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Surprise, surprise: California is the most expensive place to buy a home

10/07/2017

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Homes along the United States’ most popular coasts are known for their beautiful waterfront views, salty breezes and — you guessed it — sky-high prices. So it comes as no surprise that the five most expensive states for homeowners happen to be right along the ocean.

Move inland and you’ll typically see a pretty hefty drop in home prices. Exactly how big of a drop are we talking? Howmuch.net, a cost information website, has provided a data visualization for the most and least valuable states that’ll answer that question:

5 most expensive states for homeowners

1. California (value per acre: $39,092; median home value: $449,100)

2. Massachusetts (value per acre: $102,214; median home value: $352,100)

3. New Jersey (value per acre: $196,410; median home value: $322,600)

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4. Maryland (value per acre: $75,429; median home value: $299,800)

5. New York (value per acre: 41,314; median home value: $293,500)

5 least expensive states for homeowners

1. West Virginia (value per acre: $10,537; median home value: $112,100)

2. Mississippi (value per acre: $5,565; median home value: 112,700)

3. Arkansas (value per acre: $6,739; median home value: $120,700)

4. Oklahoma (value per acre: $7,364; median home value: $126,800)

5. Kentucky (value per acre: $7,209; median home value: $130,000)

How Much based states’ values on the median home price and value per acre. The bigger the blue dot and the larger the red circle is, the more expensive it is for an individual to become a homeowner, and vice versa.

A few things stand out in the visualization, namely that land values on the East Coast are the highest in the country, with values ranging from $41,000 (New York) to $196,000 (New Jersey). Researcher Raul Amoros says this is due to dense population ratios, which make land precious, and the fact that this area is home to the oldest modern structures in the U.S.

Meanwhile, value per acre is relatively low on the West Coast ($7,000 – $39,000), but the median home values are some of the highest in the nation. California took the top spot with a median home value of $449,000, and Oregon and Washington weren’t too far behind with valuations ranging from $260,000 to $280,000.

Lastly, the Midwest and South are home to the lowest median home prices and value per acre.

Amoros says it’s important for buyers to pay special attention to quickly growing cities like Denver, and areas experiencing a boom in development like North and South Dakota. Although these places have relatively low median home values now, that is expected to change in the upcoming years.

Email Marian McPherson.

Source: click here

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