24/7 Wall St. Insights

• Market conditions have made the cost of homeownership prohibitive for a growing number of Americans
• But thanks to lower-cost markets in many parts of the country, prospective homebuyers on a budget still have options
• Also: 2 Dividend Legends to Hold Forever

The median price of a listed home in the U.S. fell by 1.1% in July 2024, the first month-over-month decline in housing prices since January. Whether falling list prices are the beginning of a long-term trend or merely a blip remains to be seen, but either way, home prices remain at historic highs.

According to housing market data from Realtor.com, the median list price for a home in the United States is $439,950, only 2% below the all-time high of $449,000 reported in June 2022. With home prices hovering near record highs, and average mortgage rates above 6%, the cost of homeownership has become prohibitive for a growing number of Americans.

A recent report published by the Joint Center for Housing Studies of Harvard University found that only 6.6 million renters in the U.S. — or about 14.5% of all renters — could afford a median-priced home in the first quarter of 2024, down from 7.7 million in early 2023, and 10.2 million in 2022. As housing affordability continues to fall, many prospective buyers are reevaluating the kinds of homes their budget will accommodate, and settling on smaller, less expensive homes. (Here is a look at the American cities with the most expensive houses.)

Still, there are parts of the country where even a modest budget will go relatively far in the housing market.

Using data on median list price per square foot from Realtor.com, 24/7 Wall St. calculated the size of a house you can buy with $200,000 in every state. States were ranked by the approximate square footage of a $200,000 home, as of July 2024, from the smallest to the largest. Supplementary data on overall cost of living by state is from the Bureau of Economic Analysis. All other supplementary housing data is from Realtor.com.

Depending on the state, the approximate size of a typical $200,000 home ranges from 272 square feet (about the size of two parking spaces) to nearly 1,500 square feet. For context, the estimated size of a $200,000 home across the U.S. as a whole is about 866 square feet.

The states with the cheapest homes per square foot tend to have a lower than average overall cost of living, and in some of these places, most homes on the market are listed for less than $300,000. In many of these same states, the housing market appears to be cooling off. In nine of the 10 highest ranking states on this list, the median list price is lower now than it was a year ago. (Here is a look at the 10 cities that have become impossibly unaffordable.)

Why It Matters

Historically, most Americans have built wealth through homeownership. But current market conditions have priced out a large share of the population. With historically high list prices and borrowing costs, many prospective homebuyers are seeking lower-cost options — and housing markets are far cheaper in some parts of the country than others.

50. Hawaii

• Approx. size of a $200,000 house in July 2024: 272 sq. ft.
• Median list price per sq. ft. in July 2024: $735
• Median size of a listed home: 1,144 sq. ft. (the lowest of 50 states)
• Median list price in July 2024: $830,000 (the highest of 50 states)
• 1-yr. change in median list price: -2.4%
• Overall cost of living: 10.8% more expensive than avg.

49. California

• Approx. size of a $200,000 house in July 2024: 422 sq. ft.
• Median list price per sq. ft. in July 2024: $474
• Median size of a listed home: 1,800 sq. ft. (14th lowest of 50 states)
• Median list price in July 2024: $777,900 (3rd highest of 50 states)
• 1-yr. change in median list price: +0.4%
• Overall cost of living: 12.5% more expensive than avg.

48. Massachusetts

• Approx. size of a $200,000 house in July 2024: 454 sq. ft.
• Median list price per sq. ft. in July 2024: $441
• Median size of a listed home: 1,922 sq. ft. (25th highest of 50 states)
• Median list price in July 2024: $817,475 (2nd highest of 50 states)
• 1-yr. change in median list price: +2.3%
• Overall cost of living: 9.4% more expensive than avg.

47. New York

• Approx. size of a $200,000 house in July 2024: 506 sq. ft.
• Median list price per sq. ft. in July 2024: $395
• Median size of a listed home: 1,643 sq. ft. (3rd lowest of 50 states)
• Median list price in July 2024: $682,000 (4th highest of 50 states)
• 1-yr. change in median list price: +5.1%
• Overall cost of living: 7.6% more expensive than avg.

46. Washington

• Approx. size of a $200,000 house in July 2024: 585 sq. ft.
• Median list price per sq. ft. in July 2024: $342
• Median size of a listed home: 2,007 sq. ft. (16th highest of 50 states)
• Median list price in July 2024: $659,925 (6th highest of 50 states)
• 1-yr. change in median list price: +1.5%
• Overall cost of living: 9.8% more expensive than avg.

45. Montana

• Approx. size of a $200,000 house in July 2024: 601 sq. ft.
• Median list price per sq. ft. in July 2024: $333
• Median size of a listed home: 2,175 sq. ft. (5th highest of 50 states)
• Median list price in July 2024: $672,400 (5th highest of 50 states)
• 1-yr. change in median list price: -0.4%
• Overall cost of living: 9.7% cheaper than avg.

44. Rhode Island

• Approx. size of a $200,000 house in July 2024: 602 sq. ft.
• Median list price per sq. ft. in July 2024: $332
• Median size of a listed home: 1,901 sq. ft. (22nd lowest of 50 states)
• Median list price in July 2024: $607,450 (9th highest of 50 states)
• 1-yr. change in median list price: +10.5%
• Overall cost of living: 4.7% more expensive than avg.

43. Oregon

• Approx. size of a $200,000 house in July 2024: 637 sq. ft.
• Median list price per sq. ft. in July 2024: $314
• Median size of a listed home: 1,903 sq. ft. (24th lowest of 50 states)
• Median list price in July 2024: $584,999 (13th highest of 50 states)
• 1-yr. change in median list price: -0.9%
• Overall cost of living: 6.6% more expensive than avg.

42. New Jersey

• Approx. size of a $200,000 house in July 2024: 645 sq. ft.
• Median list price per sq. ft. in July 2024: $310
• Median size of a listed home: 1,762 sq. ft. (8th lowest of 50 states)
• Median list price in July 2024: $599,000 (10th highest of 50 states)
• 1-yr. change in median list price: +8.9%
• Overall cost of living: 8.8% more expensive than avg.

41. New Hampshire

• Approx. size of a $200,000 house in July 2024: 654 sq. ft.
• Median list price per sq. ft. in July 2024: $306
• Median size of a listed home: 1,953 sq. ft. (21st highest of 50 states)
• Median list price in July 2024: $596,500 (11th highest of 50 states)
• 1-yr. change in median list price: +3.8%
• Overall cost of living: 7.6% more expensive than avg.

40. Colorado

• Approx. size of a $200,000 house in July 2024: 664 sq. ft.
• Median list price per sq. ft. in July 2024: $301
• Median size of a listed home: 2,150 sq. ft. (6th highest of 50 states)
• Median list price in July 2024: $624,950 (7th highest of 50 states)
• 1-yr. change in median list price: -3.9%
• Overall cost of living: 2.3% more expensive than avg.

39. Connecticut

• Approx. size of a $200,000 house in July 2024: 687 sq. ft.
• Median list price per sq. ft. in July 2024: $291
• Median size of a listed home: 1,944 sq. ft. (23rd highest of 50 states)
• Median list price in July 2024: $552,225 (14th highest of 50 states)
• 1-yr. change in median list price: -3.0%
• Overall cost of living: 6.4% more expensive than avg.

38. Idaho

• Approx. size of a $200,000 house in July 2024: 697 sq. ft.
• Median list price per sq. ft. in July 2024: $287
• Median size of a listed home: 2,148 sq. ft. (7th highest of 50 states)
• Median list price in July 2024: $585,000 (12th highest of 50 states)
• 1-yr. change in median list price: -2.1%
• Overall cost of living: 8.2% cheaper than avg.

37. Maine

• Approx. size of a $200,000 house in July 2024: 712 sq. ft.
• Median list price per sq. ft. in July 2024: $281
• Median size of a listed home: 1,717 sq. ft. (6th lowest of 50 states)
• Median list price in July 2024: $457,000 (20th highest of 50 states)
• 1-yr. change in median list price: +4.1%
• Overall cost of living: 0.8% more expensive than avg.

36. Nevada

• Approx. size of a $200,000 house in July 2024: 719 sq. ft.
• Median list price per sq. ft. in July 2024: $278
• Median size of a listed home: 1,861 sq. ft. (18th lowest of 50 states)
• Median list price in July 2024: $502,222 (17th highest of 50 states)
• 1-yr. change in median list price: +4.6%
• Overall cost of living: 3.6% cheaper than avg.

35. Vermont

• Approx. size of a $200,000 house in July 2024: 730 sq. ft.
• Median list price per sq. ft. in July 2024: $274
• Median size of a listed home: 2,020 sq. ft. (13th highest of 50 states)
• Median list price in July 2024: $537,000 (15th highest of 50 states)
• 1-yr. change in median list price: +14.7%
• Overall cost of living: 1.1% more expensive than avg.

34. Florida

• Approx. size of a $200,000 house in July 2024: 735 sq. ft.
• Median list price per sq. ft. in July 2024: $272
• Median size of a listed home: 1,638 sq. ft. (2nd lowest of 50 states)
• Median list price in July 2024: $449,900 (22nd highest of 50 states)
• 1-yr. change in median list price: -5.3%
• Overall cost of living: 2.1% more expensive than avg.

33. Arizona

• Approx. size of a $200,000 house in July 2024: 738 sq. ft.
• Median list price per sq. ft. in July 2024: $271
• Median size of a listed home: 1,937 sq. ft. (24th highest of 50 states)
• Median list price in July 2024: $499,998 (18th highest of 50 states)
• 1-yr. change in median list price: -2.0%
• Overall cost of living: 0.1% cheaper than avg.

32. Utah

• Approx. size of a $200,000 house in July 2024: 772 sq. ft.
• Median list price per sq. ft. in July 2024: $259
• Median size of a listed home: 2,508 sq. ft. (the highest of 50 states)
• Median list price in July 2024: $615,900 (8th highest of 50 states)
• 1-yr. change in median list price: -1.5%
• Overall cost of living: 5.5% cheaper than avg.

31. Alaska

• Approx. size of a $200,000 house in July 2024: 816 sq. ft.
• Median list price per sq. ft. in July 2024: $245
• Median size of a listed home: 1,797 sq. ft. (12th lowest of 50 states)
• Median list price in July 2024: $435,000 (24th highest of 50 states)
• 1-yr. change in median list price: +8.8%
• Overall cost of living: 2.0% more expensive than avg.

30. Delaware

• Approx. size of a $200,000 house in July 2024: 844 sq. ft.
• Median list price per sq. ft. in July 2024: $237
• Median size of a listed home: 2,175 sq. ft. (4th highest of 50 states)
• Median list price in July 2024: $509,247 (16th highest of 50 states)
• 1-yr. change in median list price: +2.1%
• Overall cost of living: 2.0% cheaper than avg.

29. Maryland

• Approx. size of a $200,000 house in July 2024: 858 sq. ft.
• Median list price per sq. ft. in July 2024: $233
• Median size of a listed home: 1,902 sq. ft. (23rd lowest of 50 states)
• Median list price in July 2024: $432,500 (25th highest of 50 states)
• 1-yr. change in median list price: -1.5%
• Overall cost of living: 5.0% more expensive than avg.

28. Tennessee

• Approx. size of a $200,000 house in July 2024: 858 sq. ft.
• Median list price per sq. ft. in July 2024: $233
• Median size of a listed home: 2,018 sq. ft. (15th highest of 50 states)
• Median list price in July 2024: $443,950 (23rd highest of 50 states)
• 1-yr. change in median list price: -3.3%
• Overall cost of living: 8.2% cheaper than avg.

27. Virginia

• Approx. size of a $200,000 house in July 2024: 893 sq. ft.
• Median list price per sq. ft. in July 2024: $224
• Median size of a listed home: 2,019 sq. ft. (14th highest of 50 states)
• Median list price in July 2024: $449,900 (21st highest of 50 states)
• 1-yr. change in median list price: -1.1%
• Overall cost of living: 2.1% more expensive than avg.

26. North Carolina

• Approx. size of a $200,000 house in July 2024: 905 sq. ft.
• Median list price per sq. ft. in July 2024: $221
• Median size of a listed home: 1,991 sq. ft. (18th highest of 50 states)
• Median list price in July 2024: $424,319 (25th lowest of 50 states)
• 1-yr. change in median list price: -0.2%
• Overall cost of living: 5.8% cheaper than avg.

25. Wyoming

• Approx. size of a $200,000 house in July 2024: 917 sq. ft.
• Median list price per sq. ft. in July 2024: $218
• Median size of a listed home: 2,292 sq. ft. (2nd highest of 50 states)
• Median list price in July 2024: $499,275 (19th highest of 50 states)
• 1-yr. change in median list price: +6.4%
• Overall cost of living: 8.1% cheaper than avg.

24. South Dakota

• Approx. size of a $200,000 house in July 2024: 935 sq. ft.
• Median list price per sq. ft. in July 2024: $214
• Median size of a listed home: 1,920 sq. ft. (25th lowest of 50 states)
• Median list price in July 2024: $399,600 (21st lowest of 50 states)
• 1-yr. change in median list price: +8.0%
• Overall cost of living: 12.0% cheaper than avg.

23. Wisconsin

• Approx. size of a $200,000 house in July 2024: 952 sq. ft.
• Median list price per sq. ft. in July 2024: $210
• Median size of a listed home: 1,849 sq. ft. (16th lowest of 50 states)
• Median list price in July 2024: $399,900 (22nd lowest of 50 states)
• 1-yr. change in median list price: +6.6%
• Overall cost of living: 7.7% cheaper than avg.

22. New Mexico

• Approx. size of a $200,000 house in July 2024: 966 sq. ft.
• Median list price per sq. ft. in July 2024: $207
• Median size of a listed home: 1,987 sq. ft. (19th highest of 50 states)
• Median list price in July 2024: $399,250 (20th lowest of 50 states)
• 1-yr. change in median list price: +1.1%
• Overall cost of living: 9.0% cheaper than avg.

21. South Carolina

• Approx. size of a $200,000 house in July 2024: 976 sq. ft.
• Median list price per sq. ft. in July 2024: $205
• Median size of a listed home: 1,811 sq. ft. (15th lowest of 50 states)
• Median list price in July 2024: $360,000 (17th lowest of 50 states)
• 1-yr. change in median list price: +0.0%
• Overall cost of living: 6.4% cheaper than avg.

20. Minnesota

• Approx. size of a $200,000 house in July 2024: 976 sq. ft.
• Median list price per sq. ft. in July 2024: $205
• Median size of a listed home: 2,051 sq. ft. (11th highest of 50 states)
• Median list price in July 2024: $414,900 (24th lowest of 50 states)
• 1-yr. change in median list price: +1.4%
• Overall cost of living: 2.3% cheaper than avg.

19. Georgia

• Approx. size of a $200,000 house in July 2024: 1,042 sq. ft.
• Median list price per sq. ft. in July 2024: $192
• Median size of a listed home: 2,144 sq. ft. (8th highest of 50 states)
• Median list price in July 2024: $399,925 (23rd lowest of 50 states)
• 1-yr. change in median list price: -1.3%
• Overall cost of living: 4.2% cheaper than avg.

18. Texas

• Approx. size of a $200,000 house in July 2024: 1,053 sq. ft.
• Median list price per sq. ft. in July 2024: $190
• Median size of a listed home: 2,031 sq. ft. (12th highest of 50 states)
• Median list price in July 2024: $380,000 (19th lowest of 50 states)
• 1-yr. change in median list price: -3.0%
• Overall cost of living: 2.5% cheaper than avg.

17. Pennsylvania

• Approx. size of a $200,000 house in July 2024: 1,058 sq. ft.
• Median list price per sq. ft. in July 2024: $189
• Median size of a listed home: 1,755 sq. ft. (7th lowest of 50 states)
• Median list price in July 2024: $325,000 (13th lowest of 50 states)
• 1-yr. change in median list price: +8.6%
• Overall cost of living: 3.8% cheaper than avg.

16. Illinois

• Approx. size of a $200,000 house in July 2024: 1,064 sq. ft.
• Median list price per sq. ft. in July 2024: $188
• Median size of a listed home: 1,793 sq. ft. (11th lowest of 50 states)
• Median list price in July 2024: $339,450 (15th lowest of 50 states)
• 1-yr. change in median list price: +2.9%
• Overall cost of living: 1.3% more expensive than avg.

15. Michigan

• Approx. size of a $200,000 house in July 2024: 1,093 sq. ft.
• Median list price per sq. ft. in July 2024: $183
• Median size of a listed home: 1,652 sq. ft. (4th lowest of 50 states)
• Median list price in July 2024: $308,450 (8th lowest of 50 states)
• 1-yr. change in median list price: +3.9%
• Overall cost of living: 6.6% cheaper than avg.

14. Iowa

• Approx. size of a $200,000 house in July 2024: 1,130 sq. ft.
• Median list price per sq. ft. in July 2024: $177
• Median size of a listed home: 1,660 sq. ft. (5th lowest of 50 states)
• Median list price in July 2024: $307,000 (7th lowest of 50 states)
• 1-yr. change in median list price: -2.5%
• Overall cost of living: 11.6% cheaper than avg.

13. Nebraska

• Approx. size of a $200,000 house in July 2024: 1,163 sq. ft.
• Median list price per sq. ft. in July 2024: $172
• Median size of a listed home: 2,139 sq. ft. (9th highest of 50 states)
• Median list price in July 2024: $359,900 (16th lowest of 50 states)
• 1-yr. change in median list price: +0.3%
• Overall cost of living: 10.2% cheaper than avg.

12. Missouri

• Approx. size of a $200,000 house in July 2024: 1,176 sq. ft.
• Median list price per sq. ft. in July 2024: $170
• Median size of a listed home: 1,797 sq. ft. (13th lowest of 50 states)
• Median list price in July 2024: $310,000 (10th lowest of 50 states)
• 1-yr. change in median list price: +3.3%
• Overall cost of living: 8.9% cheaper than avg.

11. Kentucky

• Approx. size of a $200,000 house in July 2024: 1,190 sq. ft.
• Median list price per sq. ft. in July 2024: $168
• Median size of a listed home: 1,881 sq. ft. (19th lowest of 50 states)
• Median list price in July 2024: $315,000 (12th lowest of 50 states)
• 1-yr. change in median list price: +5.0%
• Overall cost of living: 10.6% cheaper than avg.

10. Alabama

• Approx. size of a $200,000 house in July 2024: 1,198 sq. ft.
• Median list price per sq. ft. in July 2024: $167
• Median size of a listed home: 1,950 sq. ft. (22nd highest of 50 states)
• Median list price in July 2024: $339,200 (14th lowest of 50 states)
• 1-yr. change in median list price: +0.1%
• Overall cost of living: 12.2% cheaper than avg.

9. North Dakota

• Approx. size of a $200,000 house in July 2024: 1,220 sq. ft.
• Median list price per sq. ft. in July 2024: $164
• Median size of a listed home: 2,192 sq. ft. (3rd highest of 50 states)
• Median list price in July 2024: $377,000 (18th lowest of 50 states)
• 1-yr. change in median list price: +11.0%
• Overall cost of living: 11.3% cheaper than avg.

8. Ohio

• Approx. size of a $200,000 house in July 2024: 1,227 sq. ft.
• Median list price per sq. ft. in July 2024: $163
• Median size of a listed home: 1,789 sq. ft. (9th lowest of 50 states)
• Median list price in July 2024: $286,500 (3rd lowest of 50 states)
• 1-yr. change in median list price: +4.2%
• Overall cost of living: 8.6% cheaper than avg.

7. Oklahoma

• Approx. size of a $200,000 house in July 2024: 1,242 sq. ft.
• Median list price per sq. ft. in July 2024: $161
• Median size of a listed home: 1,900 sq. ft. (21st lowest of 50 states)
• Median list price in July 2024: $302,500 (6th lowest of 50 states)
• 1-yr. change in median list price: -5.2%
• Overall cost of living: 11.2% cheaper than avg.

6. Indiana

• Approx. size of a $200,000 house in July 2024: 1,274 sq. ft.
• Median list price per sq. ft. in July 2024: $157
• Median size of a listed home: 1,975 sq. ft. (20th highest of 50 states)
• Median list price in July 2024: $309,450 (9th lowest of 50 states)
• 1-yr. change in median list price: -1.7%
• Overall cost of living: 8.2% cheaper than avg.

5. Arkansas

• Approx. size of a $200,000 house in July 2024: 1,290 sq. ft.
• Median list price per sq. ft. in July 2024: $155
• Median size of a listed home: 1,882 sq. ft. (20th lowest of 50 states)
• Median list price in July 2024: $299,250 (4th lowest of 50 states)
• 1-yr. change in median list price: -0.2%
• Overall cost of living: 13.4% cheaper than avg.

4. Kansas

• Approx. size of a $200,000 house in July 2024: 1,299 sq. ft.
• Median list price per sq. ft. in July 2024: $154
• Median size of a listed home: 2,106 sq. ft. (10th highest of 50 states)
• Median list price in July 2024: $313,500 (11th lowest of 50 states)
• 1-yr. change in median list price: +4.5%
• Overall cost of living: 10.0% cheaper than avg.

3. Louisiana

• Approx. size of a $200,000 house in July 2024: 1,307 sq. ft.
• Median list price per sq. ft. in July 2024: $153
• Median size of a listed home: 1,854 sq. ft. (17th lowest of 50 states)
• Median list price in July 2024: $279,997 (2nd lowest of 50 states)
• 1-yr. change in median list price: -3.3%
• Overall cost of living: 9.4% cheaper than avg.

2. Mississippi

• Approx. size of a $200,000 house in July 2024: 1,361 sq. ft.
• Median list price per sq. ft. in July 2024: $147
• Median size of a listed home: 2,000 sq. ft. (17th highest of 50 states)
• Median list price in July 2024: $299,900 (5th lowest of 50 states)
• 1-yr. change in median list price: +7.5%
• Overall cost of living: 12.7% cheaper than avg.

1. West Virginia

• Approx. size of a $200,000 house in July 2024: 1,493 sq. ft.
• Median list price per sq. ft. in July 2024: $134
• Median size of a listed home: 1,789 sq. ft. (10th lowest of 50 states)
• Median list price in July 2024: $242,450 (the lowest of 50 states)
• 1-yr. change in median list price: +0.7%
• Overall cost of living: 10.8% cheaper than avg.

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