Are you looking to buy your first home, or are you just looking to buy a new home? Today, I’m going to tell you which states you should probably avoid if this is your plan. This article is based on cost only; we’re not looking into school districts, crime rates, or states with a good amount of Hooters still open. Note: the only Hooters in the Portland metro area closed down a couple of years ago.
Where are these facts coming from?
This information is solely based on the median home price and down payment. According to the National Association of Realtors, the average down payment is 13%. Now, let’s take a look at some states to consider when buying real estate.
Nevada, particularly the Las Vegas metro area, has seen a significant influx of Californians, leading to higher real estate prices. The median home price in Nevada was $434,832 at the end of 2022, with an average down payment of $56,000. Prices are estimated to drop 3-5% by the end of 2023.
9: New Jersey
New Jersey, despite its beauty outside cities like Trenton and Newark, comes with a median home price of $441,762. First-time homebuyers should be ready for a down payment of around $57,429. Prices are estimated to see a 0.5% drop by the end of 2023.
Idaho has witnessed a surge in population, leading to rising home prices. The median home price in 2022 was $466,435, requiring a down payment of approximately $60,000. Prices dropped about 1% by the end of 2022, with an estimated 3% drop in 2023.
Oregon, particularly in metro areas like Portland, has experienced a drop in real estate prices. The median home price is $502,000, translating to a down payment of about $65,287. Prices dropped 1.6% in 2022 and are predicted to drop another 1.7% in 2023.
Utah, although popular, may not be the best investment. The median home price in 2022 was $544,868, requiring a down payment of at least $70,000. Prices dropped almost 3% from June to November 2022, with an additional 2% predicted in 2023.
Massachusetts, especially in the Boston metro area, is known for high prices. The median home price is $559,000, with a down payment of around $73,000. Prices dropped about 2% in 2022, and a 4% drop is predicted in 2023.
Colorado’s median listing price at the end of 2022 was $559,838, requiring a down payment of about $73,000. Prices dropped 1.7% by the end of 2022, with an additional 2% estimated in 2023.
Washington’s median home price in 2022 was $595,732, with a down payment of $77,445. Prices dropped just under 2% in 2022, and a 4% drop is estimated in 2023.
California, known for its high real estate prices, had a median listing price of $760,000 at the end of 2022. A down payment of almost $100,000 is needed. Prices dropped by 3.7% in 2022, with an estimated 5% drop in 2023.
Hawaii, while beautiful, is incredibly expensive. The median listing price is $848,926, requiring a down payment of around $110,000. Prices dropped about 4% in 2022, with an additional 4% predicted in 2023.
Remember, these are based on current market trends and predictions, and the real estate market can be unpredictable. It’s essential to research thoroughly and consult with local experts before making any decisions.
I hope this breakdown provides you with valuable insights into the real estate landscape across different states. Keep in mind that market conditions can change, and it’s advisable to stay informed and seek guidance from local real estate professionals.
In conclusion, when considering a home purchase, factors such as median home prices, down payments, and predicted market trends play a crucial role. Choose a location that aligns with your budget and long-term goals.
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