Average House Price by State in 2022 The Ascent by Motley Fool

Table of Content

• Typical home price in Mississippi: $164,132 (38% of typical U.S. price)
• Typical home price in Maine: $360,836 (84% of typical U.S. price)
• Typical home price in Indiana: $221,437 (52% of typical U.S. price)
• Typical home price in California: $816,804 (191% of typical U.S. price)
• Average home price in the United States: $428,700
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• Typical home price in Illinois: $269,575 (63% of typical U.S. price)

That said, even with more expensive financing costs and higher inventory levels, I do not expect home prices in Montana to turn negative in 2023. Lower average house prices in Georgia make it a budget-friendly place to own a home, even though the median income comes in 13% below the rest of the country. A high median income (22% above the national median) isn't enough to make up for Colorado's housing prices. Homeowners have an average mortgage payment over 45% of their median income. Although Washington's median income is 20% more than the U.S. median, that's not nearly enough to match its home prices. Residents will have a hard time making the average mortgage payment work.

As a matter of fact, almost 50% of the homes in the state fall between $155,430 and $465,986, according to NeighborhoodScout. This and other factors has resulted in Montana holding a $386,354 median home value as a state. Although there are many home loans on the market to choose from, SoFi offers a range of home loans at competitive interest rates and with as little as 5% down. With a cost-of-living index of 113.5, Bozeman is the second-most-affordable major city in Montana, according to the Council for Community and Economic Research. If you’re looking for a close-knit small town to live in, the fact that Bozeman is home to less than 50,000 people , should appeal to you. How much you’ll spend on health care is often affected by location.

Typical home price in Mississippi: $164,132 (38% of typical U.S. price)

Despite below average housing costs in North Carolina, median income 11% less than the national average leads residents in the state to miss the 28% rule. New Jersey is home to high housing costs and high salaries (31% more than the national median). Earnings don't quite outweigh the expensive home prices, so mortgages take up a significant chunk of what homeowners make. Residents of Illinois generally don't need to spend too much of their salaries on their mortgages.

Where you live in Montana may affect how much you spend on food, so take into consideration the Council for Community and Economic Research rankings for two of Montana’s major cities. These grocery costs are for the second quarter of 2021, ranked from lowest to highest. Enhanced Cost of Living CalculatorNow includes childcare, taxes, health, housing for home owners vs renters, insurance costs and more when you upgrade to premium.

Typical home price in Maine: $360,836 (84% of typical U.S. price)

If safety is a big concern for you, Billings might present some problems. Billings is considered the least safe city in the entire state, earning a Safety Index score of -0.97, according to data pulled from FBI crime statistics. You can also bike or walk in Billings, but be aware that in the winter it can get cold and very snowy, making conditions difficult.

As a result of these changes, the data released since December 2021 will not be directly comparable with previous data releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. More details are available at the source's Real Estate Data Library.

Typical home price in Indiana: $221,437 (52% of typical U.S. price)

The typical house price is 37% lower than the countrywide number, and incomes are 9% above the national median. Even though the median income is 15% higher than the U.S. median, extremely high prices put housing out of reach for many residents. With the release of its November 2021 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. Homeowners in Rhode Island are often stretched thin by costly mortgage payments. That's because of expensive homes and a median income (18% more than the U.S. median) that isn't enough to balance those out.

Typical home price in California: $816,804 (191% of typical U.S. price)

Before you move, though, it’s a good idea to have a sense for the cost of living in the state. In June, the median sales price for a home in Flathead County was $329,000. The Montana cost of living is north of the U.S. middle, but the state’s untamed and natural spirit is alluring to many. If you’re ready to saddle up and head to Montana, it may be time to start house hunting. The Council for Community and Economic Research’s Cost of Living Index for the second quarter of 2021 ranked Montana’s cities and metro areas to find which had the lowest cost of living.

According to the Federal Reserve Bank of St. Louis, the median home sales price is $428,700. Considering buying a new manufactured home, modular home, or prefabricated home in the wonderful state of Montana? Montana modular homes are engineered specifically for the unique characteristics of the environment, with a focus on energy efficiency and minimal long-term maintenance. The great outdoors, open skies and rolling wheat fields, Montana borders the Alberta and Saskatchewan territories of Canada.

So, what did we learn, looking at the average costs for Billings, Montana? Billings is as cheap, or expensive, as you make it – your lifestyle is going to dictate its worth. Crime may be your biggest concern, with snow coming in a close second. The cost of living index for Billings, MT is 94.9, which means it is slightly cheaper than the country’s average. Food and groceries cost of living index hits at 101.3, with housing at 99.7.

The appreciation rates serve as an accurate indicator of house price trends at the neighborhood level. Neighborhood appreciation rates from NeighborhoodScout are based on both median house value data reported by respondents via the U.S. Bureau of the Census, and a weighted repeat sales index, meaning that they measure average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac . Then proprietary algorithms developed by Dr. Schiller, NeighborhoodScout's founder, are applied to produce neighborhood appreciation rates.