Utah Homes Like the One Shown Here Overlooking the Wasatch Mountains Contribute to the State’s Ranking as the 4th Most Expensive State to Buy a Home | iStock/Getty Images Plus, St. George News
STREET. JORGE – The median home price in the United States has risen nearly 2,000% in the last 50 years.
Buying a home is expensive, but a recent study reveals that the most affordable option is in the Midwest, specifically Illinois, where the median monthly home sales price is $133,750.
Studio City real estate agents analyzed Zillow’s 2022 data on median home sales price by state to find the cheapest state to buy a home in.
Their finding shows that, of the 50 states, the four cheapest states in which to buy a home are Illinois, Ohio, Oklahoma, and Michigan. Housing costs in these locations range from $133,750 to $179,125.
Meanwhile, at the other end of the spectrum are Hawaii, California, Colorado, and Utah. More on that later.
Tony Mariotti, a Studio City real estate agent, says the studio is useful for first-time homebuyers or those looking to relocate.
Illinois
Illinois takes the crown for the cheapest state to buy a home, where the median sales cost is $133,750. However, it’s worth noting that The Prairie State has the highest household income at $79,253. This gives Illinois residents more buying power, posting a sales price ratio of 1.69
The cheapest city is Galesburg at $90,000 and the most expensive is Chicago at $282,750.
Ohio
Despite the lowest household income in Ohio, $16,564 less than Illinois, to be more precise, The Buckeye State takes second place as the most affordable state to buy a home at $155,000.
The cheapest and most expensive cities in Ohio are Portsmouth and Wooster, where median sales are $120,000 and $355,000, respectively.
Oklahoma
The third cheapest state where you can buy a house is Oklahoma. Located in the south-central region of the US, homes in The Sooners State cost a median sale of $175,063, or $20,063 more than Ohio.
The state’s household income compared to Ohio is close, with only a difference of $2,593. The cheapest house in Oklahoma is in Ponca City, where housing costs approximately $126,000.
The state capital, Oklahoma City, is the most expensive location at $236,000, $119,000 cheaper than Ohio’s most expensive city, Wooster.
Michigan
In fourth place is Michigan with $179,125. That’s about $45,375 more than Illinois.
The Upper Midwestern state, which is also one of the best states for raising children, has a higher household income of $64,488 versus Oklahoma’s $60,096 and Ohio’s $62,689.
The cheapest city is Alma, with a price of $136,250, and the most expensive is Traverse City with $347,450.
Compared to the most expensive cities in the four cheapest states, Michigan’s Traverse City ranks second, with Ohio’s Wooster in first place.
Other cheap states to buy a house
The following states are more expensive than the first four mentioned; however, these places still offer home prices ranging from just over $180,000 to $200,000: Missouri: $182,100; Indiana: $184,725; Arkansas: $188,713; West Virginia: $191,500; New York: $192,500; Alabama: $200,000
Most expensive states to buy a house
In addition to finding out which states have the most affordable homes, the study also found that Utah is the fourth most expensive state in which to buy a home. And in ascending order the three most expensive are California, Colorado and Hawaii.
Utah
Home to five national parks that offer the best scenic road trips in the US, Utah ranked fourth. Although they are $297,400 cheaper than in Hawaii, houses in Utah can cost you more than half a million dollars, or $508,375 to be more precise.
The cheapest you can get is in Vernal at $244,550.
California
San Jose, California tramples Kahului and Breckenridge with its median home sales price of $1,370,000. As a whole, The Golden State only checks in at $537,000, which is significantly cheaper than Colorado and Hawaii. Still, the most affordable house in California is in Red Bluff, priced at $320,000.
Colorado
Colorado is the second most expensive home state in the US It is less lush than Hawaii. However, the state in the Rocky Mountain region still gets a whopping $537,125.
Surprisingly, the city of Breckenridge in Colorado is more expensive than Kahului in Hawaii. According to the study, homes in Breckenridge cost between $972,500 and $35,000 more than in Kahului.
Hawaii
Hawaii leads the most expensive state to buy a home, with a median sale of $805,775. For comparison, homes in Hawaii are six times more expensive than in Illinois, or $672,025 more.
The price of $805,775 is not the highest in Hawaii. If you want to move specifically to Kahului, which is on the north side of the island of Maui, houses are $62,500 away from hitting the million mark, or $937,500, to be more precise.
The cheapest city in Hawaii is Hilo, with a staggering price of $551,500, more than half the price of houses in Kahului.
Other expensive states to buy a house
The next few states are less expensive than Hawaii, Colorado, California, or Utah, but these locations are still priced higher.
Washington, DC: $487,500; Montana: $467,000; Nevada: $403,725; Washington: $402,900; Oregon: $400,000 Rhode Island: $398,500.
Written by BOBBY KANIA, Wealth of Geeks, via The Associated Press
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