The Cost Of Buying A Home

The Zillow Home Value Index sets the cost of buying a home in various metro areas (and for the United States as a whole). Here are selected results for December 2022:

United States: $356,819

1. San Jose, CA: $1,521,049
2. San Francisco, CA: $1,348,952
3. Santa Cruz, CA: $1,224,439
4. Santa Barbara, CA: $951,803
5. Urban Honolulu, HI: $917,978
6. Los Angeles, CA: $893,468
7. San Luis Obispo, CA: $871,600
8. San Diego, CA: $865,499
9. Ventura, CA: $832,740
10. Santa Rosa, CA: $810,550
11. Boulder, CO: $753,182
12. Seattle, WA: $725,882
13. Boston, MA: $642,106
14. New York City, NY: $619,155
15. Denver, CO: $614,979
16. Vallejo, CA: $585,242
17. Sacramento, CA: $582,243
18. Provo, UT: $574,397
19. Riverside, CA: $570,580
20. Salt Lake City, UT: $569,969
21. Stamford, CT: $562,857
22. Portland, OR: $556,622
23. Fort Collins, CO: $564,926
24. Washington, DC: $551,067
25. Bremerton, WA: $546,876
26. Stockton, CA: $537,973
27. Reno, NV: $535,479
28. Austin, TX: $531,197
29. Greeley, CO: $526,316
30. Olympic, WA: $526,169
31. Ogden, UT: $505,937
32. Portland, ME: $483,531
33. Miami, FL: $476,860
34. Boise City, ID: $476,570
35. Colorado Springs, CO: $471,376
36. Eugene, OR: $458,638
37. Manchester, NH: $458,256
38. Modesto, CA: $452,819
39. Salem, OR: $449,549
40. Providence, RI: $446,479
41. Nashville, TN: $446,141
42. Phoenix, AZ: $437,703
43. Raleigh, NC: $433,424
44. Charleston, SC: $421,868
45. Worcester, MA: $419,855
46. Durham, NC: $418,091
47. Las Vegas, NV: $418,083
48. Spokane, WA: $418,056
49. Asheville, NC: $414,093
50. Chico, CA: $410,228
51. Orlando, FL: $398,331
52. Merced, CA: $397,901
53. Tampa, FL: $387,110
54. Dallas, TX: $382,179
55. Madison, WI: $381,738
56. Ann Arbor, MI: $380,927
57. Fresno, CA: $380,919
58. Atlanta, GA: $380,619
59. Anchorage, AK: $378,533
60. Baltimore, MD: $378,283
61. Minneapolis, MN: $370,054
62. Daytona Beach, FL: $363,586
63. New London, CT: $347,825
64. Richmond, VA: $347,267
65. Philadelphia, PA: $344,532
66. Tuscon, AZ: $339,332
67. Bakersfield, CA: $337,309
68. San Antonio, TX: $336,791
69. Yakima, WA: $336,628
70. New Haven, CT: $332,630
71. Atlantic City, NJ; $326,909
72. Sioux Falls, SD: $326,759
73. Hartford, CT: $326,038
74. Knoxville, TN: $324,587
75. Albuquerque, NM: $321,300 
76. Greenville, SC: $315,192
77. Houston, TX: $311,338
78. Allentown, PA: $310,877
79. Huntsville, AL: $309,522
80. Chicago, IL: $307,349
81. Grand Rapids, MI: $306,416
82. Savannah, GA: $305,938
83. Columbus, OH: $304,421
84. Kansas City, MO: $293,088
85. Hagerstown, WV: $288,253
86. Chattanooga, TN: $284,847
87. Appleton, WI: $279,527
88. Lincoln, NE: $278,111
89. Milwaukee, WI: $275,271
90. Indianapolis, IN: $273,939
91. Des Moines, IA: $271,256
92. Cincinnati, OH: $267,706
93. New Orleans, LA: $266,726
94. Birmingham, AL: $252,018
95. Buffalo, NY: $247,248
96. St. Louis, MO: $245,958
97. Louisville, KY: $245,203
98. Springfield, MO: $244,146
99. Baton Rouge, LA: $239,241
100. Detroit, MI: $238,838
101. Memphis, TN: $237,529
102. Duluth, MN: $236,994
103. Augusta, GA: $235,476
104. Oklahoma City, OK: $226,242
105. Cleveland, OH: $219,740
106. Fort Wayne, IN: $217,183
107. Pittsburg, PA: $209,325
108. Lubbock, TX: $209,113
109. Little Rock, AR: $201,705
110. Wichita, KS: $199,936
111. Gulfport, MS: $199,519
112. Evansville, IN: $196,194
113. Montgomery, AL: $188,943
114. Jackson, MS: $187,587
115. Erie, PA: $187,346
116. Campaign-Urbana, IL: $187,013
117. Brownsville, TX: $182,018
118. Flint, MI: $175,653
119. Macon, GA: $172,893
120. Rockford, IL: $171,786
121. Toledo, OH: $170,917
122. Youngstown, OH: $150,699
123. Peoria, IL: $144,941
124. Huntington, WV: $136,528
125. Charleston, WV: $132,072

Some observations:

* The most expensive metro area in the index is 11.5 times as expensive as the least expensive one. 

* The immense divide in housing costs reflects the immense economic divide between different regions in the U.S. which is a major drive of the political division in the U.S., with the more expensive metro areas tending to lean Democratic, and the less expensive metro areas tending to lean Republican.

* Eleven of the top twelve are on the Pacific Coast. Nine, including the top four, are in California, one is in Hawaii (#5), and one in Washington State. Boulder is the only metro area in the top twelve that is not on the Pacific Coast.

* The most expensive metro areas not on the Pacific Coast are: Boulder, Boston, New York City, and Denver, in that order.

* The West has most of the 40 most expensive metro areas in the United States (30), followed by the Northeast (8). Two are in the South: Miami and Austin.

* Madison, WI at #55 is the most expensive metro area in the Midwest. Chicago at #80 is very inexpensive considering that it is the third largest metro area in the United States.

* Metro areas with home values of under about $300,000 are fairly described as having "depressed economies" for the most part. Metro areas with home values of under $200,000 are fairly described as being in "economic collapse" for the most part. There are 62 metro areas on the list above that are above the U.S. average.

* The bottom of the list is dominated by post-industrial towns, mostly in the Rust Belt, but also with a smattering of places with fossil fuel extraction economies and some rural area hubs.