If you’re hoping to buy a house in the near future, your pathway to purchase will look quite different depending on where exactly you want to live. The definition of affordability isn’t identical across the entire country, so it’s important to think about where you can get the biggest bang for your buck. Here we break down the nationwide median home price by state.
How much does a home cost in the United States?
According to data from the National Association of Realtors, the median price for an existing home — one that’s already standing, not new construction — was $387,600 as of November 2023.
If you’re wondering whether you should buy a house now, or wait in the hopes that prices might come down significantly, you could be out of luck. November’s price tag reflected a year-over-year increase of 4 percent and marked the fifth straight month of year-over-year price jumps. The housing market tends to follow the law of supply and demand, and since there isn’t enough supply to match demand, home prices are looking fairly resilient.
Home prices generally rise over time, but they do fluctuate in the short-term. For example, seasonality plays a role: The median price in January will typically rise to a peak around June, then steadily fall back down again as it gets closer to winter.
To get a sense of how house prices vary by state, we combed through Redfin’s monthly housing market data as of November 2023.
| State | Price |
|---|---|
| Source: Redfin, accessed Jan. 3, 2024. | |
| Alabama | $267,100 |
| Alaska | $350,000 |
| Arizona | $435,300 |
| Arkansas | $246,000 |
| California | $793,600 |
| Colorado | $586,100 |
| Connecticut | $424,900 |
| Delaware | $375,000 |
| District of Columbia | $640,000 |
| Florida | $405,000 |
| Georgia | $389,500 |
| Hawaii | $714,100 |
| Idaho | $539,000 |
| Illinois | $266,800 |
| Indiana | $242,500 |
| Iowa | $289,900 |
| Kansas | $263,700 |
| Kentucky | $246,700 |
| Louisiana | $243,300 |
| Maine | $370,000 |
| Maryland | $395,000 |
| Massachusetts | $595,700 |
| Michigan | $238,800 |
| Minnesota | $330,500 |
| Mississippi | $232,800 |
| Missouri | $243,500 |
| Montana | $609,900 |
| Nebraska | $280,400 |
| Nevada | $479,299 |
| New Hampshire | $451,400 |
| New Jersey | $485,900 |
| New Mexico | $358,600 |
| New York | $649,000 |
| North Carolina | $362,200 |
| North Dakota | $334,075 |
| Ohio | $228,000 |
| Oklahoma | $233,900 |
| Oregon | $490,200 |
| Pennsylvania | $268,100 |
| Rhode Island | $455,500 |
| South Carolina | $360,800 |
| South Dakota | $300,200 |
| Tennessee | $418,900 |
| Texas | $336,400 |
| Utah | $548,900 |
| Vermont | $395,800 |
| Virginia | $415,600 |
| Washington | $605,400 |
| West Virginia | $284,000 |
| Wisconsin | $329,000 |
| Wyoming | $317,000 |
States with the most expensive homes
California: $793,600
The cost of living in California is notoriously high, and housing costs are a big driver of those elevated expenses. Of course, you get what you pay for, and to many, a Pacific coast getaway or desert retreat is worth the price. Remember, though, that this state is massive, and while you probably won’t find a bargain in, say, Malibu, the California housing market has plenty of budget-friendly options too, particularly inland.
Hawaii: $714,100
From big-city energy in Honolulu to quiet-retreat vibes on Kauai, life in this state can make you feel like you’re always on vacation. While it’s not quite as pricey as California when it comes to housing, don’t be fooled: It might actually cost you more to live here, as utilities and food tend to be more expensive on the islands than they are in the continental U.S.
New York: $649,000
New York state’s real estate prices are heavily influenced by New York City. And while NYC’s reputation for being notoriously expensive is certainly justified — the median price in Manhattan is more than $1.3 million, per Redfin — there is much more to this huge state than just NYC. Towns in the Hudson Valley and farther upstate have plenty to offer, at much more affordable prices.
States with the most affordable homes
Ohio: $228,000
OH…IO! That familiar cheer from the crowd at Ohio State University football games isn’t just for touchdowns anymore; it’s for a housing market that feels like a win for anyone on a tight budget. The Buckeye State offers a balance of big cities like Cincinnati, Columbus and Cleveland with many smaller towns in-between.
Mississippi: $232,800
Mississippi cracked the top five of Bankrate’s most recent ranking of best states to retire in, and its affordable housing is a big reason why. Combine that with temperate weather, rich history and Gulf coastline, and it’s no wonder more people are discovering this Southern state.
Oklahoma: $240,000
The heartland continues its affordable streak in Oklahoma, with home prices considerably lower than its neighbor to the south, Texas. The Sooner State is an affordable option whether you want a bucolic farmhouse, a more urban vibe in Oklahoma City or a college sports haven in Norman.
Can you afford to live in this state?
The prices listed here are medians — that means half of the homes in each state sold for more, and half sold for less. So just because you can’t afford to spend $793,600 on a house doesn’t mean you can’t afford to live anywhere in California: Fully half of the homes there sold for less than that.
Real estate is a local game, and you should be sure to look at individual towns and neighborhoods to figure out what works for your budget. If you love a particular city, you can often get more bang for your buck just outside of it. Explore local programs for first-time homebuyers and low-income buyers, too, which can help cover a down payment and closing costs for those who qualify.
Bankrate’s new-home calculator can help you figure out how much house you can afford. Another useful guideline is the 28 percent rule: Many experts advise limiting your housing expenses to no more than 28 percent of your income. If you earn $7,000 per month, for example, that means keeping your total housing costs at $1,960 or less.
Next steps
Whether you’re looking in the most expensive parts of the country or you’re looking out for a bargain, there is one common ingredient: It’s smart to work with an experienced local real estate agent. Local agents are experts in their markets, and with the housing market continuing to favor sellers in most parts of the country, professional expertise is invaluable for any homebuyer.
FAQs
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The median price is the middle value, which means that half the housing inventory in the area costs less and the other half costs more. An average price, on the other hand, reflects a number that adds up all the sales prices and divides by the number sold. Most real estate experts look at the median price as a more accurate picture of the market.
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With a median price tag of $228,000, per November 2023 Redfin data, Ohio claims the top spot as the most affordable place to buy a home in the U.S.
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California. The Golden State’s median price tag of $793,600, per November 2023 Redfin data, was more expensive than any other state in the country. It outpaced the second-most-expensive state, Hawaii, by nearly $80,000.
