House Values by State: 2023 vs. 2024 Comparison

Alabama:

• Typical home price: $228,283 (63% of the U.S. average)
• Single-family home value (Q2 2024): $228,283
• Median household income as a percentage of home value: 26%
• Alabama homes are among the most affordable in the U.S., with home values being the eighth lowest, despite the median household income being 80% of the national median.

Alaska:

• Typical home price: $377,992 (104% of the U.S. average)
• Single-family home value (Q2 2024): $377,992
• Median household income as a percentage of home value: 23%
• Home values in Alaska align with the national average, balanced by a median household income that is 18% above the U.S. median.

Arizona:

• Typical home price: $443,609 (122% of the U.S. average)
• Single-family home value (Q2 2024): $443,609
• Median household income as a percentage of home value: 17%
• Arizona homes are priced 22% higher than the national average, making the state less affordable, especially with a median income near the national median.

The average home value in Arizona: $435,000

Arkansas:

• Typical home price: $209,299 (57% of the U.S. average)
• Single-family home value (Q2 2024): $209,299
• Median household income as a percentage of home value: 26%
• Arkansas has the fourth-lowest home values in the country, with a strong income-to-home-value ratio despite a median income 26% below the national median.

California:

• Typical home price: $806,674 (222% of the U.S. average)
• Single-family home value (Q2 2024): $806,674
• Median household income as a percentage of home value: 11%
• California ranks second in both highest home values and lowest income-to-home-value ratios, even though residents earn 22% more than the U.S. median income.

Colorado:

• Typical home price: $563,964 (155% of the U.S. average)
• Single-family home value (Q2 2024): $563,964
• Median household income as a percentage of home value: 16%
• Colorado homes are the fifth-most expensive in the U.S., with a below-average income-to-home-value ratio, despite a median income 19% above the national average.

Connecticut:

• Typical home price: $436,268 (120% of the U.S. average)
• Single-family home value (Q2 2024): $436,268
• Median household income as a percentage of home value: 20%
• Connecticut homes are valued 20% above the national average, but remain somewhat affordable due to a median income also 20% above the U.S. median.

Delaware:

• Typical home price: $390,830 (107% of the U.S. average)
• Single-family home value (Q2 2024): $390,830
• Median household income as a percentage of home value: 21%
• Delaware homes are priced slightly above the national average, balanced by a median household income 10% above the U.S. median.

District of Columbia:

• Typical home price: $724,949 (199% of the U.S. average)
• Single-family home value (Q2 2024): $724,949
• Median household income as a percentage of home value: 14%
• Washington, D.C. has the third-highest home values and third-lowest income-to-home-value ratio, even with a median income 35% above the national median.

Florida:

• Typical home price: $418,097 (115% of the U.S. average)
• Single-family home value (Q2 2024): $418,097
• Median household income as a percentage of home value: 17%
• Florida homes are 15% more expensive than the national average, and the median income is 7% lower than the U.S. median, leading to affordability challenges.

Georgia:

• Typical home price: $335,925 (92% of the U.S. average)
• Single-family home value (Q2 2024): $335,925
• Median household income as a percentage of home value: 22%
• Georgia homes are slightly less expensive than the national average, but the below-median income in the state makes them less affordable.

Hawaii:

• Typical home price: $986,887 (271% of the U.S. average)
• Single-family home value (Q2 2024): $986,887
• Median household income as a percentage of home value: 9%
• Hawaii has the highest home prices and lowest affordability in the U.S., even though the median income is 24% above the national median.

Idaho:

• Typical home price: $461,661 (127% of the U.S. average)
• Single-family home value (Q2 2024): $461,661
• Median household income as a percentage of home value: 16%
• Idaho homes are 27% more expensive than the national average, causing affordability issues, especially with a median income 3% below the U.S. median.

Illinois:

• Typical home price: $274,301 (75% of the U.S. average)
• Single-family home value (Q2 2024): $274,301
• Median household income as a percentage of home value: 28%
• Illinois homes are more affordable, priced 25% below the national average, and with a median income slightly above the U.S. median.

Indiana:

• Typical home price: $245,505 (67% of the U.S. average)
• Single-family home value (Q2 2024): $245,505
• Median household income as a percentage of home value: 27%
• Indiana homes are priced 33% below the U.S. average, making them quite affordable, despite the median income being 11% below the national median.

Iowa:

• Typical home price: $226,811 (62% of the U.S. average)
• Single-family home value (Q2 2024): $226,811
• Median household income as a percentage of home value: 31%
• Iowa has the second-best income-to-home-value ratio in the country, with home prices 38% below the national average and a median income just 7% below the U.S. median.

Kansas:

• Typical home price: $232,507 (64% of the U.S. average)
• Single-family home value (Q2 2024): $232,507
• Median household income as a percentage of home value: 30%
• Kansas homes are 36% cheaper than the national average, offering one of the best income-to-home-value ratios in the country.

Kentucky:

• Typical home price: $210,862 (58% of the U.S. average)
• Single-family home value (Q2 2024): $210,862
• Median household income as a percentage of home value: 28%
• Kentucky homes are 42% cheaper than the U.S. average, and despite a median income 21% below the national median, the state offers a favorable income-to-home-value ratio.

Louisiana:

• Typical home price: $204,977 (56% of the U.S. average)
• Single-family home value (Q2 2024): $204,977
• Median household income as a percentage of home value: 27%
• Louisiana homes are among the most affordable, with prices 44% below the national average and a median income 26% below the U.S. median.

Maine:

• Typical home price: $405,684 (111% of the U.S. average)
• Single-family home value (Q2 2024): $405,684
• Median household income as a percentage of home value: 17%
• Maine homes are 11% more expensive than the U.S. average, and with a median income 7% below the national median, affordability is a concern.

Maryland:

• Typical home price: $433,466 (119% of the U.S. average)
• Single-family home value (Q2 2024): $433,466
• Median household income as a percentage of home value: 22%
• Maryland homes are 19% more expensive than the national average, but the state’s high median income, 27% above the U.S. median, helps balance affordability.

Massachusetts:

• Typical home price: $653,648 (180% of the U.S. average)
• Single-family home value (Q2 2024): $653,648
• Median household income as a percentage of home value: 14%
• Massachusetts has the fourth-highest home values and one of the lowest income-to-home-value ratios, despite a median income 26% above the national median.

Michigan:

• Typical home price: $249,917 (69% of the U.S. average)
• Single-family home value (Q2 2024): $249,917
• Median household income as a percentage of home value: 27%
• Michigan homes are relatively affordable, with values 31% below the national average