Owning your home is still very much a part of the American dream—but it’s not cheap: The national median price is $218,000. Here’s a look at the average home costs in each state in 2018.
Alabama
The average home price is $199,020. If you’re considering a move to the state, your best destination may be Birmingham, according to Housingpredictor.com. Their research points out that the city is a major hub for construction, banking, medical research, and more. There’s a broad range of employment opportunities. The downtown is vibrant, with trendy stores and gourmet restaurants. Better still, there is an inventory of homes in the $80,000-$100,000 range. Did you know that these are the most annoying home pests in each state?
Alaska
The state has a steady average home price of $286,438. Even though there is a lack of inventory, the price has remained stable because more people are leaving the state than moving there. Be wary: According to a report by the Alaska Journal of Commerce, the Anchorage housing market may be about to slide. These days, Alaska’s willing to pay you $1,000 to move—and stay—there.
Arizona
The average home price is $286,067. Although Phoenix got hit hard when the housing bubble burst, the area’s sales last year tell the recovery story. Almost one-third of the valley’s ZIP codes posted double-digit-percentage increases in prices last year, according to The Arizona Republic. Apparently, the first-time homebuyer market is on fire.
Arkansas
Although the average home price is $226,923, you’ll find much higher numbers in the most expensive cities of Cammack Village, Tontitown, Cave Springs, Little Flock, and Elm Springs, according to Neighborhoodscout.com. Arkansas is the home of Walmart, which is a big driver of the state’s economy.
California
Yikes: The average home price in California is $713,887. California has never been a place for bargain hunters—supply typically outpaces demand in the Golden State. Perhaps things are slowing down: According to recent reports, June marked the slowest home sales month for California in four years. The state saw an almost 10 percent year-over-year drop in transactions. Even so, a prospective home buyer would need a salary of more than $221,000 to afford a home and living expenses there, according to Finder.com. See if you can nail this state nicknames quiz.
Colorado
The average purchase price is $408,936. Colorado made headlines when a Smart Asset study revealed the state is home to three of the top 10 healthiest housing markets in the United States: Colorado Springs (no. 3), Aurora (no. 7), and Denver (no. 9). The biggest home in each state will stun you.
Connecticut
The average purchase price is $341,089. The housing sales news is less than encouraging in the state, however. Home prices aren’t appreciating as fast as most other states. Connecticut home prices climbed 3.6 percent last year, while the national average was a 6.9 percent hike.
Delaware
It’s a seller’s market in Delaware, where the average purchase price is $283,149. According to recent reports, homes are selling in days. Be ready to compete if you plan on buying there. Find out what the most expensive home in your state costs.
District of Columbia
Ouch: The average purchase price is $691,241, and the pickings are slim when it comes to homes and condos. That lack of inventory impacts prices. According to published reports, several D.C. neighborhoods surpassed the $1 million mark for median selling prices, including Spring Valley and Wesley Heights, Chevy Chase, and Georgetown.
Florida
With an average purchase price of $324,970, the Sunshine State is calling. The market there is so good that this year may prove to be the best ever in Southwest Florida, according to the News-Press.
Georgia
Home to Hotlanta, the average purchase price for the state is $253,867. One reason for Atlanta’s nickname could be that the city’s median home price increased 12 percent over the past year. If you’re looking for a bargain, avoid Forsyth County, the most expensive area in the state; the median home is $346,839, according to 24/7Wallst.com. Don’t miss the U.S. trivia your teacher never told you about.
Hawaii
The average purchase price is $602,812. The reality is that if you want to live in paradise, be ready to pay the price. Although the housing prices aren’t the highest, the cost of living is, since nearly every consumer good has to be imported from the mainland. But hey, the beaches are fantastic and free.
Idaho
Boise is booming in the state where the average purchase price is $285,026. Homes are only staying on the market an average of 17 days, according to the Boise Metro Market Monitor. There’s a good reason. The city is one of the fastest growing in the country. The strong economy and low cost of living are a big draw.
Illinois
The average purchase price is $347,755. A prospective buyer would need a salary of about $69,000 to afford a home and living expenses in Chicago, according to Finder.com. That’s not bad given that Chicago has top employers like Amazon and Chicago Medical Center. Overall, the cost of living in Illinois is 3.8 percent lower than the national average, according to Bestplaces.net. Check out why Chicago is known as the “Windy City.”
Indiana
Talk about a state where you can live well on less: The average purchase price is $214,841, but the cost of living is 14 percent below the U.S. average, according to Bestplaces.net. It’s a good time to buy in Indiana, especially in Indianapolis. There is a revitalized downtown, with new restaurants and shops popping up all over.
Iowa
Small wonder the state has been so popular of late: The average purchase price is $181,712, and the cost of living is 12 percent lower than the national average, according to Bestplaces.net. Since the early 2000s, the population has jumped by 12 percent. Unemployment is low, and the average work commute is less than 20 minutes.
Kansas
With an average home purchase price of $254,096, the state has more to offer than Kansas City barbecue. The housing market is strong and stable, according to Norada Real Estate Investments. Furthermore, the homes in Kansas City’s metropolitan area gained $10.2 billion in value in 2017.
Kentucky
The state has an average home price of $221,421. Louisville is a great destination: Unemployment is lower than the national average, as is the cost of living, according to Bestplaces.net. Plus, the city is home to the Kentucky Derby and many great parks. Check out the most expensive homes in each state.
Louisiana
With an average purchase price of $235,505, the state has plenty to offer—most famously, New Orleans. Just know that the vibrant city has the highest home prices in Louisiana. Experts tout New Orleans for real estate investors: According to Mashadvisor, entrepreneurs and millennials are flocking there and after Katrina, and home values have gone up a whopping 43 percent.
Maine
The state can thank its average purchase price of $333,411 to its lovely coastal properties; inland, the prices drop precipitously. The MEREDA Index, a quarterly measure of real estate activity in Maine, reached a new record through the first quarter of 2018, driven primarily by rising prices in the residential and commercial markets. If you can handle the winter, Maine is hard to beat. What’s the most expensive neighborhood in your state? Find out here.
Maryland
The average purchase price is $334,615. If you’re thinking about moving to Baltimore, you need a yearly salary of around $67,000 to buy a home and live comfortably. The city has plenty to offer in the way of arts and culture—and of course crab cakes. The waterfront has been restored and boasts a top-rated aquarium.
Massachusetts
The state’s average home price is $445,488; in Boston, according to Finder.com, you’ll need a salary of roughly $98,000 to buy a home and manage your expenses. But head out to the Berkshires or the coast and the prices get more reasonable.
Michigan
Call Michigan the comeback kid: After a decade in the doldrums, property values are rising sharply—the average purchase price is $202,883, right now. Ann Arbor and Troy stand out for being most desirable, according to The Center for Michigan. Detroit is ranked third in terms of property value.
Minnesota
With an average home price of $282,471, the state’s most popular place to live is in Minneapolis. Since 2000, the city’s population has grown by 11 percent, according to Bestplaces.net. Minneapolis has a cosmopolitan feel with mid-size town charm.
Mississippi
The average purchase price of a home in Ole Miss is $221,736. The cost of routine maintenance is the lowest in the nation, at $14,890, according to Porch.com. You’re in the middle of history and mystery, here. Whether you’re in Biloxi or Natchez, there’s plenty to see, do, and soak up in the way of cuisine and natural beauty.
Missouri
The average purchase price of a home is $200,321. St. Louis is going through a renaissance, and for that reason, the cost of living is climbing. Branson is a hot spot known for its music scene and over-the-top Christmas celebrations. Don’t miss the most charming small town in every state.
Montana
There’s no shortage of outdoor recreation in this state, where the average purchase price of a home is $316,512. Bozeman is thriving thanks to its job growth: Since 2000, the population has grown more than 90 percent, reports Bestplaces.net. The cost of living is well below the national average.
Nebraska
With an average home price of $231,072, the state’s housing market remains strong. Through the first quarter of 2018, prices in Nebraska were 26 percent higher than at the beginning of the recession, making it the sixth-strongest market in the United States over the past decade, according to the Federal Reserve Bank of Kansas City. The cost of living is 12 percent below the national average, reports Bestplaces.net.
Nevada
The average purchase price of a home is $377,945. People continue to move to Las Vegas, where the home prices are a value compared to many other locales. According to Finder.com, $63,000 should get you into a new house and allow you to meet your expenses.
New Hampshire
From the Presidential Range to the beaches, the state seems like a bargain given its average home price of $250,624. While the pace of the cities here feels manageable, you get big city amenities. The long winters might be the only complaint.
New Jersey
The average sale price in the Garden State is $342,201. When it comes to routine maintenance, New Jersey has the dubious distinction of being the most expensive in the nation at $18,151 a year. New Jersey competes with its notable neighbor by offering livable towns, beautiful beaches, and plenty of open space.
New Mexico
This popular vacation destination has an average home price of $201,143 if you’re thinking about staying. Everyone knows about the charms of Santa Fe and Taos, but Albuquerque is reinventing itself and is home to many small and mid-sized tech companies, according to Bestplaces.net. The surrounding mountains provide a backdrop that never gets old.
New York
You might be surprised to hear that the average purchase price of a home is $382,185 in this state, but that obviously falls way below the cost in the five boroughs. Living near or in New York City demands a $100k salary, reports Finder.com. For that, you get access to the world’s best food, arts, culture, and entertainment.
North Carolina
People are heading to this state for a good reason, even though the average price of a home is $418,250. The so-called Research Triangle gets a steady influx of Northerners, so it’s not surprising that home prices are rising. Raleigh and Charlotte are mid-sized cosmopolitan cities, with arts, culture, and a lower cost of living compared to bigger cities like New York.
North Dakota
The average price of a home is $263,594. Fargo has all the cultural benefits of a college town plus it boasts plenty of green space. The cost of living is a tad above the national average, according to Bestplaces.net, but it’s manageable as long as you can handle the winter.
Ohio
The average price of a home is $244,795. Ohio cities like Cincinnati and Columbus have reinvented themselves, morphing into meccas for arts, culture, and cuisine. Millennials, in particular, are taking a liking to them. The lower cost of living means more money for fun.
Oklahoma
With a cost of living 12 percent below the national average, the home price average of $190,497 stands out. Especially when you consider that you can play outdoors year-round thanks to mild winters and 234 days of sunshine annually—well above the U.S. average.
Oregon
Thanks to the popularity of Portland, the state’s average price of a home is up to $408,641. The liveable city offers reliable public transportation, an impressive web of bike trails, and top-notch medical services. The coast, forests, and mountains space offer countless options for recreation.
Pennsylvania
The average price of a home is $249,962, and with both Philadelphia and Pittsburg going through a renaissance, now’s the time to consider Pennsylvania. In both cities, you can get by on $67,000 a year.
Rhode Island
The average price of a home is $338,118. The quality of life in places like Providence and Newport is hard to beat. The tiniest state in the nation serves up plenty of big-time rewards, like a beautiful coast, lovely homes, and impressive seafood cuisine. Check out the places on our list of the best family vacation destination by state.
South Carolina
Although the average price of a home is $305,902, you can expect to pay more in the state’s five fastest appreciating cities—McClellanville, Folly Beach, Kiawah Island, St. Stephen, and Charleston, according to Neighborhoodscout.com. But don’t forget Myrtle Beach, which boasts amusement parks, restaurants, music venues, and more, not to mention a cost of living 8 percent below the national average.
South Dakota
The average price of a home is $225,152. Sioux Falls is the little engine that could: It feels like a small town, but its economy ticks away at a much higher pace. The area is fueled by low taxes, a good labor force, and business-friendly state laws, according to Bestplaces.net. Wells Fargo, Citibank, HSBC, and others have large processing operations here, helping ensure job growth.
Tennessee
Home to the Grand Ole Opry, Tennessee’s average home price is $269,212. Nashville draws visitors and new residents alike. The food, the country music, the low cost of living, what’s not to like?
Texas
Texas happens to have the hottest housing market in the nation. While the state’s average purchase price of a home is $283,005, The town of Midland has a four-month streak of top sales, according to Realtor.com, thanks to its surging oil economy. Homes there get 2.4 times more views per listing than the national average.
Utah
The average price of a home is $338,405. In Ogden, you need to make roughly $59,000 to buy a home and live comfortably, according to Finder.com. Salt Lake City is on the upswing with new construction opening up the housing market. Inventory jumped 48.6 percent, rebounding from a 16 percent drop in 2017.
Vermont
With the average price of a home at $282,726, Vermont is more than just a great vacation spot. Lovely towns like Burlington—home to the University of Vermont—and Stowe with its incredible ski resort offer plenty. One drawback: The cost of living is more than 20 percent above the national average, according to Bestplaces.net. Don’t miss the best free tourist attraction in every state.
Virginia
The proximity to the nation’s capital helps explain the state’s average home price of $446,984. Plenty of people commute to D.C. for work from Virgina. Want to live in Virginia Beach? You’ll need around $70,000 to buy a home and live comfortably, according to Finder.com.
Washington
The tech boom in the Pacific Northwest has boosted the average price of a home to $454,119. Big salaries and an increase in demand have pushed up the cost of living. You’ll need a salary of more than $127,000 to meet your needs, reports Finder.com.
West Virginia
Here you’ll find the average price of a home runs $221,125. Even better, your upkeep will be extremely reasonable. According to Porch.com, it’s the second least expensive state for routine home maintenance, coming in at about $15,000 a year.
Wisconsin
The word is out about Madison in this state, where the average price of a home is $244,238. The state capital happens to also be a lovely and extremely liveable college town. These days it takes almost $70,000 to buy a house and meet expenses, according to Finder.com.
Wyoming
Why not Wyoming? The average price of a home is $284,500, and there are plenty of charming towns like Casper and Jackson Hole. However, Wyoming runs a bit higher than the national average for cost of living, and job growth is stagnant, according to Bestplaces.net. Next, find out the best-kept secret in every state. Plus: Did you know that these 15 states have the highest burglary rates in America?
