Price of a Starter Home in Each State

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There has been a lot of discussion about inventory and the lack thereof in the housing market.  Data has shown that nationwide there is a general lack starter-homes in the market.  The folks over at howmuch.net recently crunched the numbers to compare the median home value versus the median value of a starter-home in each state.

“Owning a home has long been a cornerstone of the American Dream. Before settling into a “dream home,” many first-time homebuyers look for a “starter home” instead. A starter home refers to a smaller, less expensive house that fulfills the buyer’s present needs, but that the buyer will probably outgrow over time.”

Top 5 States by Starter Home Value

1. Washington, D.C. – $335,700
2. Hawaii – $331,500
3. California – $305,300
4. Colorado – $247,600
5. Washington – $243,700

Bottom 5 States by Starter Home Value

1. West Virginia – $42,300
2. Oklahoma – $50,700
3. Arkansas – $56,800
4. Michigan – $58,000
5. Kansas – $61,200

Click here to read the full story at howmuch.net.

 

About Author

Director of Education & Outreach, National Real Estate Investors Association