The typical home in the United States is worth about $245,000. Indeed, a home is the largest investment most Americans will ever make. But exactly how much home you get for your investment can depend largely on where you live.
In 33 states, the median home price is over $200,000. Still, in all states, buyers can likely find a home for that price — but those $200,000 houses could look very different. In some places, a $200,000 home will likely be more than 2,000 square feet. In others, it will be closer to 1,200 square feet — and in one state, less than 500 square feet.
To determine how much home you can buy for $200,000 in every state, 24/7 Wall St. reviewed data on home value and size from real estate database company Zillow. Zillow’s data reflects the median square footage of homes worth between $190,000 and $210,000 in each state. Data on median home values and sizes by state also came from Zillow. Data on the median number of rooms in a housing unit came from the U.S. Census Bureau’s 2018 American Community Survey.
Prospective homebuyers will likely consider more factors than just the size of the house or the number of rooms — especially those with children. For example, parents will often consider buying a particular house because of the school district that it is in. These are the school districts where children are most likely to succeed in every state.
Home prices can vary greatly not just from state to state, but also from city to city — and even in a single city, housing prices are constantly in flux. Home prices may rise or decline based on the economic realities of a given area. Though the U.S. median home price has been on the rise over the last decade some communities are losing jobs and experiencing a shrinking GDP. These economic conditions are likely having a negative impact on the local housing market. These are the fastest shrinking local economies in every state.
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A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.