Buying a house has become more expensive than ever: Home prices have increased significantly since the 1960s, when the median price of a home was less than $100,000 in today's dollars.
Today, the median home listing price in the US is nearly $226,800, according to Zillow, but that varies by state.
We ranked the most affordable and most expensive places to buy a house according to median listing price.
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In today's housing market, where you may have to save for as long as twelve years to afford a down payment, buying a house is a big deal.
The cost of buying a home has increased significantly since the 1960s, when the median price of a home was $11,900, or $96,681, when adjusted for inflation, according to a Student Loan Hero report. Today, the median home listing price in the US is $226,800 according to Zillow.
Read more:Here's the salary you'll need if you want to afford a mortgage in 17 major US cities
But that number can vary depending on where you buy a home. Using data from Zillow, we took a look at the median home listing price in every state, including Washington, DC.
Coastal states, such as Massachusetts and California, comprised the majority of the top ten most expensive places to buy a home.Meanwhile, Southern and Midwestern states, such as Ohio, Mississippi, and Iowa, are the most affordable places to buy a house.
Below, see how much a typical house costs right now in every state, ranked from least to most expensive.
Hillary focuses on the intersection of youth culture and wealth, reporting on the lifestyles and economics of millennials and Gen Z. She covers trends in how these generations are living and spending and examines how the economy is shaping them and their financial behaviors.She also reports on consumer spending and New York City's economy, and previously wrote about the ultrarich and personal finance at Insider before joining its economy team. Basically, she's written about money from every angle you can imagine.Inside the epicenter of America's Great Resignation: Kentuckians lay out the 4 forces driving the state's labor shortage — and explain why it's here to stayMillennial New Yorkers are ditching basements and roommates for luxury apartments at $1,000-plus discountsThe world's youngest self-made billionaire hopes to power every future self-driving car with a technology that Elon Musk says is 'doomed'Tiffany and the Trumps: Insiders describe how the president's younger daughter has charted what they say is a distant relationship with her father and come to terms with having America's most divisive last nameInside the French Riviera's pandemic party problemYachting insiders detail the rampant sexual harassment aboard million-dollar ships, where crew members are promised a glamorous lifestyle and can instead find themselves trapped at sea with no one to turn toMillennials came limping out of the Great Recession with massive student debt and crippled finances. Here's what the generation is up against if the coronavirus triggers another recession.
Libertina Brandt
Libertina Brandt is a real-estate reporter for Business Insider. She covers real-estate trends around the world from both a luxury and an affordability standpoint.Find her on twitter @BrandtLibertina or email her at Lbrandt@businessinsider.com.
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States like Indiana, Kansas, and Missouri offer affordable housing costs and good median household incomes. What state has the lowest cost of living? The state with the lowest cost of living is Mississippi, though states like Arkansas, Oklahoma, and Tennessee are also among states with the lowest living costs.
Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.
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