This blog originally appeared at The Hill.
A recent study analyzing Zillow data conducted by Studio City realtors has unveiled the exorbitant costs of purchasing a home in certain states. According to the study, Utah, California, and Colorado saw monthly median sale prices exceeding $500,000, while Hawaii emerged as the most expensive state with an astonishing average home price of $805,775.
The findings highlight the ongoing challenges faced by homebuyers in these states, particularly in Hawaii, where housing affordability has reached unprecedented levels. Tony Mariotti, a realtor from Studio City, attributed the surge in house prices to market turbulence, which has led to a significant increase in home values across the United States.
The nationwide trend of rising home prices in February, following a period of decline due to low inventory and a slight uptick in demand, is indicative of the ongoing struggles faced by prospective homebuyers. Experts predict that affordability will remain a persistent issue in the coming months, further complicating the housing market for those aspiring to own a home.
Here are the priciest and cheapest U.S. states to buy a home:
Kelly Slater surfs in the In Memory of Eddie Aikau big wave surf contest on the North Shore at Waimea Bay near Haleiwa, Hawaii. (Michael Goulding/The Orange County Register via AP, File)
The most expensive states to buy a home
A comprehensive analysis of housing data has revealed the states with the highest price tags for homeownership. Eight states, along with Washington, D.C., experienced a monthly median sale price of $400,000 or more last year, with Oregon reaching that exact figure. Washington state, Nevada, Montana, and Washington, D.C., followed closely behind, with prices ranging from $402,900 to $487,500.
Taking the top spots as the most expensive states were California, Colorado, and Hawaii, with monthly median sale prices of $537,000, $537,125, and a staggering $805,775, respectively.
It is important to note that within these states, costs varied significantly across different areas. For instance, California’s cheapest city, Red Bluff, had a median monthly sale price of $320,000, while the most expensive city, San Jose, skyrocketed to a staggering $1,370,000.
These findings shed light on the challenging landscape of the housing market, with steep prices posing obstacles for potential homebuyers across various regions. As housing costs continue to fluctuate, aspiring homeowners must navigate these disparities in order to find suitable and affordable options.
The most expensive states to buy a home
Last year, the housing market showcased significant variations in home prices across different states in the United States. A total of eight states, along with Washington, D.C., experienced a monthly median sale price of $400,000 or higher, with Oregon precisely hitting that mark. Meanwhile, Washington state, Nevada, Montana, and Washington, D.C., fell within the range of $402,900 to $487,500.
Taking the lead as the most expensive states for homebuyers were California, Colorado, and Hawaii, with monthly median sale prices of $537,000, $537,125, and an astonishing $805,775, respectively.
It is worth noting that housing costs within these states varied significantly across different regions. For example, in California, the median monthly sale price of a house in the cheapest city, Red Bluff, was $320,000, while in the most expensive city, San Jose, the price soared to an eye-watering $1,370,000.
These disparities in housing costs underscore the complexities and challenges faced by prospective homebuyers across the country. Affordability remains a key concern as individuals seek suitable housing options amidst fluctuating market conditions.
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