U.S. residence gross sales skyrocketed in the course of the COVID-19 pandemic – hitting a 15-year excessive of 6.1 million in 2021. The spike in demand, coupled with declining stock, have put upward stress on housing costs. Renters haven’t been spared, as housing has turn into one of many key drivers of surging U.S. inflation.
In accordance with the Financial Coverage Institute, a nonprofit assume tank, a household of 4 – two adults and two youngsters – can anticipate to pay an estimated $15,031 on housing in 2022. This quantity varies throughout the nation, nonetheless.
In Idaho, a household of 4 will spend a median of $10,791 on housing per yr, the seventeenth lowest quantity amongst states, in accordance with the EPI’s Household Price range Calculator. This quantity displays each housing and utilities prices for a modest two-bedroom rental.
Housing prices are partially pushed by what residents can afford, and states with greater rental prices additionally usually have greater than common household incomes, and vice-versa. Idaho is not any exception. Simply as housing prices are decrease than common in Idaho, so, too, are incomes. The everyday household within the state earns $70,885 a yr, in comparison with the nationwide common of $80,069.
Housing price figures on this story are 2022 estimates from the EPI and household earnings figures are five-year estimates from the U.S. Census Bureau’s 2020 American Group Survey.
| Rank | State | Est. avg. housing price, household of 4, 2022 ($) | Median household earnings ($) | Homeownership fee (%) |
|---|---|---|---|---|
| 1 | California | 23,734 | 89,798 | 55.3 |
| 2 | Hawaii | 23,335 | 97,813 | 60.3 |
| 3 | Massachusetts | 22,294 | 106,526 | 62.5 |
| 4 | New York | 20,092 | 87,270 | 54.1 |
| 5 | New Jersey | 19,811 | 104,804 | 64.0 |
| 6 | Maryland | 17,840 | 105,790 | 67.1 |
| 7 | Washington | 17,824 | 92,422 | 63.3 |
| 8 | Colorado | 17,157 | 92,752 | 66.2 |
| 9 | Connecticut | 17,127 | 102,061 | 66.1 |
| 10 | Virginia | 15,870 | 93,284 | 66.7 |
| 11 | Oregon | 15,607 | 80,630 | 62.8 |
| 12 | New Hampshire | 15,267 | 97,001 | 71.2 |
| 13 | Florida | 15,232 | 69,670 | 66.2 |
| 14 | Alaska | 14,566 | 92,648 | 64.8 |
| 15 | Rhode Island | 14,502 | 89,330 | 61.6 |
| 16 | Vermont | 14,321 | 83,023 | 71.3 |
| 17 | Delaware | 14,037 | 84,825 | 71.4 |
| 18 | Arizona | 13,875 | 73,456 | 65.3 |
| 19 | Illinois | 13,692 | 86,251 | 66.3 |
| 20 | Nevada | 13,543 | 74,077 | 57.1 |
| 21 | Minnesota | 13,486 | 92,692 | 71.9 |
| 22 | Texas | 13,475 | 76,073 | 62.3 |
| 23 | Maine | 13,104 | 76,192 | 72.9 |
| 24 | Utah | 12,508 | 84,590 | 70.5 |
| 25 | Pennsylvania | 12,412 | 80,996 | 69.0 |
| 26 | Georgia | 12,152 | 74,127 | 64.0 |
| 27 | Michigan | 11,467 | 75,470 | 71.7 |
| 28 | North Carolina | 11,360 | 70,978 | 65.7 |
| 29 | South Carolina | 11,096 | 68,813 | 70.1 |
| 30 | Louisiana | 11,046 | 65,427 | 66.6 |
| 31 | Montana | 10,972 | 72,773 | 68.5 |
| 32 | Wisconsin | 10,970 | 80,844 | 67.1 |
| 33 | Tennessee | 10,906 | 68,793 | 66.5 |
| 34 | Idaho | 10,791 | 70,885 | 70.8 |
| 35 | New Mexico | 10,784 | 62,611 | 68.0 |
| 36 | Kansas | 10,740 | 77,620 | 66.2 |
| 37 | Nebraska | 10,551 | 80,125 | 66.2 |
| 38 | Wyoming | 10,423 | 81,290 | 71.0 |
| 39 | Missouri | 10,344 | 72,834 | 67.1 |
| 40 | Indiana | 10,331 | 73,265 | 69.5 |
| 41 | Ohio | 10,324 | 74,391 | 66.3 |
| 42 | North Dakota | 10,236 | 86,798 | 62.5 |
| 43 | Oklahoma | 10,059 | 67,511 | 66.1 |
| 44 | Iowa | 9,802 | 79,186 | 71.2 |
| 45 | Alabama | 9,784 | 66,772 | 69.2 |
| 46 | Kentucky | 9,687 | 65,893 | 67.6 |
| 47 | South Dakota | 9,670 | 77,042 | 68.0 |
| 48 | Mississippi | 9,546 | 58,923 | 68.8 |
| 49 | West Virginia | 9,133 | 61,707 | 73.7 |
| 50 | Arkansas | 8,993 | 62,067 | 65.8 |
