The latest data of the top 10 most expensive states to buy a house in 2022 has been released and the results were not surprising. Hawaii, Wyoming, Massachusetts, Alaska, and California have ranked in the top five for the past seven years. Part of the reason why certain states have higher home prices than other states is due to the strong economy and roaring job market. As Gustan Cho Associates (Gustan Cho Associates) has grown to be licensed in 48 states (Not licensed in NY and MA).
Strong Job Markets and Economy Surge Home Prices in the Top 10 Most Expensive States To Buy a House in 2022
The team at Gustan Cho Associates is learning more and more about property values across the country. In the calendar year 2022, the main objective of Gustan Cho Associates is to expand our coverage area and help more clients across the country. Gustan Cho Associates is licensed in 48 states. The team at Gustan Cho Associates offers our services to most of the country. In this article, we will go over the top most expensive states to buy a home in 2022. We will break down the states which have the most expensive home prices in the nation.
Relocating To The Top 10 Most Expensive States To Buy a House
If you are in the process of relocating, there are many areas to address before finding a final location. The cost of housing can vary dramatically across the country. The cost of living is a huge driver for overall financial freedom. Some states have home prices that is double the national median-priced homes. We encourage our readers to use this blog for baseline information and to do additional research based on where they plan to relocate.
What Is The State That Has The Most Expensive Home Prices?
During the real estate crash of 2008, the federal government stepped in to oversee mortgage agencies such as Fannie Mae, Freddie Mac, and the U.S. Department of Housing and Urban Development (HUD). Strict mortgage guidelines were put in place to make sure Americans can afford the homes they buy, and more importantly, be able to pay for their mortgage in the future. They enacted the ability to repay rule which now requires mortgage lenders to verify income based on agency guidelines, to address future market foreclosures. Government and conventional loans have maximum loan limits. HUD and the FHFA have been increasing FHA and conventional loan limits for the past six years due to skyrocketing home prices. Many potential homebuyers were being priced out of the housing market. Hawaii ranks as the state with the most expensive home prices. Alaska, California, and Wyoming are not too far behind.
How Do I Get Approved For an Expensive Home?
A $1 million dollar single-family home in Hawaii may be worth $300,000 in Alabama. Location is what determines the price of homes. Gustan Cho Associates is licensed in 48 states and are experts in approving borrowers who purchase homes in expensive states. When considering relocating to one of the top 10 most expensive states to buy in 2022, knowing a comfortable monthly budget is incredibly important. While a mortgage underwriter must verify your debt to income ratio, your monthly budget is more important. Just because the underwriting guideline states you can afford a certain payment, does not mean you should stretch all the way to that maximum payment.
What State Is The Easiest State To Get a Mortgage In?
The team at Gustan Cho Associates does business in 48 states including Washington DC and Puerto Rico. Data from our previous borrowers suggest that Iowa, Nebraska, Oklahoma, Minnesota, North Dakota, and South Dakota is the easiest state to get a mortgage in. The main reason why these states are the easiest state to get a mortgage in is due to affordable housing and a strong economy for workers entering the job market.
What Determines How Much House You Qualify and Get Approved For?
Planning Your Budget When Relocating to One of the Top 10 Most Expensive States To Buy a House
When coming up with a housing budget, you must be prepared for some unexpected expenses compared to when you are renting a property. For instance, you will want to keep a safety net available for any repairs that may come up when owning a property. You must also consider the deductible on your homeowner’s insurance if something major comes up. When renting a home or an apartment, and something breaks you simply call your landlord to address the issue. But when you own the home, these repairs are now your responsibility.
What Credit Score Do You Need To Buy a House in an Expensive State
Buying a Home in a State With No State Income Tax
The United States of America is a unique country in many different ways. There are currently fifty states and five major territories in our union. Each state has unique laws and regulations. This can create confusion for many people when trying to figure out where to move. There are eight states in the union that do not have a state income tax. These states are Alaska, Florida, Nevada, Texas, Washington, South Dakota, Tennessee, and Wyoming. Also, New Hampshire will not tax earned wages. Even though a state may not have an income tax, they may not be the cheapest states to live in based on your overall budget.
Top 10 Most Expensive States With The Highest Home Prices and Cost of Living
The cost of housing, healthcare, food, energy, gasoline, and sales tax can strongly change the cost of living state by state. We will now detail some of the most expensive states to live in across the country. Since Gustan Cho Associates are mortgage experts, we are going to detail the cost of living surrounding housing costs in this blog. We will go over the top 10 most expensive states to buy a home as of today. Note – the following information is about housing costs when purchasing a home. Rents are not considered in this information. The overall cost of living will also vary this simply breaks down the most expensive states to buy a home in.
Hawaii Leads As The Top 10 Most Expensive States To Buy a House In 2022
Hawaii ranks in the first place as the nation’s top 10 most expensive states to buy a house in 2022. In the year 2022, the most expensive state to purchase a home in is Hawaii. Hawaii is the only state in the union that is an island. Technically, Hawaii is not located in North America. Since Hawaii is in such a remote location, the cost of goods and services are significantly increased. Many items required for daily life are required to be imported which adds extreme costs to the overall cost of living in the state. According to census data, Hawaii has over 1.4 million residents and nearly one million of those live on Oahu Island. The median sales price of a home in the state of Hawaii is $856,000!
Getting Pre-Approved For A Home Purchase in Wyoming
During my research, I was shocked to learn that Wyoming was the second most expensive state to purchase a home in. Wyoming is the 10th largest state by area but is also the least densely populated state in the lower 48 regions. Wyoming is home to beautiful wildlife as well as many outdoor activities. Because homes are spread apart, this attracts many Americans to live here.
Getting Approved With a High-Balance Jumbo Loan in Wyoming
Wyoming has seen tremendous growth during the COVID-19 coronavirus outbreak. A large portion of the population of Wyoming lives near Cheyenne, the state capital city. While the average cost of a home in the Cheyenne area is $377,000, the state median sales price of a home is $643,000. Well, that number is incredibly high, typically you get a lot of house for your money which also includes a large parcel of land. This is very attractive to many Americans fleeing major cities.
Massachusetts Makes The List For Ranking in The Top 10 Most Expensive States To Buy a House In 2022
The third most expensive state in the union for housing costs in Massachusetts. Massachusetts has a high population density. The capital city, Boston is one of the oldest cities in the country. The city planning happened well before vehicles existed. Many streets are still paved with cobblestones. Massachusetts is home to many key economic sectors including information technology, healthcare, tourism, manufacturing, military defense, and higher education. The state median sales price for a home is $608,000. Boston is known for its rich history and professional sports teams.
Best Alaska Mortgage Lenders For High-Priced Homes
Alaska. Alaska is a massive piece of land purchased from the Russians during the Alaska Purchase in 1867. Alaska is rich in oil and low in population density. Due to the extreme climate, the cost of a home is increased. Alaska is so large, that it is bigger than the next three largest states in the union, Texas, California, and Montana combined. Since the oil industry makes up most of the state economy, about half of the population lives in the Anchorage metropolitan area. The average median sales price of a home in Alaska is $593,000.
Buying a Home in Connecticut With Jumbo Loan With Low Down Payment
Connecticut. While Connecticut is the third smallest state in the union, it is the fourth-most densely populated. Connecticut similar to Massachusetts is a historic part of the New England colonies. Connecticut is home to some digital media giants which boost the state economy. Connecticut is home to the sports media conglomerate ESPN. There are numerous Fortune 500 companies headquartered in this state. This drives up the cost of housing and does create employment opportunities. The state’s median sales price of a home is currently $570,000.
Washington Leads As The Most Popular State For Homebuyers
Washington. Washington State is the 18th largest state in the nation and is home to nearly 8,000,000 people. Over half the residents live on the west side of the state in the Seattle metropolitan area. This beautiful area includes the Puget Sound, an inlet of the Pacific Ocean
that was carved out millennia ago by giant glaciers. When you think of Washington State, you may be thinking of major companies such as Starbucks, Boeing, and Microsoft. With the location of Washington state, the coast provides excellent exporting for the United States.
Washington State’s Strong Economy and Job Market Attracting New Residents and Businesses
You may not know that 70% of the apples produced in the United States come from the state of Washington. Washington has a very large military presence, and the military is the second-largest employer in the state. Washington is a beautiful green forestry state that also has robust farmland and many outdoor activities. As stated above, Washington is one of the states in the nation without a state income tax. But they do collect higher than average property taxes. Currently, the state median sales price for a home is 566,000.
California Has The Most High-Cost Counties in the Nation
California. While researching this topic, I expected California to be higher on this list. California is a massive state and is home to nearly 40,000,000 people. More people live in California than in any other state. The major metropolitan regions of the Los Angeles and San Francisco areas house nearly half of the state’s citizens. California has the most foreign nationals and an immigrant population than any other state in the nation.
California Offers Higher Paying Jobs Compared To The Rest of the Country
California is known for high-income earners from numerous different industries. The film industry and technology sector provides many employment opportunities. California does have some of the highest state taxes in the country. While the weather is beautiful in the state of California, the price of homes is not. The state median sales price for a house is $544,000. But in areas such as Los Angeles, the median sales price of a home is nearly double. Make sure you calculate your cost of living expenses thoroughly if you plan to move to the state of California. Many California homebuyers get qualified for jumbo and high-balance conforming loans due to high home prices.
Colorado Among Top 10 Most Expensive States To Buy a House In 2022
Colorado. Colorado is a beautiful place to live but it does come at a cost. When you land at Denver International Airport, you are reminded about the sunlight throughout the state. Colorado was known for having 300 days of sunny weather each year. The Denver metropolitan area is highly populated and attracts a lot of tourists each and every year. As you head west, the Rocky Mountains are a beautiful place to visit. The outdoor activities offered in areas such as Breckenridge, Vail, Aspen, and Telluride are amazing. Colorado also legalized marijuana in 2012 creating a huge stream of tax revenue. There is also a large military presence in the Colorado Springs region of the state. The state median sales price for a home is $540,000 but, in the Denver Metropolitan area, that amount is increased to $620,000.
Oregon Ranks Among the Top 10 Most Expensive States To Buy a House In 2022
Oregon. Known for its progressive law-making and fishing in timber industries, Oregon is a beautiful place to live. The Portland area has a quickly growing technology sector and has most of the state citizens. The clothing giant Nike Inc. is also headquartered in Beaverton, Oregon. Oregon is known for wineries making Pinot Noir and Cabernet Sauvignon. The Pacific Northwest is a beautiful region of our great country, and it only makes sense that many Americans want to live there. Currently, the state median sales price is $534,000.
Despite Major Exodus Due To High Taxes New York Top 10 Most Expensive States To Buy a House In 2022
New York is among the top most expensive states to buy a house in 2022. It is no secret that elegant homes in the downtown New York City area are crazy expensive. Americans began immigrating through New York through Ellis Island centuries back. Since then, New York has grown exponentially. Two-Thirds of the state population live in the New York City metropolitan area.
Despite Mass Exodus of Taxpayers, Demand For Homes in New York Remains Strong
New York City is home to the United Nations headquarters, the financial capital of the world known as Wall Street, and the New York Stock Exchange. The industry and restaurants throughout the city make this a beautiful place to live or visit. New York does have some very progressive lawmaking as well as high taxation. The current state median sales price is $527,000 for a home.
Qualifying For High-Balance Mortgages When Moving To Top 10 Most Expensive States To Buy a House In 2022
Qualifying for a high-balance conforming mortgage or jumbo loan should be taken into consideration when moving to the top most expensive states to buy a house in 2022. Jumbo versus high-balance loans means higher down payment and higher mortgage rates when qualifying for a mortgage when buy a house in the top most expensive states to buy a house in 2022.
What State Gives You More House For Your Money?
Whether you are moving to a new state for business or pleasure purposes, it is important to research the cost of living in advance. Make sure you budget accordingly for housing costs, food, energy costs, and entertainment costs. Gustan Cho Associates are experts in mortgage lending and are currently licensed in all of the States discussed in this article and are growing into more states. States that give you a lot of house of the money are Mississippi, Arkansas, Louisiana, Maine, Oklahoma, New Mexico, West Virginia. Our team of experts is available seven days a week and even in the evenings to help answer questions with your chaotic schedule. For any mortgage-related concerns, please contact Mike Gracz at (800) 900-8569 or send an email to mike@gustancho.com.
