A surge in demand for homes in the United States, in addition to limited housing inventory, has created a sellers market unlike anything seen in recent memory. Homes are now selling faster than ever before — and also for more money than ever before.
As of August 2021, a typical single-family home in the United States costs $303,288 — up 17.7% over the last year. Of course, home values are not uniform across the country, and in some states, the typical home costs far more than the national average — while in others, homes cost far less.
According to estimates from Zillow, a Seattle-based real estate data company, the price of a typical single-family home can range from as little as $118,581 to as much as $764,146, depending on the state. While there are exceptions, the states with the most expensive homes are concentrated in the West, while the states with the lowest home values are mostly in the South.
Housing prices are determined by supply and demand forces as well as what local residents are willing to pay — and that is influenced largely by what they can afford. Not surprisingly, in states where the typical home is worth more than average, most households tend to earn more than the national median household income of $65,712. Similarly, states with lower home values typically have lower incomes.
States with higher home prices also tend to have a higher cost of living overall. For example, in the state with the highest median home value, all goods and services cost 18.1% more than they do on average nationwide, and in the state with the lowest median home value, the cost of living is 12.2% less than it is nationwide.
Source: Kruck20 / Getty Images
Alabama
> Price of a typical single-family home: $175,586
> Median household income: $51,734
> Cost of living: 13.6% less than the national average
> 1-yr. change in median home value: +13.7%
This is How Much Home You Can Buy For 200K in Every State
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Alaska
> Price of a typical single-family home: $304,908
> Median household income: $75,463
> Cost of living: 4.8% more than the national average
> 1-yr. change in median home value: +4.1%
This is How Much Home You Can Buy For 200K in Every State
Source: Dreamframer / Getty Images
Arizona
> Price of a typical single-family home: $376,369
> Median household income: $62,055
> Cost of living: 3.5% less than the national average
> 1-yr. change in median home value: +30.7%
This is How Much Home You Can Buy For 200K in Every State
Source: Sean Pavone / Getty Images
Arkansas
> Price of a typical single-family home: $153,263
> Median household income: $48,952
> Cost of living: 14.7% less than the national average
> 1-yr. change in median home value: +12.2%
This is How Much Home You Can Buy For 200K in Every State
Source: choness / Getty Images
California
> Price of a typical single-family home: $708,936
> Median household income: $80,440
> Cost of living: 15.4% more than the national average
> 1-yr. change in median home value: +21.9%
This is How Much Home You Can Buy For 200K in Every State
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Colorado
> Price of a typical single-family home: $509,800
> Median household income: $77,127
> Cost of living: 1.9% more than the national average
> 1-yr. change in median home value: +20.3%
This is How Much Home You Can Buy For 200K in Every State
Source: SeanPavonePhoto / Getty Images
Connecticut
> Price of a typical single-family home: $326,124
> Median household income: $78,833
> Cost of living: 6.1% more than the national average
> 1-yr. change in median home value: +20.7%
This is How Much Home You Can Buy For 200K in Every State
Source: mdgmorris / Getty Images
Delaware
> Price of a typical single-family home: $317,985
> Median household income: $70,176
> Cost of living: 1.2% less than the national average
> 1-yr. change in median home value: +16.5%
This is How Much Home You Can Buy For 200K in Every State
Source: SeanPavonePhoto / Getty Images
Florida
> Price of a typical single-family home: $313,217
> Median household income: $59,227
> Cost of living: 0.6% more than the national average
> 1-yr. change in median home value: +20.1%
This is How Much Home You Can Buy For 200K in Every State
Source: Sean Pavone / Getty Images
Georgia
> Price of a typical single-family home: $256,962
> Median household income: $61,980
> Cost of living: 7% less than the national average
> 1-yr. change in median home value: +18.6%
This is How Much Home You Can Buy For 200K in Every State
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Hawaii
> Price of a typical single-family home: $764,146
> Median household income: $83,102
> Cost of living: 18.1% more than the national average
> 1-yr. change in median home value: +14.5%
This is How Much Home You Can Buy For 200K in Every State
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Idaho
> Price of a typical single-family home: $427,410
> Median household income: $60,999
> Cost of living: 7.5% less than the national average
> 1-yr. change in median home value: +36.0%
This is How Much Home You Can Buy For 200K in Every State
Source: Sean Pavone / Getty Images
Illinois
> Price of a typical single-family home: $239,408
> Median household income: $69,187
> Cost of living: 1.9% less than the national average
> 1-yr. change in median home value: +13.3%
This is How Much Home You Can Buy For 200K in Every State
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Indiana
> Price of a typical single-family home: $191,054
> Median household income: $57,603
> Cost of living: 10.7% less than the national average
> 1-yr. change in median home value: +14.8%
This is How Much Home You Can Buy For 200K in Every State
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Iowa
> Price of a typical single-family home: $168,545
> Median household income: $61,691
> Cost of living: 10.8% less than the national average
> 1-yr. change in median home value: +7.7%
This is How Much Home You Can Buy For 200K in Every State
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Kansas
> Price of a typical single-family home: $180,914
> Median household income: $62,087
> Cost of living: 10% less than the national average
> 1-yr. change in median home value: +12.5%
This is How Much Home You Can Buy For 200K in Every State
Source: Sean Pavone / Getty Images
Kentucky
> Price of a typical single-family home: $172,433
> Median household income: $52,295
> Cost of living: 12.2% less than the national average
> 1-yr. change in median home value: +11.6%
This is How Much Home You Can Buy For 200K in Every State
Source: f11photo / Getty Images
Louisiana
> Price of a typical single-family home: $193,114
> Median household income: $51,073
> Cost of living: 10.9% less than the national average
> 1-yr. change in median home value: +8.7%
This is How Much Home You Can Buy For 200K in Every State
Source: SeanPavonePhoto / Getty Images
Maine
> Price of a typical single-family home: $318,628
> Median household income: $58,924
> Cost of living: in line with the national average
> 1-yr. change in median home value: +22.7%
This is How Much Home You Can Buy For 200K in Every State
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Maryland
> Price of a typical single-family home: $373,264
> Median household income: $86,738
> Cost of living: 8.4% more than the national average
> 1-yr. change in median home value: +14.7%
This is How Much Home You Can Buy For 200K in Every State
Source: SeanPavonePhoto / Getty Images
Massachusetts
> Price of a typical single-family home: $533,440
> Median household income: $85,843
> Cost of living: 9.7% more than the national average
> 1-yr. change in median home value: +18.5%
This is How Much Home You Can Buy For 200K in Every State
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Michigan
> Price of a typical single-family home: $214,231
> Median household income: $59,584
> Cost of living: 7.6% less than the national average
> 1-yr. change in median home value: +17.4%
This is How Much Home You Can Buy For 200K in Every State
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Minnesota
> Price of a typical single-family home: $307,644
> Median household income: $74,593
> Cost of living: 2.5% less than the national average
> 1-yr. change in median home value: +13.4%
This is How Much Home You Can Buy For 200K in Every State
Source: SeanPavonePhoto / Getty Images
Mississippi
> Price of a typical single-family home: $144,074
> Median household income: $45,792
> Cost of living: 14% less than the national average
> 1-yr. change in median home value: +9.8%
This is How Much Home You Can Buy For 200K in Every State
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Missouri
> Price of a typical single-family home: $198,838
> Median household income: $57,409
> Cost of living: 11.2% less than the national average
> 1-yr. change in median home value: +14.8%
This is How Much Home You Can Buy For 200K in Every State
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Montana
> Price of a typical single-family home: $374,980
> Median household income: $57,153
> Cost of living: 6.7% less than the national average
> 1-yr. change in median home value: +22.7%
This is How Much Home You Can Buy For 200K in Every State
Source: DenisTangneyJr / Getty Images
Nebraska
> Price of a typical single-family home: $210,585
> Median household income: $63,229
> Cost of living: 10.5% less than the national average
> 1-yr. change in median home value: +12.5%
This is How Much Home You Can Buy For 200K in Every State
Source: f11photo / Getty Images
Nevada
> Price of a typical single-family home: $389,397
> Median household income: $63,276
> Cost of living: 2.5% less than the national average
> 1-yr. change in median home value: +23.8%
This is How Much Home You Can Buy For 200K in Every State
Source: DenisTangneyJr / Getty Images
New Hampshire
> Price of a typical single-family home: $381,978
> Median household income: $77,933
> Cost of living: 6% more than the national average
> 1-yr. change in median home value: +21.8%
This is How Much Home You Can Buy For 200K in Every State
Source: SeanPavonePhoto / Getty Images
New Jersey
> Price of a typical single-family home: $421,124
> Median household income: $85,751
> Cost of living: 15.2% more than the national average
> 1-yr. change in median home value: +18.9%
This is How Much Home You Can Buy For 200K in Every State
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New Mexico
> Price of a typical single-family home: $253,790
> Median household income: $51,945
> Cost of living: 8.9% less than the national average
> 1-yr. change in median home value: +17.8%
This is How Much Home You Can Buy For 200K in Every State
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New York
> Price of a typical single-family home: $363,990
> Median household income: $72,108
> Cost of living: 16.4% more than the national average
> 1-yr. change in median home value: +14.2%
This is How Much Home You Can Buy For 200K in Every State
Source: Sean Pavone / Getty Images
North Carolina
> Price of a typical single-family home: $260,597
> Median household income: $57,341
> Cost of living: 8.2% less than the national average
> 1-yr. change in median home value: +19.0%
This is How Much Home You Can Buy For 200K in Every State
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North Dakota
> Price of a typical single-family home: $252,788
> Median household income: $64,577
> Cost of living: 9.4% less than the national average
> 1-yr. change in median home value: +6.4%
This is How Much Home You Can Buy For 200K in Every State
Source: Sean Pavone / Getty Images
Ohio
> Price of a typical single-family home: $186,211
> Median household income: $58,642
> Cost of living: 11.6% less than the national average
> 1-yr. change in median home value: +15.3%
This is How Much Home You Can Buy For 200K in Every State
Source: DenisTangneyJr / Getty Images
Oklahoma
> Price of a typical single-family home: $155,012
> Median household income: $54,449
> Cost of living: 11.6% less than the national average
> 1-yr. change in median home value: +11.9%
This is How Much Home You Can Buy For 200K in Every State
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Oregon
> Price of a typical single-family home: $468,953
> Median household income: $67,058
> Cost of living: 1.1% more than the national average
> 1-yr. change in median home value: +20.7%
This is How Much Home You Can Buy For 200K in Every State
Source: SeanPavonePhoto / Getty Images
Pennsylvania
> Price of a typical single-family home: $240,658
> Median household income: $63,463
> Cost of living: 2.5% less than the national average
> 1-yr. change in median home value: +16.2%
This is How Much Home You Can Buy For 200K in Every State
Source: SeanPavonePhoto / Getty Images
Rhode Island
> Price of a typical single-family home: $387,693
> Median household income: $71,169
> Cost of living: 0.7% less than the national average
> 1-yr. change in median home value: +21.5%
This is How Much Home You Can Buy For 200K in Every State
Source: Sean Pavone / Getty Images
South Carolina
> Price of a typical single-family home: $236,344
> Median household income: $56,227
> Cost of living: 8.9% less than the national average
> 1-yr. change in median home value: +15.7%
This is How Much Home You Can Buy For 200K in Every State
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South Dakota
> Price of a typical single-family home: $249,314
> Median household income: $59,533
> Cost of living: 12.1% less than the national average
> 1-yr. change in median home value: +11.9%
This is How Much Home You Can Buy For 200K in Every State
Source: Sean Pavone / Getty Images
Tennessee
> Price of a typical single-family home: $241,626
> Median household income: $56,071
> Cost of living: 10.1% less than the national average
> 1-yr. change in median home value: +17.4%
This is How Much Home You Can Buy For 200K in Every State
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Texas
> Price of a typical single-family home: $257,628
> Median household income: $64,034
> Cost of living: 3.2% less than the national average
> 1-yr. change in median home value: +18.1%
This is How Much Home You Can Buy For 200K in Every State
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Utah
> Price of a typical single-family home: $493,221
> Median household income: $75,780
> Cost of living: 3.4% less than the national average
> 1-yr. change in median home value: +28.5%
This is How Much Home You Can Buy For 200K in Every State
Source: SeanPavonePhoto / Getty Images
Vermont
> Price of a typical single-family home: $308,300
> Median household income: $63,001
> Cost of living: 3% more than the national average
> 1-yr. change in median home value: +12.9%
This is How Much Home You Can Buy For 200K in Every State
Source: SeanPavonePhoto / Getty Images
Virginia
> Price of a typical single-family home: $335,198
> Median household income: $76,456
> Cost of living: 2% more than the national average
> 1-yr. change in median home value: +12.7%
This is How Much Home You Can Buy For 200K in Every State
Source: aiisha5 / iStock
Washington
> Price of a typical single-family home: $542,012
> Median household income: $78,687
> Cost of living: 7.8% more than the national average
> 1-yr. change in median home value: +22.8%
This is How Much Home You Can Buy For 200K in Every State
Source: Sean Pavone / Getty Images
West Virginia
> Price of a typical single-family home: $118,581
> Median household income: $48,850
> Cost of living: 12.2% less than the national average
> 1-yr. change in median home value: +8.2%
This is How Much Home You Can Buy For 200K in Every State
Source: Sean Pavone / Getty Images
Wisconsin
> Price of a typical single-family home: $236,551
> Median household income: $64,168
> Cost of living: 8.1% less than the national average
> 1-yr. change in median home value: +14.6%
This is How Much Home You Can Buy For 200K in Every State
Source: Cliff / Wikimedia Commons
Wyoming
> Price of a typical single-family home: $279,449
> Median household income: $65,003
> Cost of living: 7.3% less than the national average
> 1-yr. change in median home value: +6.4%
This is How Much Home You Can Buy For 200K in Every State
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