California is one of the largest and most populous states in the U.S. — it’s also one of the most expensive places to live. According to data from the Census Bureau’s American Communities Survey, the median monthly mortgage cost in California is $2,673. It’s not just housing that adds up — health care, taxes, food and transportation all contribute to California’s growing cost of living.
How do Kentucky homes compare to the rest of the country?
See the average price for homes in your county
For the roughly two-thirds of Americans who do own homes, location is a major determinate of their home’s value. Home ownership is a major financial asset to many households and knowing the worth of a home can help families decide to buy or sell.
See the median value of homes in each U.S. county:
What is the average price of a home in Kentucky?
In Kentucky, most residents have homes worth less than $300,000, though it can vary widely depending on area. The median price for homes ranges from about $62,000 to $418,000.
The Kentucky county with the lowest median home price is Breathitt County with $62,180. In contrast, in Oldham County, the median home price is $418,320.
In the Louisville area, the median home price falls on the higher end of the state, standing at $256,980 in Jefferson County. Surrounding Kentucky counties are roughly the same or slightly cheaper, as the Bullitt County median price is $254,870, while Hardin County is $221,820. Southern Indiana counties near Louisville also fall into roughly the same range, with Clark County homes hovering around $231,700 and Floyd County homes priced around $261,000.
More:Why Louisville is spending tax dollars to buy land for affordable housing
California has one of the most pricey housing markets in country
Last year, the California Community Poll found that four in 10 Californians were considering moving out of state, with the majority saying it’s too expensive to live there. Although the poll found a majority of Californians love living in the state, increasing costs of living is the main driver for people moving.
About 64% of counties in the Golden State having median homes values above the national median of $389,800. Four of the top five most expensive U.S. counties by median housing price were located in California.
County level data of housing statistics from the the American Community Survey shows how much homes are valued at across California.
Outside of California, Massachusetts rounds out the top five counties with the highest median home prices:
- Santa Clara County, CA: $1,583,130
- San Mateo County, CA: $1,573,470
- Marin County, CA: $1,454,450
- San Francisco County, CA: $1,332,660
- Nantucket County, MA: $1,313,450
Logan Mohtashami, lead analyst for HousingWire, a trade publication for mortgage, real estate, and housing professionals told USA TODAY that California has been ineffective in lowering the cost of living because not enough homes are being built. That means there is more demand for homes than supply.
Mohtashami called the housing market unhealthy, ” We still have too many people chasing too few homes” he said. “California is going to be a tug of war. Can they keep enough people here? Or do more people just keep moving away?”
Cost of living:Nearly half of California residents are considering leaving the state, a poll finds.
How was the data collected?
The National Association of Realtors analyzed data from the Census Bureau’s American Community Survey of median housing prices for 3,112 counties and county equivalents across the U.S. Home values reflect the overall worth of all homes in a given area rather than solely home sales data, according to the association.
The median home value by county is a less biased statistic than the mean or average price. Median is not as heavily influenced by a small number of highly priced homes and is a more accurate representation of housing prices across the U.S.
Itzel Luna contributed to this reporting
