Curious what the most expensive states to buy a home in 2022 are? If you're looking to move and purchase your first home, forever home, or an investment property - and often have the highest average property tax rate by state – knowing what states are expensive versus what states have cheap real estate is vital.
We have ranked the following by median sale price within the state and its largest city (by population)...
Here are the 10 most expensive states to buy a house in 2022:
It is the only state outside North America, the only island state, and the only state in the tropics. Hawaii is also one of a few U.S. states to have once been an independent nation. Of the 50 U.S. states, Hawaii is the eighth-smallest in area and the 11th-least populous, but the 13th-most densely populated, with 1.4 million residents. Two-thirds of the population lives on O'ahu, home to the state's capital and largest city, Honolulu. Historically dominated by a plantation economy, Hawaii remains a major agricultural exporter due to its fertile soil and uniquely tropical climate. Its economy has gradually diversified since the mid-20th century, with tourism and military defense becoming the two largest sectors. The state attracts tourists, surfers, and scientists from around the world with its diverse natural scenery, warm tropical climate, abundance of public beaches, oceanic surroundings, active volcanoes, and clear skies on the Big Island. Hawaii hosts the U.S. Pacific Fleet, the world's largest naval command, as well as 75,000 employees of the Defense Department.
State median sale price: $856k
State median sale price to household income:9.2x
Honolulu median sale price: $1.38M
Honolulu median sale price to household income: 9.8x
The 10th largest state by area, it is also the least populous and least densely populated state in the contiguous United States. Future job growth over the next ten years is predicted to be 13.3%, which is lower than the US average of 33.5%. As a state whose workforce primarily relies on mineral extraction, tourism, and agriculture, Wyoming’s industries have suffered more than others from the pandemic. Wyoming produces nearly 40 percent of the nation’s coal, making it a top coal producer in the country.
State median sale price: $643k
State median sale price to household income:9.6x
Cheyenne median sale price: $377k
Cheyenne median sale price to household income: 4.4x
BROWSE:Homes for sale in Wyoming here.
Massachusetts is the most populous state in the New England region of the US, and its capital Boston, is the most populous city in New England. It is home to 2 of the most highly regarded academic institutions in the world, Harvard and MIT. It is the 3rd densest state in the US by population, having the 15th largest population but only the 44th largest area. Key economics sectors include higher education, biotechnology, information technology, finance, health care, tourism, manufacturing, and defense. The Route 128 corridor and Greater Boston continue to be a major center for venture capital investment.
State median sale price: $608k
State median sale price to household income: 6.4x
Boston median sale price: $659k
Boston median sale price to household income: 5.8x
BROWSE: Homes for sale in Massachusetts here.
Alaska is by far the largest U.S. state by area, comprising more total area than the next three largest states Texas, California, and Montana combined, and the seventh largest subnational division in the world. It is the third-least populous and the most sparsely populated state.
Approximately half of Alaska's residents live within the Anchorage metropolitan area. Oil was discovered at Prudhoe Bay in 1968 and the Trans-Alaska Pipeline was completed in 1977, and the resource has since contributed to about 90% of the state's economy.
State median sale price: $593k
State median sale price to household income: 7.4x
Anchorage median sale price: $616k
Anchorage median sale price to household income: 6.1x
Connecticut is the third smallest state by area, the 29th most populous, and the fourth most densely populated of the fifty states.Historically the state is part of New England as well as the tri-state area with New York and New Jersey, which together make up metropolitan New York City. The state is named for the Connecticut River which approximately bisects the state.The emergence of digital media have had a huge impact on Connecticut's economy, with more than 1,200 digital media-related businesses located in the state, including sports media giant ESPN. Other top industries include advanced manufacturing, bioscience, green technology, insurance and financial services.Fortune 500 companies headquartered in Connecticut include health insurance firms Aetna and Cigna, as well as Charter Communications and Pitney Bowes.
State median sale price: $570k
State median sale price to household income:6.8x
Bridgeport median sale price: $969k
Bridgeport median sale price to household income: 8.0x
Washington is the 18th largest state, with an area of 71,362 square miles, and the 13th most populous state, with more than 7.7 million people. Approximately 60 percent of Washington's residents live in the Seattle metropolitan area, the center of transportation, business, and industry along Puget Sound, an inlet of the Pacific Ocean consisting of numerous islands, deep fjords, and bays carved out by glaciers.
Washington is known as the birthplace of Starbucks coffee, The Boeing Co. and Microsoft Corp. Due to its coastal location, Washington is a key exporter for the U.S., particularly for transportation equipment. Additionally, Washington is crucial to the nation’s food and agriculture industry, generating 70% of the country’s apples, and also leading in milk, potato and cattle production.The aerospace industry is a major economic driver for the state. The military and defense sector employs the second-largest number of people in Washington, with more than 127,000 active duty, reserve, guard and civilian personnel. Others successful industries include maritime, technology and clean energy.
State median sale price: $566k
State median sale price to household income: 6.5x
Seattle median sale price: $721k
Seattle median sale price to household income: 6.2x
BROWSE: Homes for sale in Washington here.
With over 39.5 million residents across approximately 163,696 square miles, it is the most populous and third-largest U.S. state by area. It is also the most populated subnational entity in North America and the 34th most populous in the world.The Greater Los Angeles area and the San Francisco Bay Area are the nation's second and fifth most populous urban regions, with the former having more than 18.7 million residents and the latter having over 9.6 million.
California’s high-income earners, from film and television celebrities in Los Angeles to tech giants in Silicon Valley, are heavily taxed in the state, which hosts the largest entertainment and fashion industries in the country. However, other industries bring in more money: In addition to real estate, the computer and electronic products manufacturing industry contribute the most to the state's economy.
State median sale price: $544k
State median sale price to household income: 5.9x
Los Angeles median sale price: $827k
Los Angeles median sale price to household income: 10.3x
BROWSE: Homes for sale in California here.
Colorado is the eighth largest and 21st most populous U.S. state, with a population of 5,773,714.Denver is the capital and most populous city in Colorado. Colorado is home to some of the country's tallest mountains, and has the highest mean elevation of any U.S. state.
Tourists come to the state as skiers flocking to Aspen and Vail, outdoor enthusiasts traveling through the Rocky Mountains or the Great Plains, or fans of the rapidly developing pot tourism industry Colorado and Washington were the first states to legalize marijuana. The industry generated more than $387 million in tax revenue in 2020, according to the state's Department of Revenue. Historically, the state has been rich in agriculture, livestock and mineral extraction. In addition to tourism, a developing technology scene bolsters the state's economy and a presence from the military, including the U.S. Air Force Academy.
State median sale price: $540k
State median sale price to household income: 6.4x
Denver median sale price: $620k
Denver median sale price to household income: 5.9x
BROWSE: Homes for sale in Colorado here.
Oregon is the ninth largest and 27th most populous U.S. state.The capital, Salem, is the second-most populous city in Oregon, with 169,798 residents. Portland, with 647,805, ranks as the 26th among U.S. cities. Historically, the Pacific Ocean coastal state's economy has been based on fishing, timber and inland agriculture. In modern times, it has been transitioning to service industries and manufacturing. Most significantly, the counties around Portland have attracted a growing high-technology industry. Oregon is among the most trade-dependent states. The value of exports from Oregon to foreign countries has exceeded $18 billion a year. The state's leading commodities of greenhouse and nursery products, cattle and calves, milk, hay, grass seed and wheat generate more than $4 billion a year in revenue. The state also grows almost all the hazelnuts consumed in the U.S. Oregon is also the top timber producer of the contiguous United States, and the timber industry dominated the state's economy in the 20th century.
Technology has been a growing factor in the economy beginning in the 1970s with the establishment of the Silicon Forest and the expansion of Tektronix and Intel.Sportswear company Nike, Inc., headquartered in Beaverton, is the state's largest public corporation.Oregon also has developed one of the finest wine-making regions in the U.S., the Willamette Valley – home of wineries known for Pinot Noir and Cabernet Sauvignon.
State median sale price: $534k
State median sale price to household income: 7.1x
Portland median sale price: $563k
BROWSE: Homes for sale in Oregon here.
10. New York
It's no secret that homes in New York are some of the most expensive in the entire world, especially in NYC.
With a total area of 54,556 square miles, New York is the 27th largest state; its population of more than 20 million people in 2020 makes it the fourth most populous state in the U.S.Two-thirds of the state's population lives in the New York metropolitan area. With an estimated population of 8.36 million in 2019, New York City is the most populous city in the United States and the premier gateway for immigration to the United States. The New York City metropolitan area is one of the most populous in the world. A global city, New York City is home to the United Nations Headquarters, and has been described as the cultural, financial, and media capital of the world, as well as the world's most economically powerful city. The more enduring industry for which New York City is best known – the financial world of Wall Street – dates to the era of the American Revolution. The New York Stock Exchange, with a market capitalization of more than $20 trillion, is the world's largest stock exchange.
State median sale price: $527k
State median sale price to household income: 6.7x
New York median sale price: $581k
New York median sale price to household income: 6.8x
BROWSE: Homes for sale in New York here.
Source: We use median new home price data from the National Association of Home Builders to rank the states. For city home price data, we use data from the National Association of Realtors. Income data is from the Census Bureau.
READNEXT: The Top 10 Cheapest States To Buy a House
1 most expensive state to buy a house in 2022: Hawaii. Hawaii is the least affordable state to buy a house this year. The median household income is $99,800 and it takes 35.15% of that amount to afford a home. According to the study, the island state is in high demand for both vacationers and residents.Where is the most expensive place to buy a house in 2022? ›
Oakville-Milton Area is the Most Expensive
The top ten most expensive cities were also easy to predict. Oakville-Milton takes the prize of the most expensive homes on average throughout 2022 with an average price of $1,393,608!
- New Hampshire. State Cost of Living Index: 114.7. ...
- Connecticut. State Cost of Living Index: 115.4. ...
- Vermont. State Cost of Living Index: 116.4. ...
- Oregon. State Cost of Living Index: 122.2. ...
- Maryland. State Cost of Living Index: 124.1. ...
- Alaska. State Cost of Living Index: 125.5. ...
- New York. ...
Top 10 Most Expensive States to Buy a House in the US
The top 10 most expensive states for home values, according to the Zillow Home Value Index, include Hawaii, California, the District of Columbia, Washington, Massachusetts, Colorado, Utah, Oregon, New Jersey, and Idaho.
In summary, Florida, California and Texas have been the three best states to invest in real estate in the US during this year 2022. Going back to Florida, the condominium market is especially strong because they offer a high return on investment and low maintenance costs.What is the most expensive real estate state? ›
Ranking: According to Homebuyer.com, here are all 50 states ranked from most expensive to least in terms of purchasing a home, along with the average home price by state: Hawaii — $615,300. California — $505,000. Oregon — $312,200.What is the cheapest state to buy a house 2022? ›
Tennessee is the cheapest state to buy a house in 2022. Oregon is the most expensive state to buy a house in 2022. $514,568 was the average house price in the United States in Q4 2021.What US city has the most expensive housing? ›
|Median monthly housing costs||Median home value estimates*|
|1. San Jose, CA||$2,463||$1,119,500|
|2. San Francisco, CA||$2,337||$1,306,400|
|3. San Diego, CA||$2,044||$768,800|
|4. Seattle, WA||$1,984||$848,100|
Singapore and New York City tied for the first rank amongst the world's most expensive cities in 2022, pushing Israel's Tel Aviv from the first place in 2021 to the third place in 2022. Both these cities had high inflation and a strong currency. Surprisingly, this is the Big Apple's first time atop the ranking.What is the #1 expensive state? ›
1. Hawaii. Hawaii is truly a paradise, but it is also the most expensive state in America to live in. The cost of living in Hawaii overall is 86% higher than the national average, and the cost of housing in Hawaii is a jaw-dropping 207% above the national average.
|#||State||Cost of Living Index|
|2||District of Columbia||152.2|
- Michigan. ...
- Arkansas. ...
- Ohio. ...
- West Virginia. Average Weighted Cost of Living Index: 90.18. ...
- Indiana. Average Weighted Cost of Living Index: 90.15. ...
- Tennessee. Average Weighted Cost of Living Index: 89.56. ...
- Missouri. Average Weighted Cost of Living Index: 89.54. ...
- Iowa. Average Weighted Cost of Living Index: 89.52.
|Rank||State||1-year home price change: 2021–2022|
|Rank||City||Q2 2022 All-Transactions House Price Index|
|1||Fort Wayne, Indiana||437.04|
Texas replaced California in 2023 as the strongest housing market by state. With an existing home inventory of 83,222, the available houses for sale have more than doubled since last year. It has seen a drop of about 6% in new construction and is now at 248,648 since 2022.Where are the hottest real estate markets 2022? ›
The hottest housing markets include those markets in North Carolina, Colorado and Texas that were also popular during the pandemic, including Raleigh and Durham, Denver and Austin. Markets to watch that improved the most between November and December 2022 include Portland, Oregon, Richmond, Virginia, and St. Louis.Where is the most expensive place to buy a house in the US? ›
- Population: 8,467,513.
- Median Household Income: $67,046.
- Median Home Price: $850,793.
- Median Monthly Rent: $1,489.
1. The One, Los Angeles, California | Most Expensive Houses. The One, which took eight years to create, has surpassed all other pricey mansions in the US to claim the top rank.What is the hottest real estate in the USA? ›
|1||Tampa-St. Petersburg-Clearwater, Fla.||6|
|3||Austin-Round Rock, Texas||4|
1. Hawaii. Hawaii residents enjoy the lowest property tax rate in the U.S. However, the high cost of living and limited housing opportunities make it a very expensive place to live.
According to several studies on cost of living, Hawaii is the most expensive U.S. state to live in. Prices are typically double in Hawaii compared to those on the mainland, and the continued rise in inflation is making costs ranging from housing to health care much more expensive.What is the most expensive district to live in us? ›
The most expensive neighborhood in New York, for example, is Southhampton Village on Long Island. The average price of the most expensive neighborhoods in every U.S. state is $5,249,542, but America's most expensive neighborhood—Manalapan, Fla.,—far surpasses that at a whopping average house price of $39,761,000.Which US city has the lowest cost of living? ›
Fort Wayne, Indiana, was named the city with the lowest cost of living for 2022.Where is the most expensive place to live? ›
Tied with New York, Singapore often tops the list.What is the #1 best city to live in America 2022? ›
Atlanta, Georgia is the best place to live in the U.S. in 2022 because of its booming jobs market and eye on equality.What is the richest neighborhood in usa 2022? ›
|Beverly Hills Gateway||Beverly Hills||12.9|
|Trousdale Estates||Beverly Hills||10.8|
|The Flats||Beverly Hills||10.5|
- Amarillo, Texas. ...
- Meridian, Mississippi. ...
- Tupelo, Mississippi. ...
- Muskogee, Oklahoma. ...
- Jackson, Mississippi. ...
- Topeka, Kansas. ...
- Richmond, Indiana. ...
- Salina, Kansas.
The state's economy is driven by industries such as tourism, agriculture, and technology, with major cities including Miami, Orlando, Tampa, and Jacksonville. In terms of its lifestyle, the cost of living in Florida is high as compared to other parts of the USA.
Which City Is More Affordable: Los Angeles or New York City? Both NYC and LA are among the most expensive cities in both the U.S. and the world. However, the average cost of living in LA is also 24-27% lower than that of NYC.Is Texas a cheap state to live in? ›
Texas is actually one of the more affordable states in the country. Compared to national averages, living expenses here tend to be cheaper — though how much cheaper varies based on where you choose to live in the state.
- Hawaii. Tops on the list lands Hawaii, with a COL index of 193.3. ...
- New York. ...
- California. ...
- Massachusetts. ...
The cost of living in Florida is 1% higher than the national average. Housing is 4% higher than the national average, while utilities are 1% higher. When it comes to basic necessities such as food and clothing, groceries are around 2% lower than in the rest of the country, while clothing costs 2% lower.Is it more expensive to live in California or Hawaii? ›
While both states have a high cost of living, California is generally cheaper than Hawaii, particularly in terms of housing costs.Where can I live for $500 a month in USA? ›
- Greenville, OH. Listing: Wayne Crossing. ...
- Wichita, KS. Listing: Eagle Creek. ...
- Lawton, OK. Listing: Sheridan Square Apartments. ...
- Amarillo, TX. ...
- Indianapolis, IN. ...
- Searcy, AR. ...
- Shreveport, LA. ...
- Jackson, MS.
Albuquerque, New Mexico, ranks as the most affordable city in the country for single renters. Studio apartments in Albuquerque go for a median price of $700, and the average single person would only need to spend 15.33% of their income to afford one.What is the best safe state to buy a house? ›
Safest states in the U.S.
Vermont came out on top with a total safety score of 66.02. The state ranked highly in personal and residential safety, financial safety and road safety. Fellow Northeastern state Maine took No. 2, with high ratings in personal and residential safety and emergency preparedness.
Following Atlanta, the next most overvalued homes are located in Cape Coral, Florida; Charlotte, North Carolina; Memphis, Tennessee; and Detroit, Michigan. Florida is the state with the most top-ranking cities, with Lakeland, Palm Bay, Deltona, and Tampa falling in the top 10 most overpriced cities in the country.What state has the cheapest real estate 2022? ›
Tennessee is the cheapest state to buy a house in 2022. Oregon is the most expensive state to buy a house in 2022. $514,568 was the average house price in the United States in Q4 2021.What is the most expensive city in the US 2022? ›
The most expensive city in the U.S. in terms of housing costs is San Jose, California. It combined the highest monthly housing costs in our study with the second-highest home values, but San Francisco wasn't far behind.What city has the most overpriced housing? ›
According to data from Florida Atlantic University, Atlanta has the most overpriced housing market in the United States. The capital of the Peach State beats out multiple Florida cities, Charlotte, North Carolina, and Memphis, Tennessee to take the top spot for 2023.
|Rank||Metro Area||Historic Rate of Home Value Loss1|
Single Family Home Prices in the United States averaged 133825.90 USD from 1968 until 2023, reaching an all time high of 416000.00 USD in June of 2022 and a record low of 19700.00 USD in January of 1968.Where homes are selling fastest? ›
|Location||Days on Market|
|San Jose, CA||14|
- Raleigh, North Carolina. ...
- Nashville, Tennessee (Metro Area) ...
- Charlotte, North Carolina. ...
- San Antonio, Texas. ...
- Phoenix, Arizona. ...
- Jacksonville, Florida. Median listing price: $289,900. ...
- Atlanta, Georgia. Median listing price: $400,000. ...
- Orlando, Florida. Median listing price: $350,000.
|Rank||State||1-year home price change: 2021–2022|
- Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. ...
- Kansas. ...
- Alabama. ...
- Oklahoma. ...
- Georgia. ...
- Tennessee. ...
- Missouri. ...
1. Hawaii. Hawaii residents enjoy the lowest property tax rate in the U.S. However, the high cost of living and limited housing opportunities make it a very expensive place to live.What is the #1 most expensive city in the US? ›
|Cost of living:||127.7% above U.S. average|
|Median household income:||$84,435|
|Median home value:||$940,900|
In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.