+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Home values have more than doubled in the US since 1970 - here's how much they've increased in every state

Dec 19, 2018, 00:38 IST

James R. Martin/Shutterstock

Advertisement
  • Buying a home these days is more expensive than ever.
  • We calculated how much the median value of a home has changed over nearly 50 years using data from the US Census Bureau.
  • The national median home value adjusted for inflation has increased by 103% - and more than half of all states have seen their median home value more than double.

The cost to buy a home in America is more expensive than it's ever been - so much so that millennial homeownership is at record lows because they have to spend more time saving money for a down payment.

So just how much has the value of a home changed over the past 50 years?

To find out, we took to the US Census Bureau, which provides a table showing median home values from previous decades in each state and the District of Columbia. We compared the median home value in 1970, adjusted for inflation to 2017 dollars using the Consumer Price Index, to the median home value in 2017, according to the Census Bureau's American Community Survey, and calculated the percentage change.

Note that median means that half of the homes are valued above that number and half below. This data technically covers the past 47 years, but as the US Census Bureau's table provided information on a decade basis, it's the closest information available to the past 50 years.

Advertisement

In 1970, the national median home value adjusted for inflation was $107,291; in 2017, it's $217,600 - that's a 103% increase. In fact, more than half of all US States (including Washington, DC) have seen a median home value increase of more than 100%.

Take a look below, ranked from lowest to highest median home value percentage change.

51. Ohio

Cost of a home in 1970: $111,078

Cost of a home in 2017: $144,200

Percentage change from 1970 to 2017: 30%

50. Michigan

Cost of a home in 1970: $110,447

Cost of a home in 2017: $155,700

Percentage change from 1970 to 2017: 41%

49. Illinois

Cost of a home in 1970: $124,963

Cost of a home in 2017: $195,300

Percentage change from 1970 to 2017: 56%

48. Indiana

Cost of a home in 1970: $87,095

Cost of a home in 2017: $141,100

Percentage change from 1970 to 2017: 62%

47. Wisconsin

Cost of a home in 1970: $109,185

Cost of a home in 2017: $178,900

Percentage change from 1970 to 2017: 64%

46. West Virginia

Cost of a home in 1970: $71,317

Cost of a home in 2017: $119,800

Percentage change from 1970 to 2017: 68%

43 (TIE). Connecticut

Cost of a home in 1970: $160,937

Cost of a home in 2017: $273,100

Percentage change from 1970 to 2017: 70%

43 (TIE). Iowa

Cost of a home in 1970: $87,726

Cost of a home in 2017: $149,100

Percentage change from 1970 to 2017: 70%

43 (TIE). Mississippi

Cost of a home in 1970: $70,686

Cost of a home in 2017: $120,200

Percentage change from 1970 to 2017: 70%

42. Missouri

Cost of a home in 1970: $90,882

Cost of a home in 2017: $156,700

Percentage change from 1970 to 2017: 72%

41. Louisiana

Cost of a home in 1970: $92,144

Cost of a home in 2017: $162,500

Percentage change from 1970 to 2017: 76%

40. Kentucky

Cost of a home in 1970: $79,522

Cost of a home in 2017: $141,000

Percentage change from 1970 to 2017: 77%

39. Nevada

Cost of a home in 1970: $141,372

Cost of a home in 2017: $258,200

Percentage change from 1970 to 2017: 83%

38. Alabama

Cost of a home in 1970: $76,997

Cost of a home in 2017: $141,300

Percentage change from 1970 to 2017: 84%

37. Georgia

Cost of a home in 1970: $92,144

Cost of a home in 2017: $173,700

Percentage change from 1970 to 2017: 89%

36. Alaska

Cost of a home in 1970: $143,265

Cost of a home in 2017: $273,100

Percentage change from 1970 to 2017: 91%

35. Arkansas

Cost of a home in 1970: $66,268

Cost of a home in 2017: $128,500

Percentage change from 1970 to 2017: 94%

34. Oklahoma

Cost of a home in 1970: $70,055

Cost of a home in 2017: $137,400

Percentage change from 1970 to 2017: 96%

31 (TIE). Minnesota

Cost of a home in 1970: $113,602

Cost of a home in 2017: $224,000

Percentage change from 1970 to 2017: 97%

31 (TIE). South Carolina

Cost of a home in 1970: $82,046

Cost of a home in 2017: $161,800

Percentage change from 1970 to 2017: 97%

31 (TIE). Kansas

Cost of a home in 1970: $76,366

Cost of a home in 2017: $150,600

Percentage change from 1970 to 2017: 97%

30. Nebraska

Cost of a home in 1970: $78,259

Cost of a home in 2017: $155,800

Percentage change from 1970 to 2017: 99%

29. New Mexico

Cost of a home in 1970: $82,046

Cost of a home in 2017: $171,300

Percentage change from 1970 to 2017: 109%

28. Pennsylvania

Cost of a home in 1970: $85,833

Cost of a home in 2017: $181,200

Percentage change from 1970 to 2017: 111%

27 (TIE). North Carolina

Cost of a home in 1970: $80,784

Cost of a home in 2017: $171,200

Percentage change from 1970 to 2017: 112%

26 (TIE). Tennessee

Cost of a home in 1970: $78,891

Cost of a home in 2017: $167,500

Percentage change from 1970 to 2017: 112%

25. Arizona

Cost of a home in 1970: $102,873

Cost of a home in 2017: $223,400

Percentage change from 1970 to 2017: 117%

24. Vermont

Cost of a home in 1970: $103,504

Cost of a home in 2017: $226,300

Percentage change from 1970 to 2017: 119%

23. New York

Cost of a home in 1970: $142,003

Cost of a home in 2017: $314,500

Percentage change from 1970 to 2017: 121%

22. Wyoming

Cost of a home in 1970: $96,562

Cost of a home in 2017: $214,300

Percentage change from 1970 to 2017: 122%

21. Rhode Island

Cost of a home in 1970: $114,865

Cost of a home in 2017: $257,800

Percentage change from 1970 to 2017: 124%

20. Florida

Cost of a home in 1970: $94,669

Cost of a home in 2017: $214,000

Percentage change from 1970 to 2017: 126%

18 (TIE). New Jersey

Cost of a home in 1970: $147,683

Cost of a home in 2017: $334,900

Percentage change from 1970 to 2017: 127%

18 (TIE). Texas

Cost of a home in 1970: $75,735

Cost of a home in 2017: $172,200

Percentage change from 1970 to 2017: 127%

17 (TIE). Idaho

Cost of a home in 1970: $88,989

Cost of a home in 2017: $207,100

Percentage change from 1970 to 2017: 133%

16 (TIE). South Dakota

Cost of a home in 1970: $71,948

Cost of a home in 2017: $167,600

Percentage change from 1970 to 2017: 133%

15. Delaware

Cost of a home in 1970: $107,922

Cost of a home in 2017: $252,800

Percentage change from 1970 to 2017: 134%

13 (TIE). Maine

Cost of a home in 1970: $80,784

Cost of a home in 2017: $191,200

Percentage change from 1970 to 2017: 137%

13 (TIE). North Dakota

Cost of a home in 1970: $82,046

Cost of a home in 2017: $194,700

Percentage change from 1970 to 2017: 137%

12. Virginia

Cost of a home in 1970: $107,922

Cost of a home in 2017: $273,400

Percentage change from 1970 to 2017: 153%

11. New Hampshire

Cost of a home in 1970: $103,504

Cost of a home in 2017: $263,600

Percentage change from 1970 to 2017: 155%

10. Utah

Cost of a home in 1970: $106,029

Cost of a home in 2017: $275,100

Percentage change from 1970 to 2017: 159%

9. Montana

Cost of a home in 1970: $88,357

Cost of a home in 2017: $231,300

Percentage change from 1970 to 2017: 162%

8. Maryland

Cost of a home in 1970: $118,020

Cost of a home in 2017: $312,500

Percentage change from 1970 to 2017: 165%

7. Hawaii

Cost of a home in 1970: $221,525

Cost of a home in 2017: $617,400

Percentage change from 1970 to 2017: 179%

6. Washington

Cost of a home in 1970: $116,758

Cost of a home in 2017: $339,000

Percentage change from 1970 to 2017: 190%

5. Massachusetts

Cost of a home in 1970: $130,012

Cost of a home in 2017: $385,400

Percentage change from 1970 to 2017: 196%

4. Colorado

Cost of a home in 1970: $109,185

Cost of a home in 2017: $348,900

Percentage change from 1970 to 2017: 220%

3. Oregon

Cost of a home in 1970: $97,193

Cost of a home in 2017: $319,200

Percentage change from 1970 to 2017: 228%

2. California

Cost of a home in 1970: $145,790

Cost of a home in 2017: $509,400

Percentage change from 1970 to 2017: 249%

1. Washington, DC

Cost of a home in 1970: $134,430

Cost of a home in 2017: $607,200

Percentage change from 1970 to 2017: 352%

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article