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. 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 value of a typical single-family home in Michigan is $214,231, lower than the national average.

Across Michigan, the value of a single-family home across increased by 17.4% over the one year period from August 2020 to August 2021, just compared to the national one-year home value appreciation of 17.7%.

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. As a result, areas with higher than average home values often also have higher-income residents. Michigan is no exception. The typical household in the state earns $59,584 annually, $6,100 less than the national median household income of $65,712.

This is How Much Home You Can Buy For 200K in Every State

Rank	State	Value of a typical single-family home	1-yr. increase in home value	Median household income
1	Hawaii	$764,146	14.5%	$83,102
2	California	$708,936	21.9%	$80,440
3	Massachusetts	$533,440	18.5%	$85,843
4	Washington	$542,012	22.8%	$78,687
5	Colorado	$509,800	20.3%	$77,127
6	Oregon	$468,953	20.7%	$67,058
7	Utah	$493,221	28.5%	$75,780
8	New Jersey	$421,124	18.9%	$85,751
9	New York	$363,990	14.2%	$72,108
10	Idaho	$427,410	36.0%	$60,999
11	Maryland	$373,264	14.7%	$86,738
12	Rhode Island	$387,693	21.5%	$71,169
13	Nevada	$389,397	23.8%	$63,276
14	New Hampshire	$381,978	21.8%	$77,933
15	Montana	$374,980	22.7%	$57,153
16	Arizona	$376,369	30.7%	$62,055
17	Virginia	$335,198	12.7%	$76,456
18	Alaska	$304,908	4.1%	$75,463
19	Connecticut	$326,124	20.7%	$78,833
20	Delaware	$317,985	16.5%	$70,176
21	Minnesota	$307,644	13.4%	$74,593
22	Vermont	$308,300	12.9%	$63,001
23	Maine	$318,628	22.7%	$58,924
24	Florida	$313,217	20.1%	$59,227
25	Wyoming	$279,449	6.4%	$65,003
26	North Dakota	$252,788	6.4%	$64,577
27	New Mexico	$253,790	17.8%	$51,945
28	North Carolina	$260,597	19.0%	$57,341
29	South Dakota	$249,314	11.9%	$59,533
30	Texas	$257,628	18.1%	$64,034
31	Georgia	$256,962	18.6%	$61,980
32	Illinois	$239,408	13.3%	$69,187
33	Pennsylvania	$240,658	16.2%	$63,463
34	Wisconsin	$236,551	14.6%	$64,168
35	Tennessee	$241,626	17.4%	$56,071
36	South Carolina	$236,344	15.7%	$56,227
37	Nebraska	$210,585	12.5%	$63,229
38	Michigan	$214,231	17.4%	$59,584
39	Missouri	$198,838	14.8%	$57,409
40	Louisiana	$193,114	8.7%	$51,073
41	Indiana	$191,054	14.8%	$57,603
42	Ohio	$186,211	15.3%	$58,642
43	Kansas	$180,914	12.5%	$62,087
44	Kentucky	$172,433	11.6%	$52,295
45	Iowa	$168,545	7.7%	$61,691
46	Alabama	$175,586	13.7%	$51,734
47	Arkansas	$153,263	12.2%	$48,952
48	Oklahoma	$155,012	11.9%	$54,449
49	Mississippi	$144,074	9.8%	$45,792
50	West Virginia	$118,581	8.2%	$48,850

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