Tue, Nov 2, 2021 4:46 AM
By Samuel Stebbins, 24/7 Wall St. via The Center Square, The Center Square
A surge in demand for homes in the United States, in addition to limited housing inventory, has created a sellers market unlike anything seen in recent memory. Homes are now selling faster than ever before -- and also for more money than ever before.
As of August 2021, a typical single-family home in the United States costs $303,288. Of course, home values are not uniform across the country, and in some states, the typical home costs far more than the national average -- while in others, homes cost far less.
According to estimates from Zillow, a Seattle-based real estate data company, the value of a typical single-family home in Hawaii is $764,146, higher than the national average.
Across Hawaii, the value of a single-family home across increased by 14.5% over the one year period from August 2020 to August 2021, compared to the national one-year home value appreciation of 17.7%.
Housing prices are determined by supply and demand forces as well as what local residents are willing to pay -- and that is influenced largely by what they can afford. As a result, areas with higher than average home values often also have higher-income residents. Hawaii is no exception. The typical household in the state earns $83,102 annually, $17,400 more than the national median household income of $65,712.
RankStateValue of a typical single-family home1-yr. increase in home valueMedian household income1Hawaii$764,14614.5%$83,1022California$708,93621.9%$80,4403Massachusetts$533,44018.5%$85,8434Washington$542,01222.8%$78,6875Colorado$509,80020.3%$77,1276Oregon$468,95320.7%$67,0587Utah$493,22128.5%$75,7808New Jersey$421,12418.9%$85,7519New York$363,99014.2%$72,10810Idaho$427,41036.0%$60,99911Maryland$373,26414.7%$86,73812Rhode Island$387,69321.5%$71,16913Nevada$389,39723.8%$63,27614New Hampshire$381,97821.8%$77,93315Montana$374,98022.7%$57,15316Arizona$376,36930.7%$62,05517Virginia$335,19812.7%$76,45618Alaska$304,9084.1%$75,46319Connecticut$326,12420.7%$78,83320Delaware$317,98516.5%$70,17621Minnesota$307,64413.4%$74,59322Vermont$308,30012.9%$63,00123Maine$318,62822.7%$58,92424Florida$313,21720.1%$59,22725Wyoming$279,4496.4%$65,00326North Dakota$252,7886.4%$64,57727New Mexico$253,79017.8%$51,94528North Carolina$260,59719.0%$57,34129South Dakota$249,31411.9%$59,53330Texas$257,62818.1%$64,03431Georgia$256,96218.6%$61,98032Illinois$239,40813.3%$69,18733Pennsylvania$240,65816.2%$63,46334Wisconsin$236,55114.6%$64,16835Tennessee$241,62617.4%$56,07136South Carolina$236,34415.7%$56,22737Nebraska$210,58512.5%$63,22938Michigan$214,23117.4%$59,58439Missouri$198,83814.8%$57,40940Louisiana$193,1148.7%$51,07341Indiana$191,05414.8%$57,60342Ohio$186,21115.3%$58,64243Kansas$180,91412.5%$62,08744Kentucky$172,43311.6%$52,29545Iowa$168,5457.7%$61,69146Alabama$175,58613.7%$51,73447Arkansas$153,26312.2%$48,95248Oklahoma$155,01211.9%$54,44949Mississippi$144,0749.8%$45,79250West Virginia$118,5818.2%$48,850