In a bid to help homeowners keep their homes admist the pandemic, interest rates have plummeted to an all-time low in the US. Many are taking advantage of this while they can, and understandably, real estate is booming.
However, there are some states where prices and availability are not meeting demand, so prices are unstable. For those seeking to buy homes in-state or out of state, or are trying to sell your home, here are some figures to consider.
Prices from state to state vary and are constantly changing. Getting the right price for your circumstances will impact your decision.
Continue reading to find out the average prices of homes state-wide.
Here are the states with the most affordable housing solutions and the average price for a home there:
West Virginia has the lowest average cost of $113,578.
Iowa comes in second at $121,290.
Then comes Mississippi at $135,743, right in the middle of history and mystery and culturally diverse.
Oklahoma follows with a $143,173 average. Here you will have mild winters and kid-friendly outdoors.
Alabama comes in at an average cost of $161,377.
Arkansas averages around $142, 225, (with cities in Arkansas –Carmmack Village, $226, 804, Tontitown, $272, 446, Elm Spring, $346,645)
Indiana homes cost $174,901 on average, with the cost of living being 18% below the national US average.
Kansas will cost around $169,388.
Kentucky averages at $162,358. The state’s main cities Lexington and Villa Hill, average at $228,092 and $275,591, respectively.
Maryland averages $169,327 for purchasing a home.
More Affordable Places
The following states are slightly more expensive than the previously mentioned ones but are certainly still affordable:
Ohio follows up with an average of $170,492 for art culture and cuisine.
Louisiana is a bit higher, with an average of $180,661. New Orleans costs around $241,661.
Missouri is averaging at $183,035, and the city of St Louis is averaging at $146,648.
The state of Michigan is averaging at $196,088, and in Ann Arbor, houses are averaging at $408,000. The Grand Rapids is a bit lower at $272,446, and Detroit is around $47,616.
Nebraska comes up next averaging $155,800, with Omaha averaging $221,098.
North Dakota averages $193,900.
South Carolina averages at $210,727, with Charleston averaging at$366,358, Columbia, $160,405.
Tennessee is right up there, averaging $212,236 with great food and country music.
Pennsylvania comes up with history and culture in Philadelphia and averaging at $217,984.
Illinois averages $223,455 with Chicago averaging $285,597 and Clarendon Hill at $508,973.
Texas averages $228,255.
Georgia is averaging $228,599. The city of Atlanta is averaging $313,818, with Savana averaging $198,625.
South Dakota is next with a $230,550 average and a low cost of living.
New Mexico averages $232,162, and Albuquerque averages $243,300 with a mountainous backdrop.
Slightly More Expensive
Wyoming then comes in at $263,166. However, it has a low cost of living.
Florida averages $272,094.
Maine is averaging $280,437, and if you can manage the winters, that average is hard to beat.
Delaware averages $285,750, (their main cities Claymont $244,484, Wyoming, $202,479, Ocean View, $369,740)
Alaska averages $288,234.
Connecticut is short in housing supply and averages at $294,046.
North Carolina is averaging $321,166.
States With Housing Between $300,000 and $600,000
Arizona is averaging $319,888, with Phoenix having one of the hottest housing markets currently.
Colorado housing is averaging $449,182, with (Colorado Springs averaging $363,972 and Federal Heights, $336,436).
Maryland is averaging $346,091.
Idaho is averaging $359,546. That’s an increase of 20% over 2020. People are moving away from big cities to the less crowded Midwest. Boise is also seeing an incredible boom averaging $437,814, a 28% increase over last year.
Massachusetts is averaging $481,088, an increase of 11.4% increase over 2020. Moving toward Birkshire houses gets more reasonable and more expensive as you move closer to Boston. Homes in Denver are averaging $505,616.
Continuing With States Averaging $300,000 to $600,000
Virginia, $311,877 average, and Alexandrea $588,188, Richmond, $267,878 and Virginia Beach, $314,669.
Montana, with outdoor recreation in abundance, is averaging $328,826.
Nevada averages $338,426, while Las Vegas is averaging $314,433 and Reno $463,264.
New Hampshire comes up next with the Presidential range at $338,281. Prepare for long winter and high property taxes.
New York, surprisingly is averaging $353,068. For more affordable locations, head over to Western, Central or Upstate New York.
The garden state of New Jersey comes up next with a $382,096 average.
Rhode Island is averaging $344,836. It is the smallest state but allows for a quality lifestyle.
Washington state averages at 478,015. Seattle costs around $817,718, Olympia, $417,726 and Tacoma, $411,457.
Utah comes up at $408,466 with Salt Lake City averaging $477,165 and Vermont averaging $279,119.
Oregon is not far off, with an average of $409,182. You can expect reliable public transport and medical services in this state. Plus, no sales tax!
Washington D.C. is averaging $672,910, a 3.1% increase from 2020. George Town is $1.3 million, and Logan Circle is $642,571.
California is also averaging high with $635,055, an increase of 10.9% over last year. California cities Los Angeles and Sacramento are averaging at $826,566 and $410,061.
The tropical vacation island of Hawaii is averaging at the highest cost of $689,945, which is an increase of 5.5% over last year.
Every state is unique, with its own charm and beauty. Some people will never move from their birthplace, whatever the condition or circumstances. But Some people are eager to move and be adventurous. Affordability is always a factor when moving. Hopefully, you now have a grasp on which states you can afford to live in.