Table of Content
- Typical home price in Arkansas: $177,710 (41% of typical U.S. price)
- Distribution of home purchase prices in the United States in 2021
- Typical home price in Rhode Island: $443,482 (103% of typical U.S. price)
- Typical home price in Illinois: $269,575 (63% of typical U.S. price)
- Housing market in Germany
- Typical home price in the United States: $354,649
The state is notorious for its high housing costs, especially in the San Francisco and Los Angeles areas. Perhaps in part due to these high costs, California also has the nation's highest level of homelessness. The typical home in the state costs $760,800 and is 1,625 square feet. Even with a median income 6% below the median for the whole country, average mortgage payments don't cost much. This resulted in one of the biggest seller's markets in history, although that may be changing as mortgage rates increase and housing supply expands. Now, let's take a deeper dive into what average house prices are like across the country.
The higher the index is, the more options there are for obtaining mortgage finance. As the housing market heated up, mortgage loans became more available, and then in 2006, the index surpassed 850. The mortgage credit availability index fell as a result of the fall in the real estate market since it became nearly hard to get mortgage financing.
Typical home price in Arkansas: $177,710 (41% of typical U.S. price)
Since the beginning of the epidemic, market confidence has reached its lowest point in the second quarter of 2022. In addition, as a result of the impact of growing inflation on the cost of living, they found an increase in housing payment difficulties, particularly among renters. The 10- and 20-city composite indexes also showed signs of deceleration — up by 14.9% and 16.1% year over year, respectively — compared with 17.4% and 18.7% growth in June.
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Distribution of home purchase prices in the United States in 2021
The current trends and the forecast for the next 12 to 24 months clearly show that most likely the housing market is expected to see a positive home price appreciation. Even if employment remains high, housing sales volumes are anticipated to dip in the second half of 2022 and throughout 2023. Strong job growth, low inventories, and tight supply will cause unequal price movements. Lower price tiers are more susceptible to interest rate hikes, while higher price tiers are more resistant to price decreases.
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Typical home price in Rhode Island: $443,482 (103% of typical U.S. price)
The housing market remains largely a seller's market due to demand still outpacing supply. The inventory of available houses continues to be a constraint on both buyers and sellers. If mortgage rates stabilize at current levels, and all other factors remain constant, their analysis predicts a much slower, but still positive house price rise with a wide regional range depending on migration trends.
The median income is 2% lower than the U.S. median, but residents still don't need to spend too much of that income on their mortgages. Florida homeowners spend nearly 45% of their median income on their mortgages. It's a somewhat high figure caused by a median income 15% below the national median.
West Virginia, which has the lowest typical-house cost, also has the highest homeownership rate, with 79.6% of residents owning their own home. We expect the momentum of home price growth to slow as more sellers come to market and mortgage rates settle into a sideways pattern and eventually begin to turn higher. West Virginia boasts the country's lowest housing costs and its highest rates of homeownership.
Housing prices are unlikely to fall drastically, but they are expected to rise very slowly as compared to last year's pace. A typical home in Arkansas costs $169,867 and measures 1,792 square feet. Homeownership in the state is slightly higher than the national average, with 66.5% of residents owning their homes. Colorado's homes are among the nation's largest, with the average home measuring 2,126 square feet.
In Maryland, the average mortgage payment is just barely able to meet the 28% rule. That’s despite housing prices just below the national median and median income 40% above the national median. While Alabama has a low median income (19% below the national median), its typical house prices are even lower. But as with so much data during the pandemic, past relationships are no guarantee of future dynamics, and the risks are two-sided. As input prices resettle to more normal levels and as the pandemic demand dynamics fade, we expect any pressure from housing inflation to eventually dissipate.
Wisconsin offers a good combination of reasonable home prices and a median income just 1% less than the U.S. median. Because of that, the average mortgage payment is affordable for what residents earn. Although Washington's median income is 20% more than the U.S. median, that's not nearly enough to match its home prices. Residents will have a hard time making the average mortgage payment work. New Jersey is home to high housing costs and high salaries (31% more than the national median).
Californians probably aren't surprised to see that it's one of the hardest places to afford a home, after all, it’s home to some of the most expensive housing markets, like San Francisco and the greater Bay area. Even though the median income is 15% higher than the U.S. median, extremely high prices put housing out of reach for many residents. Nationally, home prices were rising by double-digits at the end of 2020 for the first time since early 2014, according to the S&P CoreLogic Case-Shiller Home Price Index. This rise continued into 2021, with national home prices climbing 13.2 percent year-over-year in March, up from 4.2 percent on average in the first quarter of 2020 and 3.5 percent on average in 2019. As a result, the median sale price for existing homes was $326,300 in March, up from $280,700 just a year earlier.
The average home sold price in the GTA was $1,089,428 for October 2022, representing a decrease of 6% year-over-year. GTA home sales are down 49% year-over-year, with 4,961 transactions in October. While Texas is a popular place to live, homes still cost less than what they do in the rest of the country. The median income is 1% above the U.S. median, so the average mortgage payment still leaves homeowners with plenty of money left over.
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