With home prices declining for over six months, some U.S. housing market conditions have shifted to favor buyers. Still, other conditions stack up against homebuyers, particularly mortgage rates. As inflation began to surge, the Federal Reserve raised interest rates nine times in 12 months in an attempt to stem inflation. The cumulative 475 basis points Fed rate hike sent mortgage rates soaring, forcing many homebuyers to reevaluate their budgets and consider exactly how much house they can afford.
Since September 2022, the average interest rate on a 30 year fixed rate mortgage has been above 6%, the highest it has been in nearly a decade and a half. With historically high borrowing costs, many homebuyers are seeking more affordable markets. And in some parts of the country, a relatively modest housing budget goes a lot further than in others.
Using data from the Federal Reserve Bank of St. Louis, 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, from the smallest to the largest. Calculations were made using median home list price per square foot as of March 2023. Data on median home value, median number of rooms per house, and median household income is from the U.S. Census Bureau’s 2021 American Community Survey.
Depending on the state, the approximate size of a typical $200,000 home ranges from 300 square feet (about the size of two parking spaces) to 1,600 square feet. The states where $200,000 can get more of a house are often places where home values are relatively low across the board. Meanwhile, states where virtually nothing sells for $200,000 are those with some of the most expensive real estate in the country.
For example, in West Virginia, the state where homebuyers can get the most square footage on a $200,000 budget, the typical home is worth $143,200. Hawaii, meanwhile, which ranks on the other end of the spectrum, has a median home value of $722,500. (Here is a look at the states where home values increased the most during COVID.)
With home prices rising in much of the country throughout much of the pandemic, the typical size of a $200,000 home has declined over the past year – by well over 10% in some cases. There are exceptions, however. In nine states, homebuyers can buy a larger house on a $200,000 budget today than they could a year ago. These include states like California and New York, where people are moving out far faster than they are moving in. (Here is a look at the 11 states people are leaving in droves.)
Click here to see how much home you can buy for $200k in each state.
Source: Art Wager / E+ via Getty Images
50. Hawaii
> Approx. size of a $200k house: 300 sq. ft. (4.7% larger than 1 yr. ago)
> Median list price per sq. ft., March 2023: $666
> Median home value, 2021: $722,500 (the highest of the 50 states)
> Median number of rooms per house, 2021: 4.7
> Median household income, 2021: $84,857 (6th highest of the 50 states)
[in-text-ad]
Source: choness / iStock via Getty Images
49. California
> Approx. size of a $200k house: 461 sq. ft. (4.6% larger than 1 yr. ago)
> Median list price per sq. ft., March 2023: $434
> Median home value, 2021: $648,100 (2nd highest of the 50 states)
> Median number of rooms per house, 2021: 5.1
> Median household income, 2021: $84,907 (5th highest of the 50 states)
24/7 Wall St.
Source: DenisTangneyJr / E+ via Getty Images
48. Massachusetts
> Approx. size of a $200k house: 498 sq. ft. (0.2% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $402
> Median home value, 2021: $480,600 (4th highest of the 50 states)
> Median number of rooms per house, 2021: 5.5
> Median household income, 2021: $89,645 (2nd highest of the 50 states)
Source: TomasSereda / iStock via Getty Images
47. New York
> Approx. size of a $200k house: 524 sq. ft. (1.8% larger than 1 yr. ago)
> Median list price per sq. ft., March 2023: $382
> Median home value, 2021: $368,800 (12th highest of the 50 states)
> Median number of rooms per house, 2021: 5.0
> Median household income, 2021: $74,314 (14th highest of the 50 states)
[in-text-ad-2]
Source: Sean Pavone / iStock via Getty Images
46. Rhode Island
> Approx. size of a $200k house: 625 sq. ft. (7.8% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $320
> Median home value, 2021: $348,100 (13th highest of the 50 states)
> Median number of rooms per house, 2021: 5.4
> Median household income, 2021: $74,008 (15th highest of the 50 states)
Source: peeterv / iStock via Getty Images
45. Montana
> Approx. size of a $200k house: 629 sq. ft. (7.2% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $318
> Median home value, 2021: $322,800 (17th highest of the 50 states)
> Median number of rooms per house, 2021: 5.7
> Median household income, 2021: $63,249 (16th lowest of the 50 states)
[in-text-ad]
44. Washington
> Approx. size of a $200k house: 631 sq. ft. (2.5% larger than 1 yr. ago)
> Median list price per sq. ft., March 2023: $317
> Median home value, 2021: $485,700 (3rd highest of the 50 states)
> Median number of rooms per house, 2021: 5.5
> Median household income, 2021: $84,247 (7th highest of the 50 states)
24/7 Wall St.
Source: jbentley09 / iStock via Getty Images
43. Oregon
> Approx. size of a $200k house: 662 sq. ft. (2.0% larger than 1 yr. ago)
> Median list price per sq. ft., March 2023: $302
> Median home value, 2021: $422,700 (6th highest of the 50 states)
> Median number of rooms per house, 2021: 5.4
> Median household income, 2021: $71,562 (18th highest of the 50 states)
Source: DenisTangneyJr / iStock via Getty Images
42. New Hampshire
> Approx. size of a $200k house: 699 sq. ft. (10.8% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $286
> Median home value, 2021: $345,200 (14th highest of the 50 states)
> Median number of rooms per house, 2021: 5.7
> Median household income, 2021: $88,465 (4th highest of the 50 states)
[in-text-ad-2]
Source: Kruck20 / iStock via Getty Images
41. Colorado
> Approx. size of a $200k house: 699 sq. ft. (1.4% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $286
> Median home value, 2021: $466,200 (5th highest of the 50 states)
> Median number of rooms per house, 2021: 5.8
> Median household income, 2021: $82,254 (9th highest of the 50 states)
Source: SeanPavonePhoto / iStock via Getty Images
40. Florida
> Approx. size of a $200k house: 727 sq. ft. (1.8% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $275
> Median home value, 2021: $290,700 (21st highest of the 50 states)
> Median number of rooms per house, 2021: 5.2
> Median household income, 2021: $63,062 (15th lowest of the 50 states)
[in-text-ad]
39. New Jersey
> Approx. size of a $200k house: 746 sq. ft. (1.5% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $268
> Median home value, 2021: $389,800 (8th highest of the 50 states)
> Median number of rooms per house, 2021: 5.7
> Median household income, 2021: $89,296 (3rd highest of the 50 states)
Source: knowlesgallery / iStock via Getty Images
38. Idaho
> Approx. size of a $200k house: 755 sq. ft. (9.4% larger than 1 yr. ago)
> Median list price per sq. ft., March 2023: $265
> Median home value, 2021: $369,300 (11th highest of the 50 states)
> Median number of rooms per house, 2021: 5.9
> Median household income, 2021: $66,474 (24th lowest of the 50 states)
Source: JeffreyRasmussen / iStock via Getty Images
37. Arizona
> Approx. size of a $200k house: 763 sq. ft. (0.8% larger than 1 yr. ago)
> Median list price per sq. ft., March 2023: $262
> Median home value, 2021: $336,300 (15th highest of the 50 states)
> Median number of rooms per house, 2021: 5.4
> Median household income, 2021: $69,056 (20th highest of the 50 states)
[in-text-ad-2]
Source: vishwats / iStock via Getty Images
36. Connecticut
> Approx. size of a $200k house: 775 sq. ft. (3.9% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $258
> Median home value, 2021: $311,500 (18th highest of the 50 states)
> Median number of rooms per house, 2021: 5.6
> Median household income, 2021: $83,771 (8th highest of the 50 states)
Source: f11photo / iStock via Getty Images
35. Nevada
> Approx. size of a $200k house: 787 sq. ft. (3.1% larger than 1 yr. ago)
> Median list price per sq. ft., March 2023: $254
> Median home value, 2021: $373,000 (9th highest of the 50 states)
> Median number of rooms per house, 2021: 5.3
> Median household income, 2021: $66,274 (23rd lowest of the 50 states)
[in-text-ad]
Source: Sean Pavone / iStock via Getty Images
34. Utah
> Approx. size of a $200k house: 803 sq. ft. (4.0% larger than 1 yr. ago)
> Median list price per sq. ft., March 2023: $249
> Median home value, 2021: $421,700 (7th highest of the 50 states)
> Median number of rooms per house, 2021: 6.4
> Median household income, 2021: $79,449 (11th highest of the 50 states)
24/7 Wall St.
Source: SeanPavonePhoto / iStock via Getty Images
33. Maine
> Approx. size of a $200k house: 803 sq. ft. (12.9% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $249
> Median home value, 2021: $252,100 (25th highest of the 50 states)
> Median number of rooms per house, 2021: 5.5
> Median household income, 2021: $64,767 (19th lowest of the 50 states)
Source: Jacob Boomsma / iStock via Getty Images
32. Alaska
> Approx. size of a $200k house: 851 sq. ft. (7.7% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $235
> Median home value, 2021: $304,900 (19th highest of the 50 states)
> Median number of rooms per house, 2021: 4.9
> Median household income, 2021: $77,845 (12th highest of the 50 states)
[in-text-ad-2]
Source: SeanPavonePhoto / iStock via Getty Images
31. Vermont
> Approx. size of a $200k house: 855 sq. ft. (10.3% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $234
> Median home value, 2021: $271,500 (23rd highest of the 50 states)
> Median number of rooms per house, 2021: 5.6
> Median household income, 2021: $72,431 (16th highest of the 50 states)
Source: DenisTangneyJr / iStock via Getty Images
30. Delaware
> Approx. size of a $200k house: 893 sq. ft. (6.7% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $224
> Median home value, 2021: $300,500 (20th highest of the 50 states)
> Median number of rooms per house, 2021: 6.3
> Median household income, 2021: $71,091 (19th highest of the 50 states)
[in-text-ad]
Source: Kruck20 / iStock via Getty Images
29. Tennessee
> Approx. size of a $200k house: 913 sq. ft. (8.2% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $219
> Median home value, 2021: $235,200 (22nd lowest of the 50 states)
> Median number of rooms per house, 2021: 5.8
> Median household income, 2021: $59,695 (10th lowest of the 50 states)
24/7 Wall St.
Source: DenisTangneyJr / iStock via Getty Images
28. Maryland
> Approx. size of a $200k house: 913 sq. ft. (4.1% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $219
> Median home value, 2021: $370,800 (10th highest of the 50 states)
> Median number of rooms per house, 2021: 6.3
> Median household income, 2021: $90,203 (the highest of the 50 states)
Source: ferrantraite / E+ via Getty Images
27. Virginia
> Approx. size of a $200k house: 952 sq. ft. (4.3% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $210
> Median home value, 2021: $330,600 (16th highest of the 50 states)
> Median number of rooms per house, 2021: 6.1
> Median household income, 2021: $80,963 (10th highest of the 50 states)
[in-text-ad-2]
Source: Kruck20 / iStock via Getty Images
26. North Carolina
> Approx. size of a $200k house: 966 sq. ft. (2.9% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $207
> Median home value, 2021: $236,900 (23rd lowest of the 50 states)
> Median number of rooms per house, 2021: 5.6
> Median household income, 2021: $61,972 (12th lowest of the 50 states)
Source: Gian Lorenzo Ferretti Photography / E+ via Getty Images
25. Minnesota
> Approx. size of a $200k house: 980 sq. ft. (14.2% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $204
> Median home value, 2021: $285,400 (22nd highest of the 50 states)
> Median number of rooms per house, 2021: 6.1
> Median household income, 2021: $77,720 (13th highest of the 50 states)
[in-text-ad]
Source: peeterv / iStock via Getty Images
24. South Dakota
> Approx. size of a $200k house: 1,010 sq. ft. (9.6% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $198
> Median home value, 2021: $219,900 (17th lowest of the 50 states)
> Median number of rooms per house, 2021: 6.0
> Median household income, 2021: $66,143 (22nd lowest of the 50 states)
Source: JamesBrey / E+ via Getty Images
23. Wisconsin
> Approx. size of a $200k house: 1,026 sq. ft. (9.7% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $195
> Median home value, 2021: $230,700 (20th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.6
> Median household income, 2021: $67,125 (22nd highest of the 50 states)
Source: Sean Pavone / iStock via Getty Images
22. South Carolina
> Approx. size of a $200k house: 1,058 sq. ft. (8.5% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $189
> Median home value, 2021: $213,500 (15th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.7
> Median household income, 2021: $59,318 (9th lowest of the 50 states)
[in-text-ad-2]
Source: Sean Pavone / iStock via Getty Images
21. New Mexico
> Approx. size of a $200k house: 1,064 sq. ft. (12.2% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $188
> Median home value, 2021: $214,000 (16th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.4
> Median household income, 2021: $53,992 (6th lowest of the 50 states)
Source: dibrova / iStock via Getty Images
20. Texas
> Approx. size of a $200k house: 1,081 sq. ft. (4.9% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $185
> Median home value, 2021: $237,400 (24th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.4
> Median household income, 2021: $66,963 (23rd highest of the 50 states)
[in-text-ad]
Source: DenisTangneyJr / E+ via Getty Images
19. Wyoming
> Approx. size of a $200k house: 1,099 sq. ft. (12.1% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $182
> Median home value, 2021: $266,400 (24th highest of the 50 states)
> Median number of rooms per house, 2021: 5.8
> Median household income, 2021: $65,204 (20th lowest of the 50 states)
Source: pabradyphoto / iStock via Getty Images
18. Iowa
> Approx. size of a $200k house: 1,111 sq. ft. (10.6% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $180
> Median home value, 2021: $174,400 (7th lowest of the 50 states)
> Median number of rooms per house, 2021: 6.0
> Median household income, 2021: $65,600 (21st lowest of the 50 states)
Source: SeanPavonePhoto / iStock via Getty Images
17. Georgia
> Approx. size of a $200k house: 1,111 sq. ft. (3.3% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $180
> Median home value, 2021: $249,700 (25th lowest of the 50 states)
> Median number of rooms per house, 2021: 6.0
> Median household income, 2021: $66,559 (25th highest of the 50 states)
[in-text-ad-2]
Source: Davel5957 / iStock via Getty Images
16. Nebraska
> Approx. size of a $200k house: 1,143 sq. ft. (12.6% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $175
> Median home value, 2021: $204,900 (14th lowest of the 50 states)
> Median number of rooms per house, 2021: 6.1
> Median household income, 2021: $66,817 (24th highest of the 50 states)
Source: DenisTangneyJr / iStock via Getty Images
15. Pennsylvania
> Approx. size of a $200k house: 1,163 sq. ft. (2.3% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $172
> Median home value, 2021: $222,300 (18th lowest of the 50 states)
> Median number of rooms per house, 2021: 6.1
> Median household income, 2021: $68,957 (21st highest of the 50 states)
[in-text-ad]
Source: JaySi / iStock via Getty Images
14. Illinois
> Approx. size of a $200k house: 1,163 sq. ft. (0.6% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $172
> Median home value, 2021: $231,500 (21st lowest of the 50 states)
> Median number of rooms per house, 2021: 5.6
> Median household income, 2021: $72,205 (17th highest of the 50 states)
Source: RudyBalasko / iStock via Getty Images
13. Michigan
> Approx. size of a $200k house: 1,220 sq. ft. (4.3% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $164
> Median home value, 2021: $199,100 (13th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.9
> Median household income, 2021: $63,498 (17th lowest of the 50 states)
Source: Art Wager / iStock via Getty Images
12. Missouri
> Approx. size of a $200k house: 1,235 sq. ft. (7.4% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $162
> Median home value, 2021: $198,300 (12th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.7
> Median household income, 2021: $61,847 (11th lowest of the 50 states)
[in-text-ad-2]
Source: Davel5957 / E+ via Getty Images
11. Oklahoma
> Approx. size of a $200k house: 1,250 sq. ft. (16.3% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $160
> Median home value, 2021: $168,500 (4th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.5
> Median household income, 2021: $55,826 (8th lowest of the 50 states)
Source: Sean Pavone / iStock via Getty Images
10. Alabama
> Approx. size of a $200k house: 1,274 sq. ft. (10.8% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $157
> Median home value, 2021: $172,800 (5th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.8
> Median household income, 2021: $53,913 (5th lowest of the 50 states)
[in-text-ad]
Source: Sean Pavone / iStock via Getty Images
9. Kentucky
> Approx. size of a $200k house: 1,282 sq. ft. (9.6% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $156
> Median home value, 2021: $173,300 (6th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.7
> Median household income, 2021: $55,573 (7th lowest of the 50 states)
Source: Sean Pavone / iStock via Getty Images
8. Kansas
> Approx. size of a $200k house: 1,290 sq. ft. (18.7% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $155
> Median home value, 2021: $183,800 (10th lowest of the 50 states)
> Median number of rooms per house, 2021: 6.0
> Median household income, 2021: $64,124 (18th lowest of the 50 states)
Source: rruntsch / iStock via Getty Images
7. North Dakota
> Approx. size of a $200k house: 1,316 sq. ft. (10.5% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $152
> Median home value, 2021: $224,400 (19th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.7
> Median household income, 2021: $66,519 (25th lowest of the 50 states)
[in-text-ad-2]
Source: Sean Pavone / iStock via Getty Images
6. Louisiana
> Approx. size of a $200k house: 1,316 sq. ft. (5.3% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $152
> Median home value, 2021: $192,800 (11th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.5
> Median household income, 2021: $52,087 (3rd lowest of the 50 states)
Source: Sean Pavone / iStock via Getty Images
5. Indiana
> Approx. size of a $200k house: 1,351 sq. ft. (8.1% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $148
> Median home value, 2021: $182,400 (9th lowest of the 50 states)
> Median number of rooms per house, 2021: 5.9
> Median household income, 2021: $62,743 (14th lowest of the 50 states)
[in-text-ad]
Source: DenisTangneyJr / iStock via Getty Images
4. Arkansas
> Approx. size of a $200k house: 1,351 sq. ft. (15.5% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $148
> Median home value, 2021: $162,300 (3rd lowest of the 50 states)
> Median number of rooms per house, 2021: 5.5
> Median household income, 2021: $52,528 (4th lowest of the 50 states)
Source: pawel.gaul / E+ via Getty Images
3. Ohio
> Approx. size of a $200k house: 1,493 sq. ft. (7.5% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $134
> Median home value, 2021: $180,200 (8th lowest of the 50 states)
> Median number of rooms per house, 2021: 6.0
> Median household income, 2021: $62,262 (13th lowest of the 50 states)
Source: SeanPavonePhoto / iStock via Getty Images
2. Mississippi
> Approx. size of a $200k house: 1,515 sq. ft. (12.1% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $132
> Median home value, 2021: $145,600 (2nd lowest of the 50 states)
> Median number of rooms per house, 2021: 5.7
> Median household income, 2021: $48,716 (the lowest of the 50 states)
[in-text-ad-2]
Source: Sean Pavone / iStock via Getty Images
1. West Virginia
> Approx. size of a $200k house: 1,600 sq. ft. (13.6% smaller than 1 yr. ago)
> Median list price per sq. ft., March 2023: $125
> Median home value, 2021: $143,200 (the lowest of the 50 states)
> Median number of rooms per house, 2021: 5.9
> Median household income, 2021: $51,248 (2nd lowest of the 50 states)
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
