What Are The Average Prices Of Houses In The United States As Of 2022? 

Key Points

1. During the first quarter of 2022, the price of the median house in the U.S. was about $428,700. 
2. From 2020 to 2022, the prices of homes in the U.S. gradually increased by 30% 
3. According to the Zillow Home Value Index, the typical home price in the U.S. is valued at $354,649. 
4. According to Zillow’s data, Hawaii is the most expensive and difficult place to purchase a home there. 
5. The average mortgage payment to median income is 78.3% in Hawaii. 
6. California is a place with an expensive housing market which makes it a more difficult place to buy a home.

Introduction 

Nowadays, the housing market is one of the outstanding regions. The prices of houses are rising due to the combination of low rates of interest, a rise in demand, this pandemic, and low inventory. The median house price across the whole country in April 2022 was about $450,600 as recorded by the U.S. Census Bureau and HUD. 

The experts are expecting warnings of a boom in the future, but the predictions may vary from different states. There are several states in the U.S. with the most expensive locations to purchase a house. The average price of houses has been rising all over the country. The Federal Reserve Bank of St. Louis has recorded the sales price of a median house as about $428,700. There was an increase of about $58,900 in the price than the previous year. 

Now, the question is, what is the reason behind this huge rise in the average price in the U.S.? The answer is as simple, the deadly pandemic of COVID-19 has been the major reason behind this huge rise in the price. The rates of mortgages were low in 2020, which benefited many homebuyers. 

Average Prices Of Home In The United States 

During the first quarter of 2022, the sales median price of homes in The United States is $428,700, this is an increase of about 30% from when the median house price was $329,000 in 2020. Over the past four decades, the average cost of a house in the United States has increased. Here is a list of the median sales prices and mean sales prices of homes over the past few years. This data was approved by the Federal Reserve Bank of St. Louis in 2022. 

The prices of houses are likely to rise from time to time. Over time the mean and median prices of homes in The U.S. has gradually changed, and have similar changes. Between the years 1980 to 2022 the mean prices of homes has been increased by about 420% and the median prices had been increased by about 416%. 

Typical Prices Of Homes In The United States: 

According to the Zillow Home Value Index (ZHVI), the typical value of houses in the United States is $354,649. Mortgage payments represent an average of 30.7% of a homeowner’s income based on the typical home price and the $67,521 median income for all Americans.

The 28% rule, which states that your mortgage payment should not be more than 28% of your pre-tax income, isn’t nearly met by that. Each state has quite a few variations in housing prices and income. 

List Of Top 5 Most Expensive States To Purchase A House. 

Below is a list of the top 5 expensive states to buy a house in with their typical home price and highest average home price. 

Hawaii

Hawaii is the most desirable place to buy a home. Its beautiful sunset view and enjoyment of surfing make it more attractive. It is at the top position because it is difficult to afford a house here. 

Although the median income may be 20% more than the median in the United States, it is insufficient to compensate for the most expensive property costs. Additionally, it helps to have the nation’s lowest property tax rate of.30%. However, given that the highest average home prices in the nation are roughly $730,000, that low rate doesn’t provide much relief.

Real estate is just one of the factors that contribute to the state’s cost of living index exceeding 192 when combined with a median household income of little over $81,000.

The typical value for a single-family home is $1,038,544 as of 2022. The highest mortgage rate as of July 2022 is 5.64%. The average mortgage rate to the median income is 78.3%. 

California 

It is not a surprise to residents of California to find a home here easily. It is home to some of the most valuable housing markets namely, San Francisco and the Greater Bay, which makes it more difficult to find a home here. The median income is 15% higher than the U.S. median, but also it is difficult to get a home here.

The typical price for homes of a single family in California is $816,804 as of 2022. 

The mortgage rate is 5.83% as of July 2022. And the average mortgage payment to median income is about 65.6%. 

Washington 

Even though Washington’s median income is 20% more than the national average, it still falls far short of the state’s housing costs. Residents will struggle to afford the typical mortgage payment.

The average price of a home in Washington State is $431,000, or about $313 per square foot. To drink your Starbucks in the comfort of your own Seattle home, you’ll need to pay, on average, $519,000 for a single-family home. At.93%, the property tax rates are reasonable. Despite this, the cost of living is still almost 14% higher than the national average, with a median household income of only $74,000.

The Typical value for a single-family home in 2022 is $640,494. Washington’s mortgage rate, as of July 2022 is 5.81%. The average mortgage payment to median income is 49%.