What Is the Median Home Price by State?

Since the pandemic, mortgage rates have dropped significantly across the country. In turn, this increased demand. Meanwhile, there has been a shortfall in housing sales as fewer homeowners list their homes.

The National Association of Realtors reported a record low in house sales in December 2020. As a result, the average house price has been on the rise. According to Zillow, the standard value has increased by 9.1% as of January 2021, standing at is $269,039.

Here, we’ll take a closer look at the median home price by state.

Median Home Price by State

Median home prices vary from state to state. Typically, states with higher median home values also have higher median incomes for households. On the other hand, states with cheaper homes generally have lower median household incomes. Take a closer look at the statistics below to better understand the average housing rates in 2021.

Alabama

• Typical median home price: $170,184
• Average rate of mortgage: 3.054%
• Mortgage payment to median income average: 21.7%

At 21% under the national median, Alabama has a relatively low median income. Consequently, the price of housing is even lower.

Alaska

• Typical median home price: $300,592
• Average rate of mortgage: 2.977%
• Mortgage payment to median income average: 26.2%

While house prices in Alaska are higher than the nationwide average, it’s balanced out by a 15% larger median household income.

Arizona

• Typical median home price: $355,540
• Average rate of mortgage: 3.118%
• Mortgage payment to median income average:38.1%

With a combination of high housing costs and a low median income (6% below the national average), mortgages are relatively high in price.

Arkansas    

• Typical median home price: $149,420
• Average rate of mortgage: 3.037%
• Mortgage payment to median income average: 20.1%

Compared to some other states, owning a home in Arkansas doesn’t cost too much. The median house price is just over half the typical price in the country. Although this is compensated by the median income being 26% lower than the national average.

California

• Typical median home price: $683,996
• Average rate of mortgage: 3.043%
• Mortgage payment to median income average: 56.2%

It may come as little surprise that the Golden State is one of the most expensive places to buy a home. On average, California has a 38% higher cost of living than any other state. Yet, despite the median house income being 22% higher than the national average, housing prices are still beyond the reach of many.

Colorado

• Typical median home price: $490,944
• Average rate of mortgage: 3.002%
• Mortgage payment to median income average: 41.9%

Colorado’s median income is 17% higher than the national average. However, this is not enough to counter skyrocketing house prices. On average, a mortgage payment is 40% higher than the median income.

Connecticut

• Typical median home price: $318,096
• Average rate of mortgage: 3.080%
• Mortgage payment to median income average: 26.8%

A higher median income (20% above the national average) makes up for the housing prices in Connecticut.

Delaware

• Typical median home price: $308,067
• Average rate of mortgage: 3.080%
• Mortgage payment to median income average: 26.8%

House prices in Delaware are slightly higher, but the median income is. As a result, the mortgage payment and median income ratio are slightly under the national average.

Florida

• Typical median home price: $297,390
• Average rate of mortgage: 3.111%
• Mortgage payment to median income average: 33.4%

Homeowners in Florida spend a considerable portion of their wages on mortgages. As a result, the median income falls roughly 10% under the national median.

Georgia

• Typical median home price: $245,778
• Average rate of mortgage: 3.064%
• Mortgage payment to median income average: 26.2%

If you’re looking to settle in Georgia, you’ll be pleased to find lower housing prices. This is interesting, considering the median income is also below the national average.

Hawaii

• Typical median home price: $730,511
• Average rate of mortgage: 2.997%
• Mortgage payment to median income average: 57.9%

Hawaii tops the list in terms of housing prices, at a whopping median price of $730,511. However, the median household income is the third highest in the U.S. Despite this, Hawaii continues to be the most expensive state due to the staggering prices.

Idaho

• Typical median home price: $403,291
• Average rate of mortgage: 2.993%
• Mortgage payment to median income average: 43.5%

Idaho is certainly on the more expensive side when buying a home. Plus, the average incomes don’t balance out the high home prices.

Illinois

• Typical median home price: $233,661
• Average rate of mortgage: 3.041%
• Mortgage payment to median income average: 22.3%

The standard house price in Illinois is 20% lower than in the rest of the nation. Coupled with higher incomes, Illinois residents end up saving a significant amount on mortgages.

Indiana

• Typical median home price: $185,805
• Average rate of mortgage: 3.144%
• Mortgage payment to median income average: 21.5%

With a lower median income and cheaper housing, Indiana is one of the easiest states to own a home.

Iowa

• Typical median home price: $165, 955
• Average rate of mortgage: 2.915%
• Mortgage payment to median income average: 17.6%

With low housing prices and a decent median income, Iowans tend not to spend too much on mortgages.

Kansas

• Typical median home price: $176,898
• Average rate of mortgage: 3.039%
• Mortgage payment to median income average: 18.8%

Kansas is another state with affordable house prices. A median income of 6% above the national median only increases its appeal.

Kentucky

• Typical median home price: $168,998
• Average rate of mortgage: 3.106%
• Mortgage payment to median income average: 21.5%

Kentucky’s median income falls far below the national median. Despite this, house prices tend to be lower, making it easier for residents to afford homes.

Louisiana

• Typical median home price: $187,844
• Average rate of mortgage: 3.022%
• Mortgage payment to median income average: 24.2%

Like Kentucky, Louisiana also has a significantly lower than average median rate. However, housing is also cheap, so mortgages are relatively affordable.

Maine

• Typical median home price: $306,018
• Average rate of mortgage: 3.043%
• Mortgage payment to median income average: 34.3%

Some people may struggle to get their dream home in Maine. The median income is 10% lower than the national average.

Maryland

• Typical median home price: $366,581
• Average rate of mortgage: 3.002%
• Mortgage payment to median income average: 27.8%

The high housing costs in Maryland tend to be balanced out by salaries being 32% above the national median.

Massachusetts

• Typical median home price: $518,203
• Average rate of mortgage: 2.966%
• Mortgage payment to median income average: 39.6%

Massachusetts is home to some of the more expensive housing costs. As a result, owning a house here can be a challenge despite the median income being above average.

Michigan

• Typical median home price: $208,337
• Average rate of mortgage: 3.162%
• Mortgage payment to median income average: 23.3%

The standard home prices in Michigan leave mortgage payments at an affordable price.

Minnesota

• Typical median home price: $301,576
• Average rate of mortgage: 3.011%
• Mortgage payment to median income average: 26.6%

Buying a house in Minnesota is altogether doable. Housing prices are close to the nationwide average, plus residents have a higher median income.

Mississippi

• Typical median home price: $140,818
• Average rate of mortgage: 3.102%
• Mortgage payment to median income average: 20.4%

If you’re looking for cheap, Mississippi is the winner. With some of the lowest housing prices in the whole country, plus low median incomes, mortgage payments are affordable for most.

Missouri

• Typical median home price: $194,226
• Average rate of mortgage: 3.046%
• Mortgage payment to median income average: 22.4%

Housing costs in Missouri are far below the national average. The median income falls at only 6% lower than the national median.

Montana

• Typical median home price: $359,678
• Average rate of mortgage: 3.099%
• Mortgage payment to median income average: 41.8%

Becoming a homeowner in Montana is slightly more difficult. This is due to high housing prices and a low median income.

Nebraska

• Typical median home price: $206,538
• Average rate of mortgage: 2.976%
• Mortgage payment to median income average: 1.4%

Nebraska is among some of the more affordable states. It has lower housing costs and a median income of 4% lower than the national average.

Nevada

• Typical median home price: $368,254
• Average rate of mortgage: 3.110%
• Mortgage payment to median income average: 38.7%

High housing prices and a low median income make it challenging for Nevada natives to buy homes.

New Hampshire

• Typical median home price: $366,129
• Average rate of mortgage: 3.033%
• Mortgage payment to median income average: 31.0%

Despite the median income being above average, typical home prices are still more expensive for average homebuyers.

New Jersey

• Typical median home price: $408,517
• Average rate of mortgage: 3.000%
• Mortgage payment to median income average: 31.4%

New Jersey is home to both high housing prices and high incomes. However, the average salary tends to still be below the housing costs. As a result, mortgages are more expensive.

New Mexico

• Typical median home price: $248, 670
• Typical single-family home value: $250,046
• Average rate of mortgage: 3.104%
• Mortgage payment to median income average: 31.8%

While homes in New Mexico are slightly below the national median, the median income is also 21% lower than average. This may mean that residents need to budget more when looking for a home.

New York

• Typical median home price: $371,880
• Average rate of mortgage: 3.050%
• Mortgage payment to median income average: 29.1%

House prices in New York are certainly above average, but the median income is. So despite New York being fairly costly, the housing prices are reasonable.

North Carolina

• Typical median home price: $248,950
• Average rate of mortgage: 3.024%
• Mortgage payment to median income average: 28.6%

Housing in North Carolina is a little on the expensive side. Primarily, this is due to the typical mortgage payment to median income being slightly over the 28% mark.

North Dakota

• Typical median home price: $246,588
• Average rate of mortgage: 2.945%
• Mortgage payment to median income average: 25.0%

On average, mortgage payments in North Dakota take up approximately a quarter of your income. However, housing prices are typically less pricey than other states, making North Dakota one of the most affordable locations.

Ohio

• Typical median home price: $181,756
• Average rate of mortgage: 3.160%
• Mortgage payment to median income average: 20.7%

Here’s another state with lower house prices. The average mortgage is reasonably priced even with a below-average median income rate.

Oklahoma

• Typical median home price: $150,574
• Average rate of mortgage: 3.080%
• Mortgage payment to median income average: 18.3%

Oklahoma is home to some of the most affordable housing in the country. Yet, a standard home comes in at barely half of the national average.

Oregon

• Typical median home price: $447,968
• Average rate of mortgage: 3.082%
• Mortgage payment to median income average: 44.3%

High house prices and slightly higher incomes (2%) make Oregon less affordable than other states.

Pennsylvania

• Typical median home price: $234,684
• Average rate of mortgage: 3.033%
• Mortgage payment to median income average: 24.4%

Pennsylvania residents can enjoy reasonably priced homes that go hand in hand with their income. A standard home is 20% below the average U.S. price.

Rhode Island

• Typical median home price: $372,809
• Average rate of mortgage: 3.032%
• Mortgage payment to median income average: 34.6%

Costly mortgage payments make it difficult for Rhode Island residents to find affordable homes.

South Carolina

• Typical median home price: $225,406
• Average rate of mortgage: 3.062%
• Mortgage payment to median income average: 25.5%

Compared to its northern neighbor, South Carolina is far more affordable. Cheap homes and a low median income make it easy for most people to invest in a home.

South Dakota

• Typical median home price: $242,932
• Average rate of mortgage: 2.946%
• Mortgage payment to median income average: 26.7%

Thanks to low mortgage interest rates and a below-average median income, buying a home in South Dakota is more doable compared to other states.

Tennessee

• Typical median home price: $231,682
• Average rate of mortgage: 3.015%
• Mortgage payment to median income average: 27.2%

With a combination of low housing costs and incomes, Tennessee is among the more affordable states to buy a home.

Texas

• Typical median home price: $247,210
• Average rate of mortgage: 3.052%
• Mortgage payment to median income average: 25.5%

Homes in Texas cost less than the national average. Plus, the median income is 3% lower than the national median, making the average mortgage payment affordable.

Utah

• Typical median home price: $465,012
• Average rate of mortgage: 3.001%
• Mortgage payment to median income average: 30.4%

Mortgage payments tend to be on the higher side in Utah. For this reason, homeownership can be a difficult process in the Beehive state.

Vermont

• Typical median home price: $299,998
• Average rate of mortgage: 3.012%
• Mortgage payment to median income average: 31.4%

Low incomes and high housing costs make Vermont a difficult place to buy a home.

Virginia

• Typical median home price: $328,640
• Average rate of mortgage: 2.991%
• Mortgage payment to median income average: 28.3%

The median income in Virginia is 16% above the national median. This helps balance out higher housing prices for residents.

Washington

• Typical median home price: $519,552
• Average rate of mortgage: 3.058%
• Mortgage payment to median income average: 43.7%

The average income in Washington is 20% higher than the rest of the country. However, this isn’t enough to match the staggering prices of homes, making it difficult for typical homebuyers to invest.

West Virginia

• Typical median home price: $117,768
• Average rate of mortgage: 3.145%
• Mortgage payment to median income average: 16.1%

If you’re looking for affordability, look no further than West Virginia. While the Mountain State has a median income 26% lower than the nation’s average, it makes up for this with some of the lowest typical housing prices in the country.

Wisconsin

• Typical median home price: $230,733
• Average rate of mortgage: 3.037%
• Mortgage payment to median income average: 23.8%

The average mortgage payment in Wisconsin is lower than in most other states. Reasonable home prices combined with an average median income make this state ideal for anyone looking to invest in a home.

Wyoming

• Typical median home price: $237,992
• Average rate of mortgage: 3.136%
• Mortgage payment to median income average: 28.1%

Housing prices in Wyoming fall below the national average. Plus, the median income comes to only 1% below the median U.S. total. This makes Wyoming reasonably affordable for homebuyers.

Saving for Your Dream Home

With ever-increasing home prices, many across the country have decided to take a step back and not buy a new property. Furthermore, it’s unlikely you will get any discounts with homes selling at such a fast rate. However, retailers recommend a few things when it comes to saving for the best possible mortgage deal.

One way of doing so is to increase your credit score. The higher your credit score, the more likely you will qualify for a lower mortgage. Alternatively, you can also put aside money to save for a larger down payment. Finally, consider contacting mortgage lenders to get the best annual percentage rate (APR) if that isn’t possible.

We hope that this article has given you a better idea of what to expect from the median home price by state.