Could this be called a “snow premium?” A recent report from LendingTree (citing U.S. government data) compared the cost of median-priced homes in the states that got the most and least amount of snow in December, 2021. Interestingly, they found that median-priced homes in the states with the most snow are more expensive, on average, than median-priced homes in the states with the least snow. Indeed…
“As our study illustrates — barring exceptions like Hawaii and California — buying a home in a snowy state is likely to cost more than doing so in a warmer part of the country. That said, certain factors can make living in a state that sees a lot of snow each year logistically challenging and expensive.”
Some key points:
- Median home values in the 14 states that got the most snow in are $56,814 more, on average.
- Alaska, Idaho and Utah recorded the highest snowfall amounts last December.
- As in snowier states, home values vary significantly in the states that reported the least snowfall.