Yahoo Finance States With the Highest and Lowest Home Price Inflation in the Last 20 Years
As real estate is considered an investment, you want to be able to track when and where the money you’ve dropped in the housing market has been affected. Year over year is one thing, but if you are looking to invest in a single-family home for the long run, knowing how housing costs, mortgage rates and general increases in home prices have been affected over the last 20 years is a crucial piece to the long-term investment puzzle.
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GOBankingRates conducted a study that evaluated the average home price growth both in valuation and inflation. Home prices rose significantly over the last few decades and these price increases often do not factor in median household income or other cost of living aspects. Here are a few broader key takeaways from home price increases in the United States to compare to each state’s breakdown later:
National average home value as of April 2004: $164,665
National average home value as of April 2024: $359,320
20-year change for average house price: $194,655
20-year inflation percentage increase: 118%
Quick Take: 10 States With the Highest Home Price Inflation
Idaho
Hawaii
Utah
Montana
Washington
Oregon
Tennessee
Arizona
South Dakota
Florida
Quick Take: 10 States With the Lowest Home Price Inflation
Illinois
Louisiana
Connecticut
Michigan
Minnesota
Mississippi
Dakota
Ohio
Maryland
West Virginia
Home Price Inflation for Each State Ranked Highest to Lowest
Keep in mind that the statistics found in this GOBankingRates study just account for average home values and prices will vary depending on several factors such as whether you live in a metro area or a more rural suburb. Below is an outline, ranked from highest to lowest, of how each state’s average home price inflation has increased over the last 20 years.
Idaho
Average home value (2004): $140,849
Average home value (2024): $456,935
20-year price inflation change: 224%
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Hawaii
Average home value (2004): $346,667
Average home value (2024): $996,982
20-year price inflation change: 188%
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Utah
Average home value (2004): $185,361
Average home value (2024): $532,610
20-year price inflation change: 187%
Montana
Average home value (2004): $163,250
Average home value (2024): $465,826
20-year price inflation change: 185%
Washington
Average home value (2004): $225,289
Average home value (2024): $611,215
20-year price inflation change: 171%
Oregon
Average home value (2004): $189,322
Average home value (2024): $508,948
20-year price inflation change: 169%
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Tennessee
Average home value (2004): $124,645
Average home value (2024): $320,570
20-year price inflation change: 157%
Arizona
Average home value (2004): $175,262
Average home value (2024): $443,585
20-year price inflation change: 153%
South Dakota
Average home value (2004): $121,671
Average home value (2024): $303,510
20-year price inflation change: 149%
Florida
Texas
Average home value (2004): $126,729
Average home value (2024): $308,385
20-year price inflation change: 143%
Colorado
Average home value (2004): $234,079
Average home value (2024): $565,996
20-year price inflation change: 142%
Vermont
Average home value (2004): $164,016
Average home value (2024): $395,830
20-year price inflation change: 141%
Maine
Average home value (2004): $169,262
Average home value (2024): $395,038
20-year price inflation change: 133%
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North Carolina
Average home value (2004): $146,618
Average home value (2024): $334,220
20-year price inflation change: 128%
California
Average home value (2004): $355,570
Average home value (2024): $805,913
20-year price inflation change: 127%
South Carolina
Average home value (2004): $132,402
Average home value (2024): $297,472
20-year price inflation change: 125%
Indiana
Average home value (2004): $108,657
Average home value (2024): $242,614
20-year price inflation change: 123%
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Wyoming
Average home value (2004): $154,042
Average home value (2024): $343,331
20-year price inflation change: 123%
New York
Average home value (2004): $199,812
Average home value (2024): $443,365
20-year price inflation change: 122%
Georgia
Average home value (2004): $152,760
Average home value (2024): $333,001
20-year price inflation change: 118%
Kansas
Average home value (2004): $105,871
Average home value (2024): $227,532
20-year price inflation change: 115%
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Nebraska
Average home value (2004): $122,253
Average home value (2024): $261,349
20-year price inflation change: 114%
Oklahoma
Average home value (2004): $97,665
Average home value (2024): $207,715
20-year price inflation change: 113%
Virginia
Average home value (2004): $186,758
Average home value (2024): $395,912
20-year price inflation change: 112%
New Mexico
Average home value (2004): $144,232
Average home value (2024): $304,067
20-year price inflation change: 111%
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New Hampshire
Average home value (2004): $235,791
Average home value (2024): $496,131
20-year price inflation change: 110%
Kentucky
Average home value (2004): $100,713
Average home value (2024): $207,527
20-year price inflation change: 106%
Pennsylvania
Average home value (2004): $131,713
Average home value (2024): $267,925
20-year price inflation change: 103%
Iowa
Average home value (2004): $109,897
Average home value (2024): $222,018
20-year price inflation change: 102%
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Alabama
Average home value (2004): $113,164
Average home value (2024): $225,448
20-year price inflation change: 99%
Arkansas
Average home value (2004): $103,622
Average home value (2024): $205,879
20-year price inflation change: 99%
Missouri
Average home value (2004): $126,764
Average home value (2024): $249,223
20-year price inflation change: 97%
Wisconsin
Average home value (2004): $155,982
Average home value (2024): $306,460
20-year price inflation change: 96%
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Alaska
Average home value (2004): $191,421
Average home value (2024): $370,636
20-year price inflation change: 94%
Nevada
Average home value (2004): $234,384
Average home value (2024): $453,529
20-year price inflation change: 93%
Rhode Island
Average home value (2004): $247,392
Average home value (2024): $468,795
20-year price inflation change: 89%
Delaware
Average home value (2004): $205,009
Average home value (2024): $387,386
20-year price inflation change: 89%
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Massachusetts
Average home value (2004): $343,260
Average home value (2024): $645,245
20-year price inflation change: 88%
New Jersey
Average home value (2004): $287,759
Average home value (2024): $539,808
20-year price inflation change: 88%
West Virginia
Average home value (2004): $88,572
Average home value (2024): $163,143
20-year price inflation change: 84%
Maryland
Average home value (2004): $233,972
Average home value (2024): $430,752
20-year price inflation change: 84%
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Ohio
Average home value (2004): $126,014
Average home value (2024): $229,381
20-year price inflation change: 82%
North Dakota
Average home value (2004): $145,847
Average home value (2024): $262,095
20-year price inflation change: 80%
Mississippi
Average home value (2004): $100,021
Average home value (2024): $178,983
20-year price inflation change: 79%
Minnesota
Average home value (2004): $194,332
Average home value (2024): $340,600
20-year price inflation change: 75%
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Michigan
Average home value (2004): $142,874
Average home value (2024): $243,678
20-year price inflation change: 71%
Connecticut
Average home value (2004): $262,437
Average home value (2024): $426,051
20-year price inflation change: 62%
Louisiana
Average home value (2004): $126,387
Average home value (2024): $203,195
20-year price inflation change: 61%
Illinois
Average home value (2004): $175,036
Average home value (2024): $268,364
20-year price inflation change: 53%
Gabrielle Olya contributed to the reporting for this article.
Methodology: For this study, GOBankingRates analyzed each state to find the change in average home value over the last 20 years. First, GOBankingRates found the average current home value for single-family homes in April 2024 as sourced from the Zillow Home Value Index. Using the historical average home values, the dollar change and percentage change in home values can be calculated. The national average home values for the same timeframe were also sourced from Zillow Home Value Index and were used to calculate the difference from the change in national average home values. The states were sorted by the most over to most under the difference from the change in the national home values. All data was collected on and is up to date as of May 15th, 2024.
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This article originally appeared on GOBankingRates.com: States With the Highest and Lowest Home Price Inflation in the Last 20 Years
