An increase in demand for homes in the United States, in addition to a limited inventory of homes, has created an unprecedented seller’s market. Homes are now selling faster than ever – and also for more money than ever before.
In August 2021, a typical single-family home in the United States costs $303,288. Of course, home values are not uniform across the country, and in some states the typical home costs significantly more than the national average, while in others homes cost significantly less.
According to estimates from Zillow, a Seattle-based real estate data company, the value of a typical single-family home in Michigan is $214,231, lower than the national average.
Across Michigan, the value of a single-family home increased 17.4% over the one-year period from August 2020 to August 2021, fair compared to national home value appreciation over one year of 17.7%.
Housing prices are determined by the forces of supply and demand as well as what local residents are willing to pay – and this is largely influenced by what they can afford. As a result, areas with above-average home values often also have higher-income residents. Michigan is no exception. The typical household in the state earns $59,584 a year, which is $6,100 less than the national median household income of $65,712.
This is how many houses you can buy for 200K in each state
| Rank | State | Value of a typical single-family home | 1 year. increase in home value | Median household income |
|---|---|---|---|---|
| 1 | Hawaii | $764,146 | 14.5% | $83,102 |
| 2 | California | $708,936 | 21.9% | $80,440 |
| 3 | Massachusetts | $533,440 | 18.5% | $85,843 |
| 4 | Washington | $542,012 | 22.8% | $78,687 |
| 5 | Colorado | $509,800 | 20.3% | $77,127 |
| 6 | Oregon | $468,953 | 20.7% | $67,058 |
| seven | Utah | $493,221 | 28.5% | $75,780 |
| 8 | New Jersey | $421,124 | 18.9% | $85,751 |
| 9 | New York | $363,990 | 14.2% | $72,108 |
| ten | Idaho | $427,410 | 36.0% | $60,999 |
| 11 | Maryland | $373,264 | 14.7% | $86,738 |
| 12 | Rhode Island | $387,693 | 21.5% | $71,169 |
| 13 | Nevada | $389,397 | 23.8% | $63,276 |
| 14 | New Hampshire | $381,978 | 21.8% | $77,933 |
| 15 | Montana | $374,980 | 22.7% | $57,153 |
| 16 | Arizona | $376,369 | 30.7% | $62,055 |
| 17 | Virginia | $335,198 | 12.7% | $76,456 |
| 18 | Alaska | $304,908 | 4.1% | $75,463 |
| 19 | Connecticut | $326,124 | 20.7% | $78,833 |
| 20 | Delaware | $317,985 | 16.5% | $70,176 |
| 21 | Minnesota | $307,644 | 13.4% | $74,593 |
| 22 | Vermont | $308,300 | 12.9% | $63,001 |
| 23 | Maine | $318,628 | 22.7% | $58,924 |
| 24 | Florida | $313,217 | 20.1% | $59,227 |
| 25 | Wyoming | $279,449 | 6.4% | $65,003 |
| 26 | North Dakota | $252,788 | 6.4% | $64,577 |
| 27 | New Mexico | $253,790 | 17.8% | $51,945 |
| 28 | North Carolina | $260,597 | 19.0% | $57,341 |
| 29 | South Dakota | $249,314 | 11.9% | $59,533 |
| 30 | Texas | $257,628 | 18.1% | $64,034 |
| 31 | Georgia | $256,962 | 18.6% | $61,980 |
| 32 | Illinois | $239,408 | 13.3% | $69,187 |
| 33 | Pennsylvania | $240,658 | 16.2% | $63,463 |
| 34 | Wisconsin | $236,551 | 14.6% | $64,168 |
| 35 | Tennessee | $241,626 | 17.4% | $56,071 |
| 36 | Caroline from the south | $236,344 | 15.7% | $56,227 |
| 37 | Nebraska | $210,585 | 12.5% | $63,229 |
| 38 | Michigan | $214,231 | 17.4% | $59,584 |
| 39 | Missouri | $198,838 | 14.8% | $57,409 |
| 40 | Louisiana | $193,114 | 8.7% | $51,073 |
| 41 | Indiana | $191,054 | 14.8% | $57,603 |
| 42 | Ohio | $186,211 | 15.3% | $58,642 |
| 43 | Kansas | $180,914 | 12.5% | $62,087 |
| 44 | Kentucky | $172,433 | 11.6% | $52,295 |
| 45 | Iowa | $168,545 | 7.7% | $61,691 |
| 46 | Alabama | $175,586 | 13.7% | $51,734 |
| 47 | Arkansas | $153,263 | 12.2% | $48,952 |
| 48 | Oklahoma | $155,012 | 11.9% | $54,449 |
| 49 | Mississippi | $144,074 | 9.8% | $45,792 |
| 50 | West Virginia | $118,581 | 8.2% | $48,850 |
