You won’t believe the cost of homes in these five countries

The cost of homes in five states

You know if you’re a regular reader here, I live in San Francisco. So, I’m used to housing prices that most people in the US consider ridiculous. Whether renting or buying, home prices in California are high. So, when people say, “I can’t believe the cost of housing,” I suppose they mean it’s higher than they expected. In contrast, when I see some median home prices in other states, my shock comes from the low price. What about you? Are you more shocked by the rising or falling home prices? Let’s take a look at the cost of homes in five states on opposite ends of the spectrum to consider.

Calculating average home prices

Before we get started, it’s important to acknowledge that there are many different ways to calculate average home costs in a state. Moreover, the numbers can be a bit misleading, because some states have significant differences in the lowest and highest prices while others do not.

If you take a look at the 2022 World Population Review about Average home price By state, you’ll see that they acknowledge the following:

  • They noted that the median price of homes sold so far in 2022 is $428,700.
  • However, the median sale price is higher, at $507,800.
  • Furthermore, some reliable reports remove lower and higher price outliers, using only median price levels in their calculations. For example, Zillow does this, and they report the median US home price for 2022 at $344,141.

So, it’s a little complicated. However, no matter what system you use, the same instances tend to be at the top and bottom of the range. Hawaii and California are always among the most expensive states for housing, for example.

Cost per home per square foot

It is important to consider a variety of different factors when reviewing home costs. For example, the above report ranks states by median home price. However, they also note the average price per square foot, which can make a big difference. In some states, you get much less space for the price.

For example, in both Colorado and Massachusetts, they listed the median home price as about $559,000. However, for that price, you’ll get about 500 extra square feet in a home in Colorado. So, the average cost per square foot in Colorado is $263. In contrast, it’s $321 in Massachusetts.

You will also need to consider other factors such as homeowners union fees, property taxes, general property insurance costs, state median income, etc. The numbers themselves for average home prices are just one story.

The cost of homes in 5 countries: high-end

In order to get a general idea of ​​average housing costs across the United States, we’ll look at the cost of homes in five states in 2022. We’ll start with two of the most expensive states. Then we’ll look at two of the least expensive states. Finally, we’ll conclude with the average home price in one of the states in the middle of the range. let’s start.

Accommodation costs: Hawaii

Hawaii ranks first in the list of median home prices in the United States. According to the above report, the median home price for 2022 in the state is just under $850,000. However, you only get about 1,300 square feet of the house for that price, making the cost per square foot about $650. That’s higher than other countries no matter how you look at it. On the plus side, Hawaii property taxes are among the lowest in the United States.

Housing costs: California

Of course, California also ranks high on the average home price list. Despite this, remember that there is a huge difference between the average cost of a home in San Francisco compared to, say, Fresno. California, after all, is a huge state. The report says the median home price in California in 2022 is just over $760,000. It gets a little more space than Hawaii, though, at 1,625 square feet. This puts the cost per square foot at $468. That’s actually less per square foot than the District of Columbia even though the price of a media home there is lower, because you get more of a home for the price in California.

The cost of homes in 5 countries: the bottom line

I read the numbers above and they don’t shock me at all. what can i say; I have lived in the Bay Area for a long time. You know what shocked me, though? Stunningly low home prices in some states. Let’s look at two of the cheapest options:

Housing costs: West Virginia

West Virginia typically ranks among the lowest when it comes to median home prices in the United States. According to the above report, the median home price there in 2022 is $129,103. You get a lot of homes at this price, over 1,700 square feet. Therefore, the cost per square foot is only $75. I can’t even imagine!

Housing Costs: Mississippi

Mississippi is another state with a low average housing cost. You’d pay less than $160,000 for an average home there, and you’d get nearly 1,900 square feet! The cost per square foot is $84. Of course, it’s important to remember that these states also have some of the highest unemployment rates and the lowest median incomes in all of the United States. So, just because housing is cheaper doesn’t mean it’s easier to pay for your home there. There are many different factors to consider.

The cost of houses in 5 countries: in the East

Perhaps the ideal situation for many people is to find a home somewhere in the middle, where both income and the state’s median housing price are average rather than extreme. I grew up in Arizona, which is well located in the middle of the spectrum.

The 2022 World Population Report places the median home value in Arizona at around $225,500. However, it is important to note that this varies widely across the state. While many small towns in Arizona offer plenty of space at a very low price, the metropolitan city of Phoenix is ​​more expensive to live in. Indeed, throughout the COVID-19 pandemic, Phoenix home prices soared And it went up as more and more people moved away from states like California. It has risen more than 50% in the past two years and is now over $400,000 by most reports.

So, although the cost of homes in 5 states can give us a lot of useful information, remember that there are many factors that play a role. You always want to think about quality of life from several perspectives, not just housing costs right now.

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