Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

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

10/07/2017

Download PDF

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)

How agents dominate with multichannel content marketing Win listings and overwhelm competition by mastering the art of social media, direct mail and email READ MORE

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

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • MailMatic wants to be in your 2021 marketing plans

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Inman Tech Review: JetClosing is fueling mobile adoption of digital title and escrow

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Meet the new urban buyer

    New Yorkers have a knack for spotting trends—and so do luxury real estate agents. When I am asked ...

  • Versatile online marketing solution HighNote brings it all together

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Change agents: How my former career made me a great real estate agent

    Real estate is a specialized field of work, and not every agent takes the most direct path to find t...

  • Zentap addresses all your Facebook needs in one place

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Why industrial interiors are making waves with buyers

    Industrial interior design has long been beloved by luxury homeowners. Modern and open, characterize...

  • The top 5 common anxieties for first-time homebuyers

    In many markets today, homes are being snapped up almost as soon as they’re listed—and a large p...

  • Does Zillow’s app for online tours stack up?

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Roomvu makes effective web video marketing fast and affordable

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

April 2021
Mon Tue Wed Thu Fri Sat Sun
 1234
567891011
12131415161718
19202122232425
2627282930  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...