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Title: This Is The Median Home Price In Each US State
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URL Source: https://www.zerohedge.com/personal- ... edian-home-price-each-us-state
Published: Nov 8, 2024
Author: Tyler Durden
Post Date: 2024-11-08 01:14:45 by Horse
Keywords: None
Views: 95
Comments: 1
In 2024, buying a home in the U.S. looks vastly different depending on where you are. Factors like local demand, land availability, economic conditions, and housing regulations all contribute to the median home prices in each state. This map, via Visual Capitalist's Kayla Zhu, visualizes the median home sale price for a single-family home in each U.S. state in 2024. Hawaii has the highest median house price in the U.S. at around $852,000, over double the national average, primarily due to its limited land availability, strict housing regulations, and high demand for housing in a desirable climate. A University of Hawaii report found that regulatory costs, including lengthy permitting processes and strict zoning laws, account for more than half (58%) of the median price of a new condominium in Hawaii. Hawaii’s finite land area and high demand driven by tourism and military presence further inflate property values. California comes in at second, with a median home price of $776,000. The coastal state is home to some of the most unaffordable metropolitan areas in the U.S., including Los Angeles and San Jose, where the home price-to-income ratio is over 10. Predominantly rural states like West Virginia ($167K), Mississippi ($184K), and Arkansas ($191K) have significantly lower median home prices than urbanized states like California ($776K) or New York ($476K). 
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