A surge in demand for homes in the United States, in addition to limited housing inventory, has created a sellers market unlike anything seen in recent memory. Homes are now selling faster than ever before — and also for more money than ever before.
As of August 2021, a typical single-family home in the United States costs $303,288 — up 17.7% over the last year. Of course, home values are not uniform across the country, and in some states, the typical home costs far more than the national average — while in others, homes cost far less.
According to estimates from Zillow, a Seattle-based real estate data company, the price of a typical single-family home can range from as little as $118,581 to as much as $764,146, depending on the state. While there are exceptions, the states with the most expensive homes are concentrated in the West, while the states with the lowest home values are mostly in the South.
Housing prices are determined by supply and demand forces as well as what local residents are willing to pay — and that is influenced largely by what they can afford. Not surprisingly, in states where the typical home is worth more than average, most households tend to earn more than the national median household income of $65,712. Similarly, states with lower home values typically have lower incomes.
States with higher home prices also tend to have a higher cost of living overall. For example, in the state with the highest median home value, all goods and services cost 18.1% more than they do on average nationwide, and in the state with the lowest median home value, the cost of living is 12.2% less than it is nationwide.
Alabama
> Price of a typical single-family home: $175,586
> Median household income: $51,734
> Cost of living: 13.6% less than the national average
> 1-yr. change in median home value: +13.7%
This is How Much Home You Can Buy For 200K in Every State
Alaska
> Price of a typical single-family home: $304,908
> Median household income: $75,463
> Cost of living: 4.8% more than the national average
> 1-yr. change in median home value: +4.1%
This is How Much Home You Can Buy For 200K in Every State
Arizona
> Price of a typical single-family home: $376,369
> Median household income: $62,055
> Cost of living: 3.5% less than the national average
> 1-yr. change in median home value: +30.7%
This is How Much Home You Can Buy For 200K in Every State
Arkansas
> Price of a typical single-family home: $153,263
> Median household income: $48,952
> Cost of living: 14.7% less than the national average
> 1-yr. change in median home value: +12.2%
This is How Much Home You Can Buy For 200K in Every State
California
> Price of a typical single-family home: $708,936
> Median household income: $80,440
> Cost of living: 15.4% more than the national average
> 1-yr. change in median home value: +21.9%
This is How Much Home You Can Buy For 200K in Every State
Colorado
> Price of a typical single-family home: $509,800
> Median household income: $77,127
> Cost of living: 1.9% more than the national average
> 1-yr. change in median home value: +20.3%
This is How Much Home You Can Buy For 200K in Every State
Connecticut
> Price of a typical single-family home: $326,124
> Median household income: $78,833
> Cost of living: 6.1% more than the national average
> 1-yr. change in median home value: +20.7%
This is How Much Home You Can Buy For 200K in Every State
Delaware
> Price of a typical single-family home: $317,985
> Median household income: $70,176
> Cost of living: 1.2% less than the national average
> 1-yr. change in median home value: +16.5%
This is How Much Home You Can Buy For 200K in Every State
Florida
> Price of a typical single-family home: $313,217
> Median household income: $59,227
> Cost of living: 0.6% more than the national average
> 1-yr. change in median home value: +20.1%
This is How Much Home You Can Buy For 200K in Every State
Georgia
> Price of a typical single-family home: $256,962
> Median household income: $61,980
> Cost of living: 7% less than the national average
> 1-yr. change in median home value: +18.6%
This is How Much Home You Can Buy For 200K in Every State
Hawaii
> Price of a typical single-family home: $764,146
> Median household income: $83,102
> Cost of living: 18.1% more than the national average
> 1-yr. change in median home value: +14.5%
This is How Much Home You Can Buy For 200K in Every State
Idaho
> Price of a typical single-family home: $427,410
> Median household income: $60,999
> Cost of living: 7.5% less than the national average
> 1-yr. change in median home value: +36.0%
This is How Much Home You Can Buy For 200K in Every State
Illinois
> Price of a typical single-family home: $239,408
> Median household income: $69,187
> Cost of living: 1.9% less than the national average
> 1-yr. change in median home value: +13.3%
This is How Much Home You Can Buy For 200K in Every State
Indiana
> Price of a typical single-family home: $191,054
> Median household income: $57,603
> Cost of living: 10.7% less than the national average
> 1-yr. change in median home value: +14.8%
This is How Much Home You Can Buy For 200K in Every State
Iowa
> Price of a typical single-family home: $168,545
> Median household income: $61,691
> Cost of living: 10.8% less than the national average
> 1-yr. change in median home value: +7.7%
This is How Much Home You Can Buy For 200K in Every State
Kansas
> Price of a typical single-family home: $180,914
> Median household income: $62,087
> Cost of living: 10% less than the national average
> 1-yr. change in median home value: +12.5%
This is How Much Home You Can Buy For 200K in Every State
Kentucky
> Price of a typical single-family home: $172,433
> Median household income: $52,295
> Cost of living: 12.2% less than the national average
> 1-yr. change in median home value: +11.6%
This is How Much Home You Can Buy For 200K in Every State
Louisiana
> Price of a typical single-family home: $193,114
> Median household income: $51,073
> Cost of living: 10.9% less than the national average
> 1-yr. change in median home value: +8.7%
This is How Much Home You Can Buy For 200K in Every State
Maine
> Price of a typical single-family home: $318,628
> Median household income: $58,924
> Cost of living: in line with the national average
> 1-yr. change in median home value: +22.7%
This is How Much Home You Can Buy For 200K in Every State
Maryland
> Price of a typical single-family home: $373,264
> Median household income: $86,738
> Cost of living: 8.4% more than the national average
> 1-yr. change in median home value: +14.7%
This is How Much Home You Can Buy For 200K in Every State
Massachusetts
> Price of a typical single-family home: $533,440
> Median household income: $85,843
> Cost of living: 9.7% more than the national average
> 1-yr. change in median home value: +18.5%
This is How Much Home You Can Buy For 200K in Every State
Michigan
> Price of a typical single-family home: $214,231
> Median household income: $59,584
> Cost of living: 7.6% less than the national average
> 1-yr. change in median home value: +17.4%
This is How Much Home You Can Buy For 200K in Every State
Minnesota
> Price of a typical single-family home: $307,644
> Median household income: $74,593
> Cost of living: 2.5% less than the national average
> 1-yr. change in median home value: +13.4%
This is How Much Home You Can Buy For 200K in Every State
Mississippi
> Price of a typical single-family home: $144,074
> Median household income: $45,792
> Cost of living: 14% less than the national average
> 1-yr. change in median home value: +9.8%
This is How Much Home You Can Buy For 200K in Every State
Missouri
> Price of a typical single-family home: $198,838
> Median household income: $57,409
> Cost of living: 11.2% less than the national average
> 1-yr. change in median home value: +14.8%
This is How Much Home You Can Buy For 200K in Every State
Montana
> Price of a typical single-family home: $374,980
> Median household income: $57,153
> Cost of living: 6.7% less than the national average
> 1-yr. change in median home value: +22.7%
This is How Much Home You Can Buy For 200K in Every State
Nebraska
> Price of a typical single-family home: $210,585
> Median household income: $63,229
> Cost of living: 10.5% less than the national average
> 1-yr. change in median home value: +12.5%
This is How Much Home You Can Buy For 200K in Every State
Nevada
> Price of a typical single-family home: $389,397
> Median household income: $63,276
> Cost of living: 2.5% less than the national average
> 1-yr. change in median home value: +23.8%
This is How Much Home You Can Buy For 200K in Every State
New Hampshire
> Price of a typical single-family home: $381,978
> Median household income: $77,933
> Cost of living: 6% more than the national average
> 1-yr. change in median home value: +21.8%
This is How Much Home You Can Buy For 200K in Every State
New Jersey
> Price of a typical single-family home: $421,124
> Median household income: $85,751
> Cost of living: 15.2% more than the national average
> 1-yr. change in median home value: +18.9%
This is How Much Home You Can Buy For 200K in Every State
New Mexico
> Price of a typical single-family home: $253,790
> Median household income: $51,945
> Cost of living: 8.9% less than the national average
> 1-yr. change in median home value: +17.8%
This is How Much Home You Can Buy For 200K in Every State
New York
> Price of a typical single-family home: $363,990
> Median household income: $72,108
> Cost of living: 16.4% more than the national average
> 1-yr. change in median home value: +14.2%
This is How Much Home You Can Buy For 200K in Every State
North Carolina
> Price of a typical single-family home: $260,597
> Median household income: $57,341
> Cost of living: 8.2% less than the national average
> 1-yr. change in median home value: +19.0%
This is How Much Home You Can Buy For 200K in Every State
North Dakota
> Price of a typical single-family home: $252,788
> Median household income: $64,577
> Cost of living: 9.4% less than the national average
> 1-yr. change in median home value: +6.4%
This is How Much Home You Can Buy For 200K in Every State
Ohio
> Price of a typical single-family home: $186,211
> Median household income: $58,642
> Cost of living: 11.6% less than the national average
> 1-yr. change in median home value: +15.3%
This is How Much Home You Can Buy For 200K in Every State
Oklahoma
> Price of a typical single-family home: $155,012
> Median household income: $54,449
> Cost of living: 11.6% less than the national average
> 1-yr. change in median home value: +11.9%
This is How Much Home You Can Buy For 200K in Every State
Oregon
> Price of a typical single-family home: $468,953
> Median household income: $67,058
> Cost of living: 1.1% more than the national average
> 1-yr. change in median home value: +20.7%
This is How Much Home You Can Buy For 200K in Every State
Pennsylvania
> Price of a typical single-family home: $240,658
> Median household income: $63,463
> Cost of living: 2.5% less than the national average
> 1-yr. change in median home value: +16.2%
This is How Much Home You Can Buy For 200K in Every State
Rhode Island
> Price of a typical single-family home: $387,693
> Median household income: $71,169
> Cost of living: 0.7% less than the national average
> 1-yr. change in median home value: +21.5%
This is How Much Home You Can Buy For 200K in Every State
South Carolina
> Price of a typical single-family home: $236,344
> Median household income: $56,227
> Cost of living: 8.9% less than the national average
> 1-yr. change in median home value: +15.7%
This is How Much Home You Can Buy For 200K in Every State
South Dakota
> Price of a typical single-family home: $249,314
> Median household income: $59,533
> Cost of living: 12.1% less than the national average
> 1-yr. change in median home value: +11.9%
This is How Much Home You Can Buy For 200K in Every State
Tennessee
> Price of a typical single-family home: $241,626
> Median household income: $56,071
> Cost of living: 10.1% less than the national average
> 1-yr. change in median home value: +17.4%
This is How Much Home You Can Buy For 200K in Every State
Texas
> Price of a typical single-family home: $257,628
> Median household income: $64,034
> Cost of living: 3.2% less than the national average
> 1-yr. change in median home value: +18.1%
This is How Much Home You Can Buy For 200K in Every State
Utah
> Price of a typical single-family home: $493,221
> Median household income: $75,780
> Cost of living: 3.4% less than the national average
> 1-yr. change in median home value: +28.5%
This is How Much Home You Can Buy For 200K in Every State
Vermont
> Price of a typical single-family home: $308,300
> Median household income: $63,001
> Cost of living: 3% more than the national average
> 1-yr. change in median home value: +12.9%
This is How Much Home You Can Buy For 200K in Every State
Virginia
> Price of a typical single-family home: $335,198
> Median household income: $76,456
> Cost of living: 2% more than the national average
> 1-yr. change in median home value: +12.7%
This is How Much Home You Can Buy For 200K in Every State
Washington
> Price of a typical single-family home: $542,012
> Median household income: $78,687
> Cost of living: 7.8% more than the national average
> 1-yr. change in median home value: +22.8%
This is How Much Home You Can Buy For 200K in Every State
West Virginia
> Price of a typical single-family home: $118,581
> Median household income: $48,850
> Cost of living: 12.2% less than the national average
> 1-yr. change in median home value: +8.2%
This is How Much Home You Can Buy For 200K in Every State
Wisconsin
> Price of a typical single-family home: $236,551
> Median household income: $64,168
> Cost of living: 8.1% less than the national average
> 1-yr. change in median home value: +14.6%
This is How Much Home You Can Buy For 200K in Every State
Wyoming
> Price of a typical single-family home: $279,449
> Median household income: $65,003
> Cost of living: 7.3% less than the national average
> 1-yr. change in median home value: +6.4%
This is How Much Home You Can Buy For 200K in Every State
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