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By Anezka Pichrtova
Live News Reporter
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While most of the population wants to buy a house, only 65.4 per cent of Americans own their home.
According to a poll, conducted by the Harris Poll Thought Leadership and Future Practice in February 2024, 81 percent of U.S. citizens would like to own their own home in the future, but 61 percent are worried they will never be able to afford it.
Drawing on data from Redfin and Zillow, World Population Review compiled its rankings of states by median and average home value, seen here on this map created by Newsweek.
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Which states are the cheapest?
Arkansas placed third with an average home costing $199,636. The homeownership rate in Arkansas is also relatively high at 66.5 percent which is slightly higher than the national average of 65.7 percent. Arkansans are also paying about 3 per cent less out of their income into mortgage payments than the average American.
Second place goes to Mississippi where an average home value is $172,654. A typical house can be bought for $157,828, which is less than half of the nation's average, according to the World Population Review. Mississippi also holds second place in homeownership rates with 74.8 percent.
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The cheapest state is West Virginia. The average home would cost $155,773 but a typical home is usually around $129,103. The state also has the highest homeownership rate in the U.S. at 79.6 percent.
However, according to a real estate company Redfin, West Virginia offers few job opportunities as its economy revolves mainly around "coal mining and natural resource extraction."
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Which states are the most expensive?
The housing crisis in California has been widely reported, and the state has earned second place in the ranking. The average home value in California was $743,362 in 2023.
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Newsweek previously reported that the statewide median home price exceeded $900,000 for the first time ever at the end of May. The median home value has risen 11.4 percent since last year.
First place goes to Hawaii, where the average home value stands at $837,324. According to Zillow, a typical house price is $854,669. One of the reasons for Hawaii's housing costs is a large influx of second-home buyers, according to US News Real Estate. Another issue is the emigration of locals as they cannot afford to live in their homeland anymore, the current housing situation following the destructive wildfires in 2023 could make it even worse.
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