The definition of affordability isn’t identical across the entire country, especially when it comes to purchasing a home. To figure out which states offer the biggest barriers to homeownership and which are more affordable, financial services company Bankrate analyzed median home prices across all 50 states and Washington, D.C.
While Iowa and Oklahoma rank as the most affordable states for single-family homes, Washington, D.C., was the most expensive, with a median home price of $1.19 million. The District was followed by Hawaii, which has a median home price of $947,000.
While not technically a state, our nation’s capital does have some of the most expensive housing prices in the U.S. Buying a single-family home in D.C. feels like trying to buy in any other high-priced metro area, like San Francisco or New York City: prohibitively costly. If you’re on a budget here, you’re likely better off looking for a condo rather than a freestanding house. According to Redfin, the median sale price for a D.C. condo is a significantly lower $460,000. Read more
