where two states had the same median home value, we used median home value per square foot as a tiebreaker based on May, 2019, data from Zillow, a real estate data company. Historic median home prices, homeownership rates, median annual household income, and price changes are also from the ACS.

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50. West Virginia
> Median home value: $119,800
> Median home value per sq. foot: $69 (the lowest)
> 5 yr. value change: +19.3% (24th highest)
> Homeownership rate: 72.5% (2nd highest)
> Median household income: $43,469 (the lowest)

See all stories featuring: West Virginia

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49. Mississippi
> Median home value: $120,200
> Median home value per sq. foot: $78 (3rd lowest)
> 5 yr. value change: +20.4% (20th highest)
> Homeownership rate: 68.5% (15th highest)
> Median household income: $43,529 (2nd lowest)

See all stories featuring: Mississippi

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48. Arkansas
> Median home value: $128,500
> Median home value per sq. foot: $80 (4th lowest)
> 5 yr. value change: +19.4% (22nd highest)
> Homeownership rate: 65.3% (18th lowest)
> Median household income: $45,869 (3rd lowest)

See all stories featuring: Arkansas

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47. Oklahoma
> Median home value: $137,400
> Median home value per sq. foot: $81 (5th lowest)
> 5 yr. value change: +20.2% (21st highest)
> Homeownership rate: 65.5% (21st lowest)
> Median household income: $50,051 (8th lowest)

See all stories featuring: Oklahoma

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46. Kentucky
> Median home value: $141,000
> Median home value per sq. foot: $104 (tied – 11th lowest)
> 5 yr. value change: +16.7% (24th lowest)
> Homeownership rate: 66.5% (24th highest)
> Median household income: $48,375 (7th lowest)

See all stories featuring: Kentucky

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45. Indiana
> Median home value: $141,100
> Median home value per sq. foot: $95 (7th lowest)
> 5 yr. value change: +15.0% (20th lowest)
> Homeownership rate: 69.0% (13th highest)
> Median household income: $54,181 (17th lowest)

See all stories featuring: Indiana

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44. Alabama
> Median home value: $141,300
> Median home value per sq. foot: $76 (2nd lowest)
> 5 yr. value change: +14.7% (18th lowest)
> Homeownership rate: 68.0% (17th highest)
> Median household income: $48,123 (6th lowest)

See all stories featuring: Alabama

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43. Ohio
> Median home value: $144,200
> Median home value per sq. foot: $97 (8th lowest)
> 5 yr. value change: +13.0% (14th lowest)
> Homeownership rate: 65.8% (22nd lowest)
> Median household income: $54,021 (16th lowest)

See all stories featuring: Ohio

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42. Iowa
> Median home value: $149,100
> Median home value per sq. foot: $117 (tied – 17th lowest)
> 5 yr. value change: +18.1% (25th lowest)
> Homeownership rate: 71.6% (3rd highest)
> Median household income: $58,570 (25th highest)

See all stories featuring: Iowa

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41. Kansas
> Median home value: $150,600
> Median home value per sq. foot: $102 (9th lowest)
> 5 yr. value change: +15.8% (21st lowest)
> Homeownership rate: 65.9% (23rd lowest)
> Median household income: $56,422 (21st lowest)

See all stories featuring: Kansas

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40. Michigan
> Median home value: $155,700
> Median home value per sq. foot: $121 (18th lowest)
> 5 yr. value change: +34.6% (10th highest)
> Homeownership rate: 71.3% (5th highest)
> Median household income: $54,909 (18th lowest)

See all stories featuring: Michigan

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39. Nebraska
> Median home value: $155,800
> Median home value per sq. foot: $124 (tied – 20th lowest)
> 5 yr. value change: +21.4% (19th highest)
> Homeownership rate: 66.3% (25th highest)
> Median household income: $59,970 (21st highest)

See all stories featuring: Nebraska

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38. Missouri
> Median home value: $156,700
> Median home value per sq. foot: $113 (15th lowest)
> 5 yr. value change: +16.1% (22nd lowest)
> Homeownership rate: 67.0% (20th highest)
> Median household income: $53,578 (15th lowest)

See all stories featuring: Missouri

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37. South Carolina
> Median home value: $161,800
> Median home value per sq. foot: $107 (13th lowest)
> 5 yr. value change: +19.4% (23rd highest)
> Homeownership rate: 68.7% (14th highest)
> Median household income: $50,570 (9th lowest)

See all stories featuring: South Carolina

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36. Louisiana
> Median home value: $162,500
> Median home value per sq. foot: $93 (6th lowest)
> 5 yr. value change: +16.5% (23rd lowest)
> Homeownership rate: 65.2% (17th lowest)
> Median household income: $46,145 (4th lowest)

See all stories featuring: Louisiana

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35. Tennessee
> Median home value: $167,500
> Median home value per sq. foot: $106 (12th lowest)
> 5 yr. value change: +21.6% (18th highest)
> Homeownership rate: 65.4% (20th lowest)
> Median household income: $51,340 (10th lowest)

See all stories featuring: Tennessee

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34. South Dakota
> Median home value: $167,600
> Median home value per sq. foot: $166 (18th highest)
> 5 yr. value change: +24.8% (15th highest)
> Homeownership rate: 67.7% (19th highest)
> Median household income: $56,521 (22nd lowest)

See all stories featuring: South Dakota

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33. North Carolina
> Median home value: $171,200
> Median home value per sq. foot: $113 (tied – 17th lowest)
> 5 yr. value change: +14.1% (15th lowest)
> Homeownership rate: 65.4% (20th lowest)
> Median household income: $52,752 (13th lowest)

See all stories featuring: North Carolina

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32. New Mexico
> Median home value: $171,300
> Median home value per sq. foot: $132 (21st lowest)
> 5 yr. value change: +8.8% (5th lowest)
> Homeownership rate: 67.9% (18th highest)
> Median household income: $46,744 (5th lowest)

See all stories featuring: New Mexico

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31. Texas
> Median home value: $172,200
> Median home value per sq. foot: $109 (14th lowest)
> 5 yr. value change: +33.3% (12th highest)
> Homeownership rate: 62.0% (6th lowest)
> Median household income: $59,206 (23rd highest)

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30. Georgia
> Median home value: $173,700
> Median home value per sq. foot: $102 (tied – 11th lowest)
> 5 yr. value change: +22.1% (17th highest)
> Homeownership rate: 62.9% (10th lowest)
> Median household income: $56,183 (19th lowest)

See all stories featuring: Georgia

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29. Wisconsin
> Median home value: $178,900
> Median home value per sq. foot: $137 (24th lowest)
> 5 yr. value change: +8.3% (4th lowest)
> Homeownership rate: 66.6% (22nd highest)
> Median household income: $59,305 (22nd highest)

See all stories featuring: Wisconsin

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28. Pennsylvania
> Median home value: $181,200
> Median home value per sq. foot: $121 (tied – 20th lowest)
> 5 yr. value change: +10.6% (7th lowest)
> Homeownership rate: 68.3% (16th highest)
> Median household income: $59,195 (24th highest)

See all stories featuring: Pennsylvania

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27. Maine
> Median home value: $191,200
> Median home value per sq. foot: $174 (tied – 15th highest)
> 5 yr. value change: +11.0% (8th lowest)
> Homeownership rate: 73.2% (the highest)
> Median household income: $56,277 (20th lowest)

See all stories featuring: Maine

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26. North Dakota
> Median home value: $194,700
> Median home value per sq. foot: $182 (14th highest)
> 5 yr. value change: +36.6% (9th highest)
> Homeownership rate: 63.4% (11th lowest)
> Median household income: $61,843 (18th highest)

See all stories featuring: North Dakota

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25. Illinois
> Median home value: $195,300
> Median home value per sq. foot: $133 (22nd lowest)
> 5 yr. value change: +14.5% (17th lowest)
> Homeownership rate: 66.2% (25th lowest)
> Median household income: $62,992 (16th highest)

See all stories featuring: Illinois

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24. Idaho
> Median home value: $207,100
> Median home value per sq. foot: $163 (20th highest)
> 5 yr. value change: +34.0% (11th highest)
> Homeownership rate: 69.7% (10th highest)
> Median household income: $52,225 (11th lowest)

See all stories featuring: Idaho

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23. Florida
> Median home value: $214,000
> Median home value per sq. foot: $147 (25th highest)
> 5 yr. value change: +44.4% (5th highest)
> Homeownership rate: 65.2% (17th lowest)
> Median household income: $52,594 (12th lowest)

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22. Wyoming
> Median home value: $214,300
> Median home value per sq. foot: $174 (tied – 15th highest)
> 5 yr. value change: +14.4% (16th lowest)
> Homeownership rate: 70.8% (7th highest)
> Median household income: $60,434 (19th highest)

See all stories featuring: Wyoming

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21. Arizona
> Median home value: $223,400
> Median home value per sq. foot: $152 (tied – 22nd highest)
> 5 yr. value change: +47.5% (3rd highest)
> Homeownership rate: 64.7% (14th lowest)
> Median household income: $56,581 (23rd lowest)

See all stories featuring: Arizona

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20. Minnesota
> Median home value: $224,000
> Median home value per sq. foot: $183 (13th highest)
> 5 yr. value change: +25.6% (13th highest)
> Homeownership rate: 71.6% (3rd highest)
> Median household income: $68,388 (12th highest)

See all stories featuring: Minnesota

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19. Vermont
> Median home value: $226,300
> Median home value per sq. foot: N/A
> 5 yr. value change: +4.3% (2nd lowest)
> Homeownership rate: 69.5% (11th highest)
> Median household income: $57,513 (24th lowest)

See all stories featuring: Vermont

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18. Montana
> Median home value: $231,300
> Median home value per sq. foot: $186 (tied – 10th highest)
> 5 yr. value change: +25.2% (14th highest)
> Homeownership rate: 69.2% (12th highest)
> Median household income: $53,386 (14th lowest)

See all stories featuring: Montana

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17. Delaware
> Median home value: $252,800
> Median home value per sq. foot: $136 (23rd lowest)
> 5 yr. value change: +11.4% (9th lowest)
> Homeownership rate: 70.9% (6th highest)
> Median household income: $62,852 (17th highest)

See all stories featuring: Delaware

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16. Rhode Island
> Median home value: $257,800
> Median home value per sq. foot: $198 (8th highest)
> 5 yr. value change: +9.9% (6th lowest)
> Homeownership rate: 60.8% (5th lowest)
> Median household income: $63,870 (15th highest)

See all stories featuring: Rhode Island

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15. Nevada
> Median home value: $258,200
> Median home value per sq. foot: $173 (17th highest)
> 5 yr. value change: +71.3% (the highest)
> Homeownership rate: 56.6% (3rd lowest)
> Median household income: $58,003 (25th lowest)

See all stories featuring: Nevada

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14. New Hampshire
> Median home value: $263,600
> Median home value per sq. foot: $165 (19th highest)
> 5 yr. value change: +11.7% (12th lowest)
> Homeownership rate: 69.8% (9th highest)
> Median household income: $73,381 (6th highest)

See all stories featuring: New Hampshire

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13. Connecticut
> Median home value: $273,100
> Median home value per sq. foot: $155 (21st highest)
> 5 yr. value change: +2.0% (the lowest)
> Homeownership rate: 66.2% (25th lowest)
> Median household income: $74,168 (5th highest)

See all stories featuring: Connecticut

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12. Alaska
> Median home value: $273,100
> Median home value per sq. foot: $186 (tied – 10th highest)
> 5 yr. value change: +11.4% (10th lowest)
> Homeownership rate: 63.5% (12th lowest)
> Median household income: $73,181 (7th highest)

See all stories featuring: Alaska

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11. Virginia
> Median home value: $273,400
> Median home value per sq. foot: $151 (24th highest)
> 5 yr. value change: +15.0% (19th lowest)
> Homeownership rate: 66.6% (22nd highest)
> Median household income: $71,535 (9th highest)

See all stories featuring: Virginia

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10. Utah
> Median home value: $275,100
> Median home value per sq. foot: $236 (6th highest)
> 5 yr. value change: +37.8% (8th highest)
> Homeownership rate: 69.9% (8th highest)
> Median household income: $68,358 (13th highest)

See all stories featuring: Utah

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9. Maryland
> Median home value: $312,500
> Median home value per sq. foot: $186 (tied – 10th highest)
> 5 yr. value change: +11.6% (11th lowest)
> Homeownership rate: 66.7% (21st highest)
> Median household income: $80,776 (the highest)

See all stories featuring: Maryland

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8. New York
> Median home value: $314,500
> Median home value per sq. foot: $152 (tied – 22nd highest)
> 5 yr. value change: +12.0% (13th lowest)
> Homeownership rate: 53.8% (the lowest)
> Median household income: $64,894 (14th highest)

See all stories featuring: New York

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7. Oregon
> Median home value: $319,200
> Median home value per sq. foot: $213 (7th highest)
> 5 yr. value change: +42.6% (6th highest)
> Homeownership rate: 62.8% (9th lowest)
> Median household income: $60,212 (20th highest)

See all stories featuring: Oregon

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6. New Jersey
> Median home value: $334,900
> Median home value per sq. foot: $191 (9th highest)
> 5 yr. value change: +7.5% (3rd lowest)
> Homeownership rate: 63.8% (13th lowest)
> Median household income: $80,088 (2nd highest)

See all stories featuring: New Jersey

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5. Washington
> Median home value: $339,000
> Median home value per sq. foot: $244 (5th highest)
> 5 yr. value change: +39.5% (7th highest)
> Homeownership rate: 62.8% (9th lowest)
> Median household income: $70,979 (10th highest)

See all stories featuring: Washington

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4. Colorado
> Median home value: $348,900
> Median home value per sq. foot: $248 (4th highest)
> 5 yr. value change: +48.5% (2nd highest)
> Homeownership rate: 65.2% (17th lowest)
> Median household income: $69,117 (11th highest)

See all stories featuring: Colorado

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3. Massachusetts
> Median home value: $385,400
> Median home value per sq. foot: $251 (3rd highest)
> 5 yr. value change: +19.0% (25th highest)
> Homeownership rate: 62.3% (7th lowest)
> Median household income: $77,385 (4th highest)

See all stories featuring: Massachusetts

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2. California
> Median home value: $509,400
> Median home value per sq. foot: $355 (2nd highest)
> 5 yr. value change: +45.8% (4th highest)
> Homeownership rate: 54.8% (2nd lowest)
> Median household income: $71,805 (8th highest)

See all stories featuring: California

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1. Hawaii
> Median home value: $617,400
> Median home value per sq. foot: $499 (the highest)
> 5 yr. value change: +24.3% (16th highest)
> Homeownership rate: 58.5% (4th lowest)
> Median household income: $77,765 (3rd highest)

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