Since September 2022, the average interest rate on a 30-year fixed rate mortgage has been above 6%, the highest it has been in nearly a decade and a half. With historically high borrowing costs, many homebuyers are seeking more affordable markets. And in some parts of the country, a relatively modest housing budget goes a lot further than in others.
According to data from the Federal Reserve Bank of St. Louis, the median list price for a home in Minnesota was about $204 per square foot as of March 2023. Based on price per square foot, a homebuyer with a $200,000 budget can afford a 980 square foot home, the 25th largest of any state. A year earlier, the size of a $200,000 home in the state was 14.2% bigger than it is today.
Based on data from the U.S. Census Bureau’s 2021 American Community Survey, the typical home in Minnesota is worth $285,400, compared to the national median home value of $281,400.
Rank | State | Approx. sq. ft. of a $200k home, March 2023 | Median home list price per sq. ft., March 2023 ($) | Approx. 1 yr. change in size of a $200k home (%) | Median home value ($) |
---|---|---|---|---|---|
1 | West Virginia | 1,600 | 125 | -13.6 | 143,200 |
2 | Mississippi | 1,515 | 132 | -12.1 | 145,600 |
3 | Ohio | 1,493 | 134 | -7.5 | 180,200 |
4 | Indiana | 1,351 | 148 | -8.1 | 182,400 |
4 | Arkansas | 1,351 | 148 | -15.5 | 162,300 |
6 | Louisiana | 1,316 | 152 | -5.3 | 192,800 |
6 | North Dakota | 1,316 | 152 | -10.5 | 224,400 |
8 | Kansas | 1,290 | 155 | -18.7 | 183,800 |
9 | Kentucky | 1,282 | 156 | -9.6 | 173,300 |
10 | Alabama | 1,274 | 157 | -10.8 | 172,800 |
11 | Oklahoma | 1,250 | 160 | -16.3 | 168,500 |
12 | Missouri | 1,235 | 162 | -7.4 | 198,300 |
13 | Michigan | 1,220 | 164 | -4.3 | 199,100 |
14 | Illinois | 1,163 | 172 | -0.6 | 231,500 |
14 | Pennsylvania | 1,163 | 172 | -2.3 | 222,300 |
16 | Nebraska | 1,143 | 175 | -12.6 | 204,900 |
17 | Georgia | 1,111 | 180 | -3.3 | 249,700 |
17 | Iowa | 1,111 | 180 | -10.6 | 174,400 |
19 | Wyoming | 1,099 | 182 | -12.1 | 266,400 |
20 | Texas | 1,081 | 185 | -4.9 | 237,400 |
21 | New Mexico | 1,064 | 188 | -12.2 | 214,000 |
22 | South Carolina | 1,058 | 189 | -8.5 | 213,500 |
23 | Wisconsin | 1,026 | 195 | -9.7 | 230,700 |
24 | South Dakota | 1,010 | 198 | -9.6 | 219,900 |
25 | Minnesota | 980 | 204 | -14.2 | 285,400 |
26 | North Carolina | 966 | 207 | -2.9 | 236,900 |
27 | Virginia | 952 | 210 | -4.3 | 330,600 |
28 | Maryland | 913 | 219 | -4.1 | 370,800 |
28 | Tennessee | 913 | 219 | -8.2 | 235,200 |
30 | Delaware | 893 | 224 | -6.7 | 300,500 |
31 | Vermont | 855 | 234 | -10.3 | 271,500 |
32 | Alaska | 851 | 235 | -7.7 | 304,900 |
33 | Utah | 803 | 249 | 4.0 | 421,700 |
33 | Maine | 803 | 249 | -12.9 | 252,100 |
35 | Nevada | 787 | 254 | 3.1 | 373,000 |
36 | Connecticut | 775 | 258 | -3.9 | 311,500 |
37 | Arizona | 763 | 262 | 0.8 | 336,300 |
38 | Idaho | 755 | 265 | 9.4 | 369,300 |
39 | New Jersey | 746 | 268 | -1.5 | 389,800 |
40 | Florida | 727 | 275 | -1.8 | 290,700 |
41 | Colorado | 699 | 286 | -1.4 | 466,200 |
41 | New Hampshire | 699 | 286 | -10.8 | 345,200 |
43 | Oregon | 662 | 302 | 2.0 | 422,700 |
44 | Washington | 631 | 317 | 2.5 | 485,700 |
45 | Montana | 629 | 318 | -7.2 | 322,800 |
46 | Rhode Island | 625 | 320 | -7.8 | 348,100 |
47 | New York | 524 | 382 | 1.8 | 368,800 |
48 | Massachusetts | 498 | 402 | -0.2 | 480,600 |
49 | California | 461 | 434 | 4.6 | 648,100 |
50 | Hawaii | 300 | 666 | 4.7 | 722,500 |