A new study conducted by Studio City Realtors revealed that the Midwest has the lowest-priced homes.
The cheapest states to buy a house
The report, based on data from Zillow, revealed that the cheapest state to buy a home is Illinois, with a median monthly sales price of $133,750 in 2022. The cheapest city in the state was Galesburg ($90,000) and the most expensive was Chicago ($282,750).
Ohio is the second cheapest place to buy a home with a median monthly sales price of $155,000. Oklahoma came in third with an average cost of $175,063.
Other states such as Michigan, Missouri, Indiana, Arkansas, West Virginia and New York recorded average sales prices below $200,000 making them relatively affordable compared to other areas of the country.
The most expensive states to buy a home
Hawaii is the most expensive state in the country to buy a home, with a median price of $805,775.
The island is followed by California where costs are around $537,125 and vary greatly from city to city. A home in the Red Bluff area costs an average of $320,000. Prices go up in areas such as Los Angeles, San Jose, San Diego and others.
The Golden State is followed by Colorado with an average price of $537,000. In Utah, homes also exceed $500,000. In states such as Washington, Nevada and Montana, houses cost an average of $402,900-$487,500.
Household income does not influence housing prices
The report also revealed that household income or salaries do not influence housing prices. In Illinois, with the lowest sales price, the average income was $79,253. In Hawaii, the most expensive state, the average income was $82,199. The median sales price of a home in the two states differs by nearly $700,000.
Studio City real estate agent Tony Mariotti stated that market turbulence has contributed to a "significant increase" in home prices in the country.
