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% |
See also:What is the average down payment on a house?·Average Mortgage Payment in the USA 2025: $1,869/month·Average Closing Costs by State (2026)
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 (6.5%) | $1,972 | $23,664 |
| Property tax (~1%) | $325 | $3,900 |
| Homeowners insurance | $150 | $1,800 |
| PMI (if applicable) | $0-$200 | $0-$2,400 |
| Total | $2,447+ | $29,364+ |
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 | $1,580 |
| $300,000 | $60,000 | $1,895 |
| $350,000 | $70,000 | $2,210 |
| $400,000 | $80,000 | $2,525 |
| $450,000 | $90,000 | $2,840 |
| $500,000 | $100,000 | $3,155 |
| $600,000 | $120,000 | $3,790 |
| $750,000 | $150,000 | $4,735 |
*At 6.5% interest rate, 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.
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