County Median Home Prices and Monthly Mortgage Payment

Table Of Content

• Other statistics on the topicU.S. housing market
• Interactive Median Home Price Map
• Typical home price in Virginia: $370,134 (108% of typical U.S. price)
• Bankrate logo
• Median sale price of existing homes sold in the U.S. 2017-2023 with forecast for 2025
• Housing Market Update: Buying a Home Costs More Than Ever, With Prices Hitting All-Time High and Mortgage Rates Rising
• Oklahoma

The value of an average single family home in Nevada is $415,472, 22% above the typical U.S. home price. That and the median household income being just below the national median creates housing affordability concerns in the state. The gap between those percentage changes is a result of home prices rapidly rising from 2020 through late 2022. From the first quarter of 2020 to the fourth quarter of 2022, the median home sales price rose 46% from $329,000 to $479,500, among the fastest rate of median home sales price increases in U.S. history. In the fourth quarter of 2023, the median price of existing homes in the U.S. was 387,000 U.S. dollars, which is set to rise to 407,000 U.S. dollars by 2025.

Other statistics on the topicU.S. housing market

However, the costs of homeownership in the United States can be startling. According to Federal Reserve Economic Data, the median price of houses sold in 2022 is $428,700. The Zillow Home Value Index, which measures only the middle price tiers of homes, sets the cost of a typical home in the United States at $344,141. Home values increased by 20% in the twelve months between April 2021 and May 2022. Meanwhile, the median household income in the United States is $67,521 a year.

Interactive Median Home Price Map

A Midwestern boy at heart, he was raised in St. Louis and studied journalism at the University of Missouri. Before joining The Times as an intern in 2017, he wrote for the Columbia Missourian and Politico Europe. County, in the Antelope Valley of the western Mojave Desert, lies Lancaster, a charter city home to rugged landscapes and aerospace giants such as Boeing, Northrop Grumman and Lockheed Martin. Deals are aplenty with many houses in the $200,000s, and most come with a spacious lot to spread out. Dubbed “a different world” by a resident, Kagel Canyon emerged as a mining town in the late 19th century and maintains its rugged, rural atmosphere today.

Typical home price in Virginia: $370,134 (108% of typical U.S. price)

Conventional wisdom says to make a 20% down payment on a home, but you don’t need to follow that advice. Just keep in mind that if you decide to go with a low-down-payment option, you’ll most likely need room in your budget for monthly mortgage insurance premiums. If your mortgage calculator results make homeownership seem unrealistic, don’t give up. Look into down payment assistance and first-time homebuyer programs from state agencies and lenders that cater to first-time homebuyers. An acre of land, on average, cost $3.6 million in September 2023, according to online marketplace LandSearch. For decades, California’s housing supply hasn’t been large enough for the number of people wanting to live there.

The typical home value and median household income are both 8% above their respective national benchmarks, so the income-to-home-value ratio is average. The typical home value in South Dakota is 16% lower than the typical U.S. home value, while the median income in the state is just 7% below the national median. That along with the median household income being 88% of the U.S. median results in the fifth-best income-to-home-value ratio.

I also trust the underlying indices to get us in the actual market's ballpark. Lyle Daly is a freelance writer who has been covering personal finance since 2016.

Bay Area home prices in every city and ZIP code - San Francisco Chronicle

Bay Area home prices in every city and ZIP code.

Posted: Thu, 25 Apr 2024 16:31:00 GMT [source]

Although median household income in the state is 19% higher than the median income housing in the state is relatively unaffordable. South Carolina is slightly below the national typical home price and median household income, resulting in an average income-to-home-value ratio. The most densely populated state, the average value of a typical single-family home in New Jersey in the fourth quarter was $491,161, per Zillow. The median household income in New Jersey is above the U.S. median, but it's not enough net income-to-home-value ratio to be considered affordable. Single-family homes in Maine are typically more expensive than the average U.S. home.

Oklahoma

This means the median family can only afford a mortgage of around $250,000 and may find themselves being priced out of owning a home. Even as mortgage rates have reached their highest level since November, persistent demand coupled with limited housing supply are key drivers pushing home values upward. As prices are being buoyed amid low inventory and persistent demand, “the overall housing costs are likely to remain elevated for the foreseeable future,” said Redfin Economic Research Lead Chen Zhao. In fact, Idaho has the nation's second-highest level of population growth. The typical home in Idaho costs $466,435 and measures 1,932 square feet.

Federal Reserve Economic Data: Your trusted data source since 1991

Towns in the Hudson Valley and farther upstate have plenty to offer, at much more affordable prices. Home prices rose nearly 13% in September — the smallest jump since January. As of June, the median price for homes sold in the U.S. was $329,000, according to the Federal Reserve Bank of St. Louis. That is up from $307,100 in April and higher than figures recorded in March. The average home price in the United States was $495,100 in the second quarter of 2023, according to the Census Bureau and Department of Housing and Urban Development.

Rocket Homes Real Estate LLC is committed to ensuring digital accessibility for individuals with disabilities. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. If you wish to report an issue or seek an accommodation, please contact us at I don't know the condo, co-op, townhome, or multi-family market well enough to try to create proxies. However, single-family homes are mostly comparable countrywide, so this feels like a good series.

Iowa has one of the highest homeownership rates in the country, with 75.6% of its residents owning their homes. West Virginia boasts the country's lowest housing costs and its highest rates of homeownership. However, the state also consistently ranks among the worst states to live. Massachusetts offers one of the nation's highest quality of living and some of its best education.

Additionally, the tourism industry’s demand for vacation rentals has reduced housing options for residents and kept the long-term rental market sparse. Below, I provide and graph historical monthly median single-family home values in the United States. Significantly, this data is non-seasonally adjusted and based on sales of existing homes.

Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. The price for an existing single-family house in the city of Reno rose to $613,000 in March, up from $565,000 during the previous month, according to Sierra Nevada Realtors. The existing home data does not include condominiums, manufactured homes and new housing. One way people are bringing down the cost of purchasing a home is by relocating.

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Home values are third highest in the nation and its income-to-home-value ratio is the sixth lowest, despite the median income there being 35% above the national median. Homes in Connecticut are valued 9% above the typical U.S. price, but are still somewhat affordable given the state's relatively high income-to-home-value ratio. California has the second-highest typical home value in the United States and the second-lowest income-to-home-value ratio, despite residents making 22% more than the median U.S. income.

A typical home in the state costs $559,312, with an average size of 1,744 square feet. Homeownership is among the lowest in the country, with 60% of residents owning their homes. The median home price gives us an idea of what the typical home costs. It tells us that half of homes sold for more than that price and half sold for less. Combined with mortgage rates and other factors, the median home price also helps us understand how affordable it is to buy a home. Utah has the largest homes in the nation, with an average house measuring 2,305, nearly 50% more than the national average.