Virginia: ZIP 24012
> Location: Roanoke
> Metro area: Roanoke, VA
> Median home sales price: $146,130 (state: $315,000)
> Median household income: $46,414 (state: $74,222)
> Homes that are at least 50 years old: 58.7% (state: 31.2%)
The typical single-family home in Virginia sold for $315,000 in 2020. Of all the ZIP codes in the state with sufficient data, the 24012 ZIP in Roanoke had the lowest median home sale price at $146,130. The postal code is the only one in the state where most homes sold in 2020 went for less than $150,000.
Areas with lower than average home values also typically have lower than average incomes. In the 24012 ZIP code, the typical household earns just $46,414, well below the statewide median of $74,222.
Washington: ZIP 99207
> Location: Spokane
> Metro area: Spokane-Spokane Valley, WA
> Median home sales price: $195,000 (state: $421,954)
> Median household income: $41,401 (state: $73,775)
> Homes that are at least 50 years old: 74.8% (state: 31.8%)
With a median home sale price of $421,954, Washington is one of the most expensive states for single-family homebuyers. Not all parts of the state are as expensive, however. In the 99207 ZIP code, located in the city of Spokane, the median home sale price last year was just $195,000, $70,000 less than the comparable national median.
The area’s low home prices are likely due in part to reduced demand, precipitated by population decline. Between 2010 and 2019, the number of people living in the area contracted by 1.4%.
West Virginia: ZIP 26508
> Location: Morgantown
> Metro area: Morgantown, WV
> Median home sales price: $264,450 (state: $168,000)
> Median household income: $70,904 (state: $46,711)
> Homes that are at least 50 years old: 13.0% (state: 43.0%)
West Virginia’s 26508 ZIP code, located along the state’s northern border with Pennsylvania, is the only part of the state with a sample size of home sale data sufficient for analysis. It ranks as the least expensive postal code in the state by default only as the local median home sale price is considerably higher than it is across the state as a whole. The median price of the 586 homes that were bought and sold in the 26508 ZIP code in 2020 was $264,450 — well above the statewide median of $168,000.
Just as home values are higher than average in the area, so too are incomes. The typical household in the 26508 postal code earns $70,904 a year, compared to the state median of $46,711.
Wisconsin: ZIP 54220
> Location: Manitowoc
> Metro area: Manitowoc, WI
> Median home sales price: $120,000 (state: $202,100)
> Median household income: $51,542 (state: $61,747)
> Homes that are at least 50 years old: 61.4% (state: 45.3%)
The typical home in Wisconsin’s 54220 ZIP code, located about 80 miles north of Milwaukee along the western shore of Lake Michigan is the least expensive part of the state for single-family home buyers. The typical home in the area sold for $120,000 in 2020, well below the median statewide home price of $202,100.
As is often the case in areas with low home values, most homes in the 54220 ZIP are relatively old. Over 61% of the houses in the area were built in 1969 or earlier, compared to about 45% of homes statewide. Lack of new development in the area is indicative of the relative lack of demand for housing. Between 2010 and 2019, the local population contracted by 3.0%.
Wyoming: ZIP 82001
> Location: Cheyenne
> Metro area: Cheyenne, WY
> Median home sales price: $264,412 (state: $262,023)
> Median household income: $63,025 (state: $64,049)
> Homes that are at least 50 years old: 58.2% (state: 32.2%)
There are only two ZIP codes in Wyoming with at least 1,000 single-family homes and 500 or more home sales in the last year. Of those that meet the criteria, the 82001 ZIP code in Cheyenne has the least expensive housing in the state. Still, the local median home sale price of $264,412 is slightly higher than the statewide median of $262,023.
The only other ZIP code in the state with sufficient home sale data is the 82009 ZIP, also in Cheyenne. There, the median home sale price stands at $341,094. Incomes in this part of Cheyenne are far higher than they are in the 82001 ZIP. The typical household in the most expensive postal code in the state earns $84,545 a year, compared to a median household income of $63,025 in the least expensive part of the state.