Special Report
Most Expensive Housing Market in Every State
August 9, 2018 8:42 am
Last Updated: March 13, 2020 5:54 pm
The counties with the most expensive housing markets are frequently within large metropolitan areas. In fact, 38 of the counties on this list are near urban centers. Large cities are often home to specialized jobs in some of the nation’s highest paying industries. The nation’s three most expensive housing markets are all counties in the San Francisco area, within commuting distance to high-paying technology jobs in Silicon Valley. Many other expensive housing markets are in the Northeast, near the urban centers of New York, Philadelphia, and the District of Columbia.
Even in low-income states, the most expensive housing market has a median home value of at least $250,000, but there are exceptions. In Oklahoma, the most expensive housing market has a median of 174,667, which is less than 826 other counties across the country.
While relatively expensive, these markets are not necessarily unaffordable. Of the 50 counties with the most expensive housing markets in their state, close to half also report the state’s highest incomes. In Virginia’s Falls Church, the median home value is $850,801, and the median annual household income is about $115,000. Over 25% of Falls Church households earn $200,000 or more a year, the highest share of any U.S. county.
To determine the county with the most expensive housing market in every state, 24/7 Wall St. reviewed median home prices in the 3,199 county and county-equivalents as aggregated by the National Association of Realtors for the second quarter of 2017. Monthly payments for the median home price for the same time period are also from the NAR and assume a fixed 30-year mortgage with a 3.5% interest rate and a 10% down payment. Median household incomes for each county come from the U.S. Census Bureau’s 2016 American Consumer Survey.
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