Tuesday, January 25, 2022
HomeBreaking NewsTypical family home in Minnesota now costs $283,127, study finds

Typical family home in Minnesota now costs $283,127, study finds



The average single-family home in Minnesota has a price tag of $283,127, the 21st highest cost among the 50 states, according to a new study by the financial-services website 24/7 Wall St.

The median household income in Minnesota is now $74,593, while the cost of living in the state falls short of the U.S. average by 2.5 percent, the analysis found. And over the past year, median home values in Minnesota rose 8 percent. 

Nationwide as of January, Americans paid $269,039 for a typical single-family home, according to 24/7 Wall St. These home costs can vary among states, from $113,626  to as high as $683,470, the real estate data firm Zillow reports. 

Generally, in locations where homes sell for more than the U.S. average, household incomes are higher than $65,712, the national median, the researchers found. The cost of living where homes are expensive is also higher than in other parts of the nation, the study found. 

Typical Costs of Single-Family Homes by State

Rank State Typical Single-family Home Price Median Household Income Cost of Living (Above or Below U.S. Average) 1-year Change in Median Home Value
1 Hawaii $683,470 $83,102 18.1% 4.7%
2 California $624,977 $80,440 15.4% 10.5%
3 Massachusetts $474,673 $85,843 9.7% 10.4%
4 Washington $470,304 $78,687 7.8% 12.7%
5 Colorado $442,766 $77,127 1.9% 8.5%
6 Oregon $402,573 $67,058 1.1% 10.0%
7 Utah $401,053 $75,780 -3.4% 13.3%
8 New Jersey $376,866 $85,751 15.2% 10.6%
9 New York $350,545 $72,108 16.4% 7.7%
10 Idaho $348,483 $60,999 -7.5% 18.9%
11 Maryland $341,148 $86,738 8.4% 8.5%
12 Rhode Island $340,811 $71,169 -0.7% 11.9%
13 Nevada $332,501 $63,276 -2.5% 8.6%
14 New Hampshire $330,976 $77,933 6.0% 12.4%
15 Montana $324,813 $57,153 -6.7% 9.8%
16 Arizona $315,554 $62,055 -3.5% 16.5%
17 Virginia $307,964 $76,456 2.0% 7.8%
18 Alaska $292,066 $75,463 4.8% 0.6%
19 Connecticut $288,822 $78,833 6.1% 11.5%
20 Delaware $284,787 $70,176 -1.2% 9.6%
21 Minnesota $283,127 $74,593 -2.5% 8.0%
22 Vermont $277,364 $63,001 3.0% 6.1%
23 Maine $276,023 $58,924 0.0% 12.3%
24 Florida $270,560 $59,227 0.6% 8.6%
25 Wyoming $262,517 $65,003 -7.3% 3.6%
26 North Dakota $239,464 $64,577 -9.4% 2.7%
27 New Mexico $229,947 $51,945 -8.9% 11.0%
28 North Carolina $225,740 $57,341 -8.2% 9.3%
29 South Dakota $225,662 $59,533 -12.1% 5.7%
30 Texas $224,466 $64,034 -3.2% 7.5%
31 Georgia $223,945 $61,980 -7.0% 9.2%
32 Illinois $219,806 $69,187 -1.9% 6.2%
33 Pennsylvania $215,939 $63,463 -2.5% 9.6%
34 Wisconsin $213,537 $64,168 -8.1% 9.6%
35 Tennessee $207,727 $56,071 -10.1% 10.3%
36 South Carolina $206,647 $56,227 -8.9% 7.9%
37 Nebraska $192,584 $63,229 -10.5% 7.4%
38 Michigan $192,093 $59,584 -7.6% 9.9%
39 Missouri $180,253 $57,409 -11.2% 9.1%
40 Louisiana $178,987 $51,073 -10.9% 4.5%
41 Indiana $172,769 $57,603 -10.7% 9.3%
42 Ohio $168,226 $58,642 -11.6% 10.4%
43 Kansas $167,540 $62,087 -10.0% 8.1%
44 Kentucky $160,589 $52,295 -12.2% 7.5%
45 Iowa $158,930 $61,691 -10.8% 3.6%
46 Alabama $158,809 $51,734 -13.6% 8.9%
47 Arkansas $142,070 $48,952 -14.7% 6.7%
48 Oklahoma $141,933 $54,449 -11.6% 7.2%
49 Mississippi $134,125 $45,792 -14.0% 4.8%
50 West Virginia $113,626 $48,850 -12.2% 4.7%

Source: 24/7 Wall St.



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