The average US home costs $420,000 in 2026, with median prices around $390,000. Here’s what homes actually cost by state and how to determine how much house you can afford.
National Home Price Overview
Metric
2026
Average home price
$420,000
Median home price
$390,000
Average price per sq ft
$215
Year-over-year change
+5%
Home Prices by State
State
Median Home Price
vs. National
Hawaii
$850,000
+118%
California
$780,000
+100%
Massachusetts
$620,000
+59%
Washington
$600,000
+54%
Colorado
$550,000
+41%
New York
$540,000
+38%
New Jersey
$530,000
+36%
Oregon
$500,000
+28%
Utah
$490,000
+26%
Connecticut
$450,000
+15%
Rhode Island
$440,000
+13%
Arizona
$430,000
+10%
US Median
$390,000
—
Florida
$390,000
0%
Nevada
$380,000
-3%
Texas
$340,000
-13%
Virginia
$370,000
-5%
Idaho
$410,000
+5%
North Carolina
$330,000
-15%
Georgia
$320,000
-18%
Tennessee
$310,000
-21%
Pennsylvania
$290,000
-26%
Michigan
$250,000
-36%
Ohio
$230,000
-41%
Indiana
$225,000
-42%
Missouri
$220,000
-44%
Iowa
$210,000
-46%
Kansas
$205,000
-47%
Oklahoma
$195,000
-50%
Arkansas
$185,000
-53%
West Virginia
$165,000
-58%
Mississippi
$160,000
-59%
Home prices vary enormously by market — the home buying hub covers every stage of the process. Before committing, compare homeownership and renting in renting vs. buying a home, and understand the full cost of living impact of ownership.
Major Metro Home Prices
Metro Area
Median Price
San Francisco
$1,350,000
San Jose
$1,400,000
Los Angeles
$900,000
Seattle
$820,000
San Diego
$850,000
Boston
$750,000
New York (NYC)
$700,000
Denver
$600,000
Austin
$480,000
Portland
$550,000
Miami
$500,000
Phoenix
$440,000
Dallas
$420,000
Chicago
$330,000
Atlanta
$380,000
Houston
$340,000
Philadelphia
$300,000
Detroit
$220,000
Cleveland
$190,000
Pittsburgh
$230,000
Down Payment Requirements
Down Payment %
On $390K Home
PMI Required?
3%
$11,700
Yes
5%
$19,500
Yes
10%
$39,000
Yes
15%
$58,500
Yes
20%
$78,000
No
25%
$97,500
No
PMI typically costs 0.5-1% of loan balance annually.
Total Upfront Costs
Cost Type
Typical Range
Down payment
3-20% of price
Closing costs
2-5% of price
Inspection
$400-$600
Appraisal
$400-$700
Home warranty
$400-$700
Moving costs
$1,000-$5,000
Example: $390,000 Home
Cost
20% Down
10% Down
Down payment
$78,000
$39,000
Closing costs (3%)
$11,700
$11,700
Other costs
$3,000
$3,000
Total needed
$92,700
$53,700
Monthly Payment Breakdown
$390,000 home, 20% down, 30-year mortgage:
Component
Monthly
Annual
Principal & Interest (7.40%, Freddie Mac average, Oct. 8, 2026)
$2,160
$25,920
Property tax (~1%)
$325
$3,900
Homeowners insurance
$150
$1,800
PMI (if applicable)
$0-$200
$0-$2,400
Total
$2,635+
$31,620+
Add HOA ($100-$500/month) if applicable.
How Much House Can You Afford?
Income-Based Guidelines
Annual Income
Max Home Price (3x)
Max Price (4×)
$60,000
$180,000
$240,000
$80,000
$240,000
$320,000
$100,000
$300,000
$400,000
$125,000
$375,000
$500,000
$150,000
$450,000
$600,000
$200,000
$600,000
$800,000
Conservative: 3× income. Stretch: 4× income.
The 28/36 Rule
Rule
Guideline
28% Rule
Housing costs ≤ 28% of gross income
36% Rule
Total debt ≤ 36% of gross income
Monthly Payment by Home Price
Home Price
20% Down
Monthly Payment
$250,000
$50,000
$1,385
$300,000
$60,000
$1,662
$350,000
$70,000
$1,939
$400,000
$80,000
$2,216
$450,000
$90,000
$2,493
$500,000
$100,000
$2,770
$600,000
$120,000
$3,323
$750,000
$150,000
$4,154
*Principal and interest on the 80% loan at 7.40% (Freddie Mac 30-year average, week of October 8, 2026), 30-year term. Add property tax and insurance.
Price Per Square Foot by Region
Region
Price/Sq Ft
Northeast
$250-$400
West Coast
$350-$700
Southeast
$150-$250
Midwest
$125-$200
Southwest
$200-$350
Mountain
$200-$350
Home Type Price Comparison
Home Type
Median Price
Pros
Single-family
$420,000
Privacy, space, appreciation
Townhouse
$320,000
Lower price, some yard
Condo
$290,000
Low maintenance, amenities
Duplex/triplex
$380,000
Rental income potential
Mobile/manufactured
$100,000
Affordable entry
Annual Ownership Costs
Cost
% of Home Value
On $400K Home
Property taxes
0.5-2.5%
$2,000-$10,000
Insurance
0.3-0.7%
$1,200-$2,800
Maintenance
1-2%
$4,000-$8,000
Utilities
—
$3,000-$6,000
HOA (if applicable)
—
$1,200-$6,000
Total
$11,400-$32,800
Interest Rate Impact
Rate
Monthly Payment
Total Interest*
5.0%
$1,675
$290,000
5.5%
$1,774
$326,000
6.0%
$1,876
$363,000
6.5%
$1,972
$402,000
7.0%
$2,076
$441,000
7.5%
$2,181
$481,000
8.0%
$2,288
$522,000
*$390K home, 20% down, 30-year loan.
A 1% rate increase = ~$100/month more on a typical home.
First-Time Buyer Programs
Program
Benefit
FHA loan
3.5% down, lower credit requirements
VA loan
0% down for veterans
USDA loan
0% down in rural areas
State programs
Down payment assistance
Fannie/Freddie
3% down for qualified buyers
Bottom Line
Key Metric
Guideline
Average US home
$420,000
Median US home
$390,000
Down payment target
10-20%
Max price
3-4× annual income
Monthly housing
≤28% of gross income
Total upfront needed
~25% of purchase price
The average home price of $420,000 requires approximately $85,000-$100,000 upfront and $2,800+/month in ongoing costs. Buy within your means — not at the top of your approval amount.
WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy
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