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Real estate markets are in an unprecedented situation today. Low interest rates, the pandemic, high demand, and low inventories have combined to send real estate values soaring. How many? According to the U. S. Census Bureau,According to the U. S. Department of Homeland Security and HUD, the median home value nationally in April 2022 was $450,600. With emerging asset values and inflation driving up the cost of living everywhere, finding the best moving company can help make your move smoother and more profitable.
The surf and sun make Hawaii a wonderful place to buy a home. An asset tax rate of 0. 30%, the lowest in the country, doesn’t hurt either. Added to an average household income source of just over $81,000, real estate is just one of the points that push the state’s cost-of-living index above 192.
Homes in California also don’t charge reasonable prices. At $468 per square foot, housing costs in the state average $683,000 across the board. The Hollywood home and world-famous beaches don’t come cheap, and with an asset tax rate of 0. 73%, the combined charges can be even more consistent than in Hawaii. The median household source of income is around $75,000 and the burden of living index is around $140.
Home values in New York City are as varied as the state itself. In the great state of New York, you can revel in the tranquility of the Adirondacks or Catskills while paying the median home value of about $331,000 with an asset tax rate of 1. 69%. However, bring your checkbook if you’re thinking about buying real estate in New York City, where the average value is over $925 per square foot. The city’s property tax is only 0. 88%, but the living rate index is around 152.
Housing costs in Washington state average $431,000, or about $313 per square foot. However, if you need to enjoy your Starbucks from the comfort of a home in Seattle, look for an average of about $519,000 for a single-family home. Rates are appropriate: 0. 93%. But, with an average household income source of just $74,000, the cost of living is still about 14% higher than the national average.
Another East Coast state, Massachusetts, is on the list of the most expensive real estate markets. The state’s average of $307 is consistent with Washington’s rival square foot on the other coast. Homebuyers in Massachusetts can expect average costs of around $518,000 and taxes on assets. above the national average of 1. 17%. However, the median household income is higher than in many states, at $86,700 and a cost-of-living index of $130.
Oregon is another state where the value of a home largely depends on where it is located. The Portland metro area has a median home value of around $447,000, at $276 per square foot, while the rest of the state is easier to understand. Average taxes are lower than the national average at 0. 90%, yet the average household source of income is only $63,000.
Five national parks, world-class powder skiing, and a decent living index of around 104 make Utah a prime place to live. However, owning a home there will cost you a lot of money. At $251 per square foot, the average cost of a home ranges from $360,000 to $465,000. But asset taxes are low, at just 0. 58 per cent, and the median household income is just under $72,000.
The average national asset tax rate is 1. 07%, which is not the case in New Jersey. At 2. 42%, taxes on state assets are the highest in the country, more than double what we all pay. It’s smart that the average household source of income is over $85,000, but it doesn’t ease the burden much when homes average around $408,000 or $249 per square foot.
Rhode Island is small and measures between 48 and 37 miles. Your real estate costs are not. At $248 per square foot, an average home costs about $372,000. Homeowners aren’t even out of luck when it comes to asset taxes. At 1. 53%, Rhode Island is well above the national average. The state’s cost-of-living index is close to 113, while the median source of household income is around $67,000. .
Maryland’s median household income source is $94,384 and is the highest in the country. This is important when homes cost around $216 per square foot. The average value is $317,000 to $366,000. The life burden index is 126 and the taxes on assets are 1. 06%.
Alaska measures 2,500 miles from east to west. Real estate values in Alaska are so high, but they can still be the length of a Kodiak bear. Houses are not reasonable in the land of the Northern Lights. At $213 per square foot with asset taxes of 1. 18%, the average value of a home is around $300,000. The burden of living index is just over 127 and the median household source of income is just under $78,000.
When the Polaroid camera was created in Connecticut in 1934, few would have imagined that the costs of a home exceeded $200 per square foot. Today, the average cost of a single-family home is $318,000 in the state. The relief doesn’t come from taxes on assets. to 2. 14 percent, the third highest in the country. The median household source of income is around $78,000, while the burden of living index is close to $119.