With house costs declining for over six months, some U.S. housing marketplace stipulations have shifted to desire consumers. Still, different stipulations stack up towards homebuyers, specifically loan charges. As inflation started to surge, the Federal Reserve raised rates of interest 9 instances in twelve months in an try to stem emerging costs. The cumulative 475 foundation issues Fed charge hike despatched loan charges hovering, forcing many homebuyers to reevaluate their budgets and imagine precisely how a lot space they may be able to come up with the money for.
Since September 2022, the common rate of interest on a 30-year mounted charge loan has been above 6%, the absolute best it’s been in just about a decade and a part. With traditionally prime borrowing prices, many homebuyers are searching for extra inexpensive markets. And in some portions of the rustic, a somewhat modest housing funds is going so much additional than in others.
According to knowledge from the Federal Reserve Bank of St. Louis, the median listing value for a house in Colorado was once about $286 consistent with sq. foot as of March 2023. Based on value consistent with sq. foot, a homebuyer with a $200,000 funds can come up with the money for a 699 sq. foot house, the 9th smallest of any state. A yr previous, the dimensions of a $200,000 house in the state was once 1.4% larger than it’s lately.
Based on knowledge from the U.S. Census Bureau’s 2021 American Community Survey, the standard house in Colorado is value $466,200, in comparison to the nationwide median house worth of $281,400.
Rank | State | Approx. sq. feet. of a $200k house, March 2023 | Median house listing value consistent with sq. feet., March 2023 ($) | Approx. 1 12 months. trade in dimension of a $200k house (%) | Median house worth ($) |
---|---|---|---|---|---|
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 |
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