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Median Home Price by State 2020

When homebuyers are searching for a home, there are many factors to consider. Among these are style, proximity to family or large metro areas, safety, the job market, and school districts if the homebuyer has children. Two of the most important factors to consider when purchasing a home are price and location.

Buying a home is a huge financial commitment and is likely the largest investment an American will ever make. Determining the correct price point for your budget is necessary for making sure you can afford your monthly mortgage payments and keep your home. Home prices vary greatly by location, both state to state and city to city.

Between 1999 and 2019, the median price of a home has more than doubled from $111,000 to $245,000. Because of the ever-increasing home prices, many people are deciding to delay buying homes or decide not to altogether. In the majority of U.S. states, the median home price is over $200,000. While a homebuyer can find a home in any state at that price, what one could get for $200,000 varies greatly between states. For example, a $200,000 home in Hawaii is about 421 square feet.

24/7 Wall Street evaluated data from real estate company Zillow to determine the median home value of each state and how much $200,000 (between $190,000 and $210,000) gets you.

Median Home Price by State

Each state has varying median home prices and typical home sizes. Generally, the states with higher median home values have higher median household incomes, while the states with less expensive homes have lower median household incomes.

States with the Highest Median Home Prices

Hawaii has the highest median home price of $638,388 and also has the third-highest average monthly rent in the U.S. at $2,333 per month so living in Hawaii is expensive whether you decide to rent or buy. A typical $200,000 home in Hawaii will only get you 421 square feet. The typical home size in Hawaii is the smallest among the states, at 1,209 square feet and one could expect to get about 4.6 rooms. Luckily, Hawaii’s median household income is the third-highest in the country at $80,212 per year.

Hawaii’s pricing and home sizes are a sharp contrast to Maryland, which has the tenth-highest median home price at $310,744. In Maryland, the typical home size is 1,740 square feet, the 25th largest typical home size, and 6.2 room, which is the second-highest number of rooms in a typical home in any state. Maryland has the highest median household income of any state at $83,242.

States with the Lowest Median Home Prices

Below are the states with the lowest median home prices.

  1. West Virginia ($107,927)
  2. Mississippi ($127,206)
  3. Arkansas ($129,484)
  4. Oklahoma ($131,080)
  5. Alabama ($140,991)
  6. Kentucky ($148,662)
  7. Ohio ($151,382)
  8. Kansas ($151,970)
  9. Iowa ($153,802)
  10. Indiana ($156,543)

West Virginia’s median home price of $107,927 is the lowest of any state in the United States. If a homebuyer is looking to pay $200,000, the typical home size would be around 2,140 square feet, more than four times the size of a similarly priced home in Hawaii.

For anyone looking to get the most space for $200,000, a typical home in Indiana for that price is 2,301 square feet and in Mississippi, one could get about 2,236 square feet.

Here are the 10 states with the highest median home price:

  1. Hawaii ($587,700)
  2. Washington DC ($568,400)
  3. California ($475,900)
  4. Massachusetts ($366,800)
  5. New Jersey ($327,900)
  6. Colorado ($313,600)
  7. Washington ($311,700)
  8. Maryland ($305,500)
  9. New York ($302,200)
  10. Oregon ($287,300)

Median Home Price by State 2020

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Median Home Price by State 2020

State Median Home Value
Puerto Rico$113,500
Mississippi$114,500
West Virginia$115,000
Arkansas$123,300
Oklahoma$130,900
Kentucky$135,300
Indiana$135,400
Alabama$137,200
Ohio$140,000
Iowa$142,300
Kansas$145,400
Michigan$146,200
Nebraska$147,800
Missouri$151,600
South Carolina$154,800
Louisiana$157,800
Tennessee$158,600
South Dakota$159,100
Texas$161,700
North Carolina$165,900
Georgia$166,800
New Mexico$166,800
Wisconsin$173,600
Pennsylvania$174,100
Maine$184,500
North Dakota$185,000
Illinois$187,200
Idaho$192,300
Florida$196,800
Arizona$209,600
Minnesota$211,800
Wyoming$213,300
Montana$219,600
Vermont$223,700
Nevada$242,400
Delaware$244,700
Rhode Island$249,800
New Hampshire$252,800
Utah$256,700
Virginia$264,900
Alaska$265,200
Connecticut$272,700
Oregon$287,300
New York$302,200
Maryland$305,500
Washington$311,700
Colorado$313,600
New Jersey$327,900
Massachusetts$366,800
California$475,900
Washington DC$568,400
Hawaii$587,700