Table of Content
- Typical home price in Mississippi: $164,132 (38% of typical U.S. price)
- Typical home price in Maine: $360,836 (84% of typical U.S. price)
- Typical home price in Indiana: $221,437 (52% of typical U.S. price)
- Typical home price in North Dakota: $282,461 (66% of typical U.S. price)
- Typical home price in Illinois: $269,575 (63% of typical U.S. price)
Montana, the Treasure State, is home to some of America’s most spectacular landscapes. It’s a small state in terms of population, with a little over one million residents. In fact, Montana has just 6.8 people per square mile, compared to the U.S. average of 87.4 per square mile, according to the U.S. So if you want room to spread your legs, Montana might be the place for you.
It has inexpensive housing costs, low interest rates on mortgages, and a median income 7% above that of the United States. In Maryland, the average mortgage payment is just barely able to meet the 28% rule. That’s despite housing prices just below the national median and median income 40% above the national median.
Typical home price in Mississippi: $164,132 (38% of typical U.S. price)
Appreciation rates are updated by NeighborhoodScout each quarter as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter, then are fed into NeighborhoodScout's search algorithms. Low house prices make Ohio an affordable place to purchase a home. Even with a median income 6% below the median for the whole country, average mortgage payments don't cost much.
This state's housing prices are less expensive than prices across the country, and the median income is only 6% less than the national median. Here are the typical home prices in all 50 states, the typical value of a single-family home, and the average mortgage rate as of early August 2021. In addition, we've calculated how much an average mortgage payment in each state would cost in comparison to its median income. This resulted in one of the biggest seller's markets in history, although that may be changing as mortgage rates increase and housing supply expands. Now, let's take a deeper dive into what average house prices are like across the country.
Typical home price in Maine: $360,836 (84% of typical U.S. price)
Mortgage payments take up a big chunk of homeowner' 'budgets in Arizona. That's due to a combination of high housing costs and a median income 1% below the national median. West Virginia has the cheapest home prices according to Zillow at 40% of the typical U.S. price. Mortgage payments there take up 16.5% of the state's median income on average, the lowest rate in the nation. Hawaii is the most difficult state to buy a home, based on Zillow's data. The average mortgage payment is 78.3% of the state's median income.
As a result of these changes, the data released since December 2021 will not be directly comparable with previous data releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. More details are available at the source's Real Estate Data Library.
Typical home price in Indiana: $221,437 (52% of typical U.S. price)
Tina Morkert, a broker in Thompson Falls, said there is little inventory available in Sanders County right now following a busier-than-normal summer. For years, no-stoplight towns like Thompson Falls have remained essentially unchanged, Morkert said, even as Kalispell and Missoula have rapidly grown. Friedner said that as the number of homes on the market keep dropping, more people are turning to land to build on, including developments like Northern Lights on Big Mountain. ✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. Want to stick to the Rocky Mountain region but don’t want to be stuck with a state income tax? As of 2021, Wyoming is one of eight states that do not levy individual income taxes .
While Texas is a popular place to live, homes still cost less than what they do in the rest of the country. The median income is 1% above the U.S. median, so the average mortgage payment still leaves homeowners with plenty of money left over. Iowa has very low housing prices, mortgage rates, and a median income 1% above the national median.
Our data are designed to capture changes in the value of single-family homes at the city, town and even the neighborhood level. Different neighborhoods within a city or town can have drastically different home appreciation rates. Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data. The data reflect appreciation rates for the neighborhood overall, not necessarily each individual house in the neighborhood. The Montana housing market has started to react to mortgage rates that have essentially doubled since the start of 2022. Sellers are having to adjust to higher inventory levels, more expensive financing costs, and increased competition by making sure their asking price is realistic.
According to the Federal Reserve Bank of St. Louis, the median home sales price is $428,700. Considering buying a new manufactured home, modular home, or prefabricated home in the wonderful state of Montana? Montana modular homes are engineered specifically for the unique characteristics of the environment, with a focus on energy efficiency and minimal long-term maintenance. The great outdoors, open skies and rolling wheat fields, Montana borders the Alberta and Saskatchewan territories of Canada.
There could be a pot of gold at the end of the rainbow for homeowners in western Montana, if they're interested in selling. The median sales price in the region has jumped from $300,000 in June to $339,000 in just three months. With pending sales up significantly but home prices essentially flat, the numbers are somewhat unusual until you note that the median listing price fell .8% from the second quarter. Home sellers are reacting to a market with more competition and are now having to price their homes more competitively. A surge in demand for homes in the United States, in addition to limited housing inventory, has created a sellers market unlike anything seen in recent memory. Homes are now selling faster than ever before — and also for more money than ever before.
We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. Homes sold fastest in Broadwater County, while homes in Flathead County took the longest to sell.
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