Coastal states prepared the ground – with a number of stunning exceptions
Housing is more and more unaffordable for a lot of People. Home costs have risen for months on finish, and mortgage charges are nonetheless nicely above pandemic-era lows, pushing housing funds to near-record ranges. Wages haven’t stored up, both, resulting in a serious affordability hole and pushing extra individuals right into a pricey rental market. By many metrics, housing has by no means been extra out of attain. A provide scarcity is the first offender.
Rising residing bills have been a serious cause why individuals flocked to extra inexpensive elements of the nation through the pandemic. Areas in Florida, Arizona, Texas, and the Rust Belt blossomed, whereas coastal cities noticed inhabitants declines.
Though this development has largely normalized right this moment, it leaves us with an vital query: in a market the place so many are in search of affordability, the place are properties nonetheless the most costly? What are the most costly states to purchase a home? Whether or not you’re on the lookout for one thing costly or need to know which states to keep away from, this Redfin article is for you.
U.S. housing market at a look
| Median sale value:
$428,000 |
Median family revenue:
$78,538 |
Median month-to-month housing fee: $1,902 |
The ten most costly states to purchase a home
1. California
- Median sale value: $785,000
- Median family revenue: $96,334
- Median month-to-month housing fee: $2,865
California is the most costly state to purchase a home within the U.S. Excessive home costs – pushed by a main provide scarcity – paired with excessive month-to-month funds, fuel prices, and taxes make it an costly place to stay. The state’s median family revenue can also be excessive however usually inadequate to comfortably afford housing. It’s no surprise a big share of Californians are cost-burdened.
California is residence to seven of the ten most costly cities within the nation, largely positioned within the Bay Space and SoCal. Los Angeles, San Jose, and San Francisco are among the many priciest. Importantly, local weather dangers and insurance coverage struggles are enjoying a rising function in day by day life, with residence insurance coverage changing into dearer and even unavailable for a lot of California householders.
That stated, the Golden State stays a dreamlike place to name residence. With greater than 3,400 miles of protected shoreline, world-famous nationwide parks, and wildly numerous climates, California affords an unequalled mix of out of doors journey, financial alternative, and group. The most inexpensive cities in California are Porterville and Tulare.
California properties on the market | California homes for hire | California residences for hire
2. Hawaii
- Median sale value: $779,000
- Median family revenue: $98,317
- Median month-to-month housing fee: $2,863
Recognized for its idyllic seashores, volcanic landscapes, and Native tradition, Hawaii is commonly thought of paradise on earth. The climate is great, residents are pleasant, and facilities are plentiful. Individuals love the range and lifestyle throughout its six main islands. Nonetheless, this paradise comes at a steep value.
Hawaii is the second-most costly state to purchase a home within the U.S. In contrast to California, the place some cities stay inexpensive, Hawaii is constantly costly throughout its many islands – particularly in O’ahu, residence to Honolulu. Hawaii’s solely city with home costs close to the nationwide median is Waianae.
Past housing, Hawaii’s value of residing is among the many highest within the U.S. The value of utilities (particularly electrical energy) and on a regular basis items are the best within the nation. Pair that with low wages and a tourist-heavy financial system that makes it unaffordable for a lot of locals to stay there, and Hawaii appears much more costly. Briefly, whereas shopping for a house is dear in Hawaii, residing there may value much more.
Hawaii properties on the market | Hawaii homes for hire | Hawaii residences for hire
3. Massachusetts
- Median sale value: $622,000
- Median family revenue: $101,341
- Median month-to-month housing fee: $2,659
Massachusetts is wealthy with historical past and East Coast character, residence to thriving tech industries, famend higher-ed, and gorgeous coastlines. Simply be able to shell out for the privilege of residing within the Bay State; its walkable cities and excessive paying jobs come at a value. Home costs are the third-highest within the nation, with many cities passing the million greenback mark.
Boston isn’t even the most costly metropolis; surrounding suburbs and smaller cities really include the heftiest value tags. Edgartown, West Tisbury, and Duxbury, coastal respites, are the most costly locations in Massachusetts. In case you’re on the lookout for affordability, cities like Springfield and New Bedford are your finest guess.
Add in excessive taxes and power prices, and your pockets would possibly really feel the squeeze. There are efforts to enhance entry to inexpensive housing statewide, which can assist these struggling to enter the market.
Massachusetts properties on the market | Massachusetts homes for hire | Massachusetts residences for hire
4. Colorado
- Median sale value: $607,000
- Median family revenue: $92,470
- Median month-to-month housing fee: $2,231
Colorado, the Mile Excessive State residence to 300 days of sunshine, is the fourth-most costly U.S. state. A various mixture of mountain vistas, raging rivers, hip cities, and industrial cities makes it an ideal place to stay.
Regardless of little inhabitants progress in recent times, demand nonetheless outpaces provide, driving costs greater. Denver’s craft beer scene is flourishing, Boulder’s tech sector continues to increase, and ritzy mountain cities like Aspen and Avon commonly see a few of the nation’s most costly residence gross sales. Essentially the most inexpensive cities are Pueblo and Greeley, within the flat northeast.
Colorado properties on the market | Colorado homes for hire | Colorado residences for hire
5. Washington
- Median sale value: $606,000
- Median family revenue: $94,952
- Median month-to-month housing fee: $2,358
Washington is the fifth-most costly state within the nation to purchase a home. The median home value is almost $200,000 over the nationwide common, and paired with comparatively excessive taxes, residing within the Evergreen State doesn’t come low-cost. Seattle’s suburbs prime the listing of the most costly cities, whereas Jap Washington cities like Yakima are among the many most inexpensive. Nonetheless, discovering a house under the nationwide median wherever in Washington generally is a problem.
That’s to not say it isn’t price it if you happen to can afford it. Recognized for its iconic mountain ranges, tech scene, and legendary espresso tradition, Washington uniquely combines pure magnificence with big-city buzz. From the misty forests of the Olympic Peninsula to the skyscrapers of downtown Seattle, the state brims with alternative.
Washington properties on the market | Washington homes for hire | Washington residences for hire
6. New York
- Median sale value: $571,000
- Median family revenue: $84,579
- Median month-to-month housing fee: $2,501
New York is a famously ritzy and gritty state. Most individuals affiliate it with its namesake metropolis – the biggest within the nation – however a majority of the state is definitely rural. Beautiful, forested mountains, meandering canals, giant lakes, and extra outline the panorama, with famously industrial cities offering nice locations to stay.
Manhattan simply leads the pack as the most costly place to stay within the Empire State, with neighborhoods like TriBeCa and SoHo commanding multimillion greenback costs. The price of residing is a outstanding 131% greater than the nationwide common, however personalities might even outsize the finances it is advisable stay there. Outdoors of NYC, excessive costs prolong to luxurious retreats just like the Hamptons, in addition to prosperous areas in Westchester County and elements of Lengthy Island. In the meantime, costs drop significantly in industrial cities like Rochester and Syracuse, which have gotten widespread refuges of affordability.
New York properties on the market | New York homes for hire | New York residences for hire
7. Utah
- Median sale value: $567,000
- Median family revenue: $91,750
- Median month-to-month housing fee: $1,927
Utah would possibly shock you in terms of housing prices. Because of a thriving job market, regular stream of recent residents, gorgeous surroundings, and long-term housing scarcity, residence costs right here have been on a gradual climb. The median sale value has risen over $220,000 previously 5 years.
The Wasatch Entrance – highlighted by Salt Lake Metropolis – is on the heart of all of it, with tech corporations sprouting alongside the “Silicon Slopes” and close by suburbs rising quickly. Nonetheless, smaller cities near world-class ski resorts and nationwide parks demand the best costs. The most costly cities within the state are Park Metropolis and Hideout; the most inexpensive are Ogden and Logan.
That stated, there’s a lot to like about residing within the Beehive State – like easy accessibility to the outside, a thriving arts scene, and loads of universities and hip cities. In case you can deal with paying a premium, Utah would possibly simply be price each penny.
Utah properties on the market | Utah homes for hire | Utah residences for hire
8. Montana
- Median sale value: $541,000
- Median family revenue: $69,922
- Median month-to-month housing fee: $1,736
1000’s of coastal homebuyers flocked to Montana’s mountain cities through the pandemic, on the lookout for extensive open landscapes and an inexpensive place to stay. Whereas progress has slowed, the outcome has been quickly spiking housing prices, particularly in stylish, upscale cities like Bozeman and Whitefish. Statewide, home costs have risen by 55% since 2020, however in Bozeman, they’ve greater than doubled.
Locals have struggled with the growing prices, particularly as a result of wages haven’t stored up. In keeping with NAR, Montana really has the least inexpensive housing within the nation when evaluating native wages and home costs.
Nonetheless, for many who can afford to settle beneath Montana’s “Large Sky,” the payoff could be enormous. There’s an countless provide of out of doors adventures – mountaineering, fishing, and snowboarding amongst them – plus a powerful sense of group that’s powerful to seek out in greater city hubs.
Montana properties on the market | Montana homes for hire | Montana residences for hire
9. New Jersey
- Median sale value: $538,000
- Median family revenue: $101,050
- Median month-to-month housing fee: $2,787
New Jersey is the ninth-most costly state to purchase a home, even earlier than factoring in its famously excessive property taxes. Fortunately, it additionally has a few of the highest median wages within the nation, serving to offset the steep value of residing. Its proximity to NYC and Philadelphia performs a serious function, with cities in northern New Jersey – reminiscent of Hoboken, Jersey Metropolis, and Montclair – commanding notably excessive costs because of easy accessibility to Manhattan. Coastal areas like Cape Could and elements of the Jersey Shore additionally see premium residence values, particularly in sought-after seaside communities.
That stated, New Jersey generally is a great spot to stay. The Backyard State’s numerous neighborhoods – starting from buzzing city hubs to quiet suburbia – supply just a little little bit of the whole lot. In case you can deal with the excessive value, you’ll discover a state that’s filled with nature, stable profession alternatives, and easy accessibility to big-city life by way of a huge rail community.
New Jersey properties on the market | New Jersey homes for hire | New Jersey residences for hire
10. Oregon
- Median sale value: $508,000
- Median family revenue: $80,426
- Median month-to-month housing fee: $2,080
Oregon is a lush state filled with pure surprise, progressive tradition, and down-to-earth cities. It’s most likely finest identified for its rugged coastlines and hipster-friendly espresso retailers, nevertheless it’s additionally one of many pricier locations to quiet down. The median residence value sits ~$100,000 above the nationwide common, and classy cities like Bend have seen a $280,000 rise in costs.
Toss in a comparatively excessive revenue tax (although there’s no gross sales tax) and also you’ll discover that residing within the Beaver State can value a reasonably penny. The most costly locations in Oregon are Stafford and Sunriver; probably the most inexpensive cities are Medford and Springfield.
Nonetheless, loads of of us are completely happy to pay for Oregon’s laid-back vibe and pure magnificence. Whether or not you’re mountaineering round Mount Hood, exploring the brewery scene in Bend, or having fun with a scenic drive alongside the Pacific coast, there’s at all times one thing gorgeous to expertise.
Oregon properties on the market | Oregon homes for hire | Oregon residences for hire
Full median sale value rankings by state
| Rank | State | Median Sale Value |
| 1 | California | $785,200 |
| 2 | Hawaii | $779,000 |
| 3 | Massachusetts | $622,100 |
| 4 | Colorado | $607,300 |
| 5 | Washington | $606,000 |
| 6 | New York | $571,300 |
| 7 | Utah | $566,800 |
| 8 | Montana | $540,700 |
| 9 | New Jersey | $538,300 |
| 10 | Oregon | $507,900 |
| 11 | Rhode Island | $506,600 |
| 12 | New Hampshire | $487,700 |
| 13 | Idaho | $480,500 |
| 14 | Nevada | $455,000 |
| 15 | Arizona | $454,600 |
| 16 | Virginia | $425,600 |
| 17 | Maine | $415,800 |
| 18 | Connecticut | $415,500 |
| 19 | Vermont | $414,400 |
| 20 | Maryland | $411,000 |
| 21 | Florida | $410,600 |
| 22 | Wyoming | $409,600 |
| 23 | Alaska | $388,700 |
| 24 | Tennessee | $383,400 |
| 25 | South Carolina | $377,600 |
| 26 | North Carolina | $367,600 |
| 27 | Georgia | $359,900 |
| 28 | New Mexico | $345,100 |
| 29 | Delaware | $343,300 |
| 30 | Minnesota | $342,400 |
| 31 | Texas | $335,600 |
| 32 | South Dakota | $317,400 |
| 33 | Wisconsin | $302,700 |
| 34 | Pennsylvania | $287,400 |
| 35 | Illinois | $284,000 |
| 36 | North Dakota | $278,800 |
| 37 | Alabama | $277,900 |
| 38 | Nebraska | $275,100 |
| 39 | Kentucky | $265,200 |
| 40 | Kansas | $262,500 |
| 41 | Arkansas | $256,100 |
| 42 | Indiana | $255,100 |
| 43 | Louisiana | $252,600 |
| 44 | Missouri | $251,900 |
| 45 | Mississippi | $249,700 |
| 46 | Michigan | $248,000 |
| 47 | West Virginia | $243,100 |
| 48 | Oklahoma | $236,700 |
| 49 | Ohio | $231,400 |
| 50 | Iowa | $227,500 |
Methodology
States have been ranked by median sale costs in March 2025, in keeping with Redfin information. Median family revenue and median month-to-month housing fee information (together with mortgage) is from the U.S. Census Bureau. Price of residing information comes from Redfin and the Council for Group and Financial Analysis by way of the Missouri Financial Analysis and Info Heart. Tax charges come from the Tax Basis.
