Average Sales Price of Houses Sold for the United States ASPUS St Louis Fed

Table of Content

• Typical home price in Virginia: $379,206 (88% of typical U.S. price)
• Typical home price in Wisconsin: $266,750 (62% of typical U.S. price)
• Typical home price in Arkansas: $177,710 (41% of typical U.S. price)
• Typical home price in Connecticut: $383,222 (89% of typical U.S. price)
• What is a starter home?
• Statistics on Residential property market in London (UK)

The typical cost is less than half the typical U.S. price, which makes up for a median income 25% below the norm. That doesn't quite pass the 28% rule, which says that your mortgage payment should be no more than 28% of your pre-tax income. A recent study by the National Association of Realtors found that 83-percent of Realtors said staging a home made it easier for a buyer to visualize the property as a future home. Barb Schwarz, The Creator of Home Staging, shows that even in today’s slower housing market, 95-percent of staged homes sell in 35 days or less. On the other hand, homes that are not staged take 172 days or more to sell.

Repeat buyers will put down an average of 16%, while homebuyers aged years old are likely to put an average of 23% as a down payment, the highest median average of any age group. One of our recent analyses looked at first-time buyers' down payment amounts, and we found that the average first-time homebuyer down payment amount across the country is $8,220. For repeat buyers, this amount was $51,584 if using a 16% down payment. This is based on a huge variety of datasets, as well as the fact that the average down payment amount for first-time buyers is 6%, rather than the commonly referenced 20%. The lowest average age of first-time homebuyers in the last 40 years was in 1991 when it dipped to 28 and it has not been this low since. The below graph shows the average age of first-time homebuyers since 1981, some years are missing as the data was not collected every single year.

Typical home price in Virginia: $379,206 (88% of typical U.S. price)

Buyers looking to get into the market this year might be wondering if things will mimic 2021. It isn't now or never for first home buyers – and it never will be. The property market – like other investment markets – will always move through seasons of boom and bust. Rather than buying into the hype and giving up everything to own immediately, consider whether you actually want to take on the responsibility of a home right now. Assuming owner-occupier lending continues to grow at its historical linear rate, the average loan in 2026 will reach approximately $489,000, about 13% more than today's average of $432,000.

The median home value of all houses in South Carolina is $165,800. The median worker in South Carolina pulls in $40,486 in annual earnings. The median home value of all houses in Rhode Island is $282,600. The median worker in Rhode Island pulls in $51,286 in annual earnings.

Typical home price in Wisconsin: $266,750 (62% of typical U.S. price)

Nebraska boasts the largest and arguably the best cattle production in the nation. Less attractive is the state’s property tax rate of 1.61%, which is well above the national average of 1.07% and even ranks high among midwest states. Home prices continue to creep higher too and are at $118 per square foot, which means average houses sell for around $206,000. The cost of living is still low at about 92% of the national average, and the median household income is approximately $61,000. The most affordable housing in the country goes to West Virginia. Its median income may be 24% less than the nationwide median, but it also has the lowest typical house price and average mortgage payment.

Shiller's monthly data started in 1953; we merely have a yearly home value resolution before then. If you clamor enough, I'll extend the series further back with linear interpolation. High or low home prices don't mean much in a vacuum - and that includes measures that include things such as "multiple of income". Use the average ratio in the overlap of the FHFA index and Shiller's NSA home data. Anyway, price will also be driven by square footage, number of bedrooms/bathrooms, desired amenities, location, school district, and so forth. You could avoid two sets of closing costs and commissions, and only move once.

Typical home price in Arkansas: $177,710 (41% of typical U.S. price)

However, the costs of homeownership in the United States can be startling. According to Federal Reserve Economic Data, the median price of houses sold in 2022 is $428,700. The average sales price in the same period is higher, at $507,800. The Zillow Home Value Index, which measures only the middle price tiers of homes, sets the cost of a typical home in the United States at $344,141. Home values increased 20% in the twelve months between April 2021 and May 2022. Meanwhile, the median household income in the United States is $67,521 a year.

The costs of one and two bedroom units were highest in Vancouver at $2,633 per month and $3,598 per month, respectively. This article contains a list of U.S. states and the District of Columbia by median home price, according to data from Zillow and Business Insider. Based on informal feedback from Realtors and Loan Officers on the ground the first two months of 2022 has seen a significant rise in home prices vs. just a few months ago. In our down payment for first-time buyers analysis, we also found that the COVID-19 impact varied greatly by metros and state.

Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria. Finder's First Home Buyers Report delves into the housing market for first time buyers in Australia through a survey of 1,028 first home buyers. It explores what they want, how they are financing their homes, and how the pandemic has changed what they are looking for.

Iowa has very low housing prices, mortgage rates, and a median income 1% above the national median. Those factors help it rank near the bottom in terms of how much residents spend on a mortgage. Lower average house prices in Georgia make it a budget-friendly place to own a home, even though the median income comes in 13% below the rest of the country.

Peggy James is an expert in accounting, corporate finance, and personal finance. She is a certified public accountant who owns her own accounting firm, where she serves small businesses, nonprofits, solopreneurs, freelancers, and individuals. Nineteen states now have an average gas price of under $3 a gallon, including Minnesota, Ohio and Colorado. Ask your Realtor to recommend lenders to help you get prequalified for a loan amount. When you find your dream house, determine your bidding strategy with your Realtor to help you get through the bidding process smoothly while watching out for your best interest. With a signed contract, your Realtor will guide you through the closing steps as swiftly as possible.

The housing market in Oregon makes it hard on would-be homeowners. Mortgage payments are high despite Oregon residents earning 13% more than the national average. Despite how costly New York City is, New York as a whole isn't nearly as bad. House prices are below average and the median income is 1% above average.