How does home price relate to income by state?

Home price alone does not tell the full affordability story — what matters is the price-to-income ratio (home price divided by household income). A state can have a relatively low median home price but still be unaffordable if local incomes are also low. See the price-to-income ratio ranking for a full affordability comparison across all 50 states.

Home Prices · All 50 States · Updated May 2026

Average home price by state — 2024 data

Q: What state has the highest average home price?

Hawaii has the highest median home price at $839,100, making it the most expensive state for homebuyers in 2024. District of Columbia ($737,100) and California ($734,700) follow closely.

Q: What is the average home price in the US in 2024?

The national median home value in the US in 2024 is $303,300, based on US Census Bureau American Community Survey 5-Year Estimates. The national average (mean) across all states is approximately $345,335. Median is a more useful figure as it is not skewed by extreme values in high-cost coastal states.

Q: Which state has the lowest average home price?

West Virginia has the lowest median home price at $162,600. Other low-cost states include Mississippi ($169,800), Arkansas ($188,000), Oklahoma ($199,800). These states combine lower population density, weaker demand, and historically lower wage growth with housing markets that have not experienced the same price appreciation as coastal metros.

The median home value across US states ranges from $162,600 in West Virginia to $839,100 in Hawaii — a 5× difference between the most and least expensive states. The national median is $303,300. Data is from the US Census Bureau American Community Survey 5-Year Estimates (2020–2024 pooled).

Home price rankings by state reflect the median value of owner-occupied housing units — meaning the price at which half of homes in the state are valued above and half below. Median is used rather than average because the distribution of home prices is heavily right-skewed by luxury properties in high-cost metros, making averages misleading at the state level.

All 50 States — Ranked by Median Home Value

All states ranked by average home price

State Median Price P/I Ratio Median Income

1 Hawaii $839,100 8.4× $100,389 2 District of Columbia $737,100 6.7× $109,870 3 California $734,700 7.4× $99,122 4 Washington $564,600 5.8× $98,141 5 Massachusetts $562,100 5.4× $103,960 6 Colorado $539,400 5.6× $95,470 7 Utah $489,400 5.1× $95,166 8 Oregon $477,600 5.8× $83,011 9 New Jersey $454,400 4.4× $103,556 10 Nevada $435,400 5.6× $78,260 11 New York $423,800 4.9× $85,974 12 Maryland $419,900 4.1× $103,678 13 Idaho $418,600 5.4× $77,800 14 Rhode Island $404,200 4.6× $87,796 15 New Hampshire $402,500 4.1× $99,031 16 Arizona $394,500 4.9× $79,964 17 Virginia $383,700 4.1× $93,170 18 Montana $375,800 5.2× $72,509 19 Connecticut $366,900 3.8× $95,781 20 Florida $359,000 4.8× $74,568 21 Alaska $352,900 3.8× $92,788 22 Delaware $352,000 4.1× $84,954 23 Minnesota $329,300 3.7× $89,062 24 Vermont $316,600 3.9× $81,203 25 Wyoming $309,700 4.1× $76,176 26 Georgia $303,300 3.9× $77,353 27 Maine $296,600 4× $74,733 28 North Carolina $288,900 4× $72,388 29 Tennessee $286,700 4.1× $69,595 30 Texas $283,800 3.6× $78,476 31 Wisconsin $266,500 3.4× $77,485 32 Illinois $263,300 3.2× $83,390 33 South Carolina $259,000 3.7× $69,324 34 South Dakota $257,400 3.4× $75,081 35 Pennsylvania $254,500 3.3× $77,971 36 North Dakota $249,900 3.3× $76,657 37 New Mexico $248,100 3.9× $64,059 38 Nebraska $238,600 3.1× $76,475 39 Michigan $231,600 3.2× $72,875 40 Missouri $230,300 3.3× $70,702 41 Indiana $218,200 3× $71,957 42 Kansas $217,200 2.9× $74,275 43 Louisiana $216,500 3.6× $60,756 44 Ohio $214,800 3× $71,389 45 Alabama $209,900 3.3× $63,999 46 Iowa $208,000 2.8× $75,059 47 Kentucky $205,600 3.2× $63,726 48 Oklahoma $199,800 3.1× $65,039 49 Arkansas $188,000 3.1× $60,773 50 Mississippi $169,800 3× $56,447 51 West Virginia $162,600 2.7× $59,608

Regional patterns in home prices

Western states dominate the most expensive tier, averaging $526,910 median home value. Hawaii, California, and Oregon consistently lead national rankings — driven by geographic supply constraints, strong in-migration, and high incomes that sustain buyer demand even at elevated prices.

Southern states represent the most affordable end of the market, averaging $204,863. Mississippi, Arkansas, West Virginia, and Oklahoma have seen slower price appreciation than coastal markets, reflecting lower in-migration, lower median incomes, and an older housing stock. These markets remain accessible for first-time buyers at conventional income levels.

The Sun Belt — Florida, Texas, Arizona, Georgia — falls in the middle tier but has seen the fastest price growth over 2019–2024, driven by population migration from higher-cost states. Even with this appreciation, Texas and Georgia still offer price-to-income ratios below the national median in many counties, making them attractive to relocating buyers from California and New York.

Home price vs. affordability — why they differ

A high home price does not necessarily mean a state is unaffordable, and a low home price does not mean it is affordable. The right metric is the price-to-income ratio — how many years of a typical household's income it takes to buy the median home. The P/I ratio column in the table above shows this for every state.

For example, Mississippi has among the lowest home prices in the country, but local household incomes are also among the lowest — giving it a higher price-to-income ratio than states like Colorado or Washington, where home prices are much higher but incomes are also significantly elevated. True affordability requires comparing price to income, not price in isolation.

For a full affordability ranking, see the most affordable states by price-to-income ratio. For rent affordability, see states with the highest renter cost burden.

Common questions

FAQ — average home prices by state

What state has the highest average home price?

Hawaii leads at $839,100 median home value. District of Columbia ($737,100) and California ($734,700) follow.

What is the average home price in the US in 2024?

The national median home value is $303,300 based on ACS 5-Year 2024 data. The mean across all states is approximately $345,335. The median is the more useful figure.

Which state has the lowest average home price?

West Virginia has the lowest at $162,600, followed by Mississippi ($169,800), Arkansas ($188,000), Oklahoma ($199,800).

How does home price relate to affordability?

Home price alone doesn't measure affordability — what matters is the price-to-income ratio. A state with low prices but also low incomes can be less affordable than a higher-priced state with strong wages. See the most affordable states by price-to-income ratio for the full picture.

Related housing data

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