15 States With The Highest Average Home Prices

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Surfing and sunshine make Hawaii a desirable place to purchase a home. A .30% property tax rate, the lowest in the nation, doesn’t hurt either. However, that low rate offers little relief when the highest-in-the-country average home prices are around $730,000. Coupled with a median household income of just over $81,000, real estate is just one factor driving the state’s cost of living index over 192.

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California homes aren’t exactly bargain-priced either. At a whopping $468 per square foot, house prices in the state average $683,000 across the board. The home of Hollywood and world-famous beaches doesn’t come cheap, and with a property tax rate of .73%, combined costs could be even more than in Hawaii. The median household income is around $75,000, and the cost of living index is about 140.

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New York home prices are about as diverse as the state itself. In greater New York State, you may experience the tranquility of the Adirondacks or the Catskills while paying an average house price of around $331,000 with a property tax rate of 1.69%. Bring your checkbook with you if you plan on purchasing property in New York City, though, where pricing averages more than $925 per square foot. The city’s property tax is just .88%, but the cost of living index is around 152.

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Washington state house prices average $431,000, or around $313 per square foot. However, if you’re looking to enjoy your Starbucks in the comfort of a Seattle home, you’ll find an average of around $519,000 for a single-family dwelling. The property tax rates are acceptable at .93%. But, with the median household income of just $74,000, the cost of living is still about 14% higher than the national average.

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Another east coast state, Massachusetts, lands on any list of the most expensive housing markets. The state’s $307 per-square-foot average rivals Washington’s on the other coast. Massachusetts home buyers can expect average prices of about $518,000 and property taxes higher than the national average at 1.17%. Median household income is slightly higher than in many states, though, at $86,700 with a cost of living index of 130.

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In 1861 Congress chose the name Colorado from Spanish origins describing the “colored red” soil. Home buyers today may see red when they discover that average house prices in the state are between $412,000 and $490,000. Although the property tax rate of just .49% could help keep the overall costs down. The cost of living there is just 2% more than the national average, with median household incomes of about $72,000.

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Oregon is another state where a home’s price greatly depends on where it is. The greater Portland area sees average house prices of around $447,000 at $276 per square foot, while the rest of the state is easier to grasp, at $374,000. Property taxes are lower than the national average at .90%, but the median household income is just $63,000.

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Five national parks, world-famous powder skiing and a decent cost of living index of around 104 make Utah a favorite place to live. Owning a home there will cost you, though. At $251 per square foot, the average home ranges in cost from $360,000 to $465,000. But, property taxes are low at only .58%, and the median household income is just under $72,000.

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The average national property tax rate is 1.07%, not so in New Jersey. At 2.42%, the state’s property taxes are the highest in the nation at more than double what the rest of us pay. It’s a good thing that the median household income is over $85,000, but it doesn’t ease the burden much when homes average around $408,000 or $249 per square foot.

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Rhode Island is small at 48 miles by 37 miles. Its real estate prices are not. At $248 per square foot, the average home costs around $372,000. Homeowners don’t even get lucky in the way of property taxes, either. At 1.53%, Rhode Island is well over the national average. The cost of living index in the state is almost 113, while the median household income hovers around $67,000.

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Maryland’s median household income of $94,384 is the highest in the country. That’s important when houses are going for about $216 per square foot. The average price is $317,000 to $366,000. The cost of living index is 126, and property taxes are at 1.06%.

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Alaska measures 2,500 miles from east to west. Alaskan real estate prices aren’t quite that large but may still be Kodiak bear-sized. Homes aren’t cheap in the land of the northern lights. At $213 per square foot with property taxes of 1.18%, average house prices are about $300,000. The cost of living index is just over 127, and the median household income is just under $78,000.

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When the Polaroid camera was created in Connecticut in 1934, few could have pictured home prices topping $200 per square foot. These days, the average cost of a single-family house is $318,000 in the state. Relief doesn’t come from property taxes at 2.14%—the third-highest in the nation. The median household income is around $78,000, while the cost of living index is almost 119.

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Regarded as the nation’s birthplace, Virginia is full of national history, arts and natural beauty. Expensive real estate is found there as well. Although the property taxes are relatively low at .80%, houses run at about $196 per square foot and average just over $328,000. The cost of living index is reasonable at about 103, while the household median income is $74,222.

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There are more expensive states to purchase a home in than Wyoming. With a statewide average of $179 per square foot and total average prices of around $273,000, the state ranks highly as an expensive place to buy, but not at the top of the list. What sets Wyoming apart is the town of Jackson. Square-foot pricing in Jackson of $1,300 significantly raises the average for the entire state. The median home price in the city is over $2 million.