Median home sale prices in the United States have nearly doubled in the past decade to $422,000 in July 2023. That’s up from $220,000 in July 2013. Although prices are trending higher nationwide, affordability is significantly different by state.
An analysis of recent data provided by Redfin, a national real estate brokerage firm, shows the Midwest and South have the lowest median house prices in the United States, making these regions the most affordable relative to income.
Before the lockdown, low mortgage rates made new and used homes more affordable for many people in America. A $500,000 house with a 20% down payment and a 30-year fixed rate mortgage of 4% has a monthly cost of $2,005. The same home bought with a 7% rate has a $2,794 monthly payment — a $789 difference.
Least Expensive States in The Midwest and SouthThe Midwest and South contain the top five low-housing cost states, which lead the country in affordability. More from this section Survey reveals need for more accessible workplace practices Credit Card Debt Is Locking Americans Out of Homeownership, Long-Term Savings Oklahoma Most Affordable State Outside The MidwestOklahoma has the third-lowest median sale price of $256,000. The state is largely rural, with two main cities: Oklahoma City and Tulsa. Oklahoma's median household income is below Iowa’s and Ohio's at $63,440. As a result, its residents pay more of their income for housing costs.
Homes in Hawaii Are ExpensiveHawaii is next on the list, with a median home price of $713,000. The state has strict permitting requirements, and as a result, construction cannot meet demand. Therefore, housing prices have risen. Besides expensive housing, Hawaii also has the highest cost of living, making it challenging to make a simple 50/30/20 budget strategy work and purchase a home, too.
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