9 Most Sought-After States for Home Buying in 2024

Nicole Spector

3 July 2024 at 10:00 am·3-min read

MicroStockHub / Getty Images/iStockphoto

Once a key achievement for the middle class and a pillar of the American Dream, homeownership has become increasingly inaccessible.

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Why? It comes down to a few big factors, including sky-high interest rates on mortgages, a housing inventory shortage and the widespread failure of wages to keep up with rising costs of living in the U.S.

Though many who would like to buy a home may find the process to be financially impossible and thus stick to renting, there are also plenty of folks purchasing homes. Where are those with the power of choice most frequently looking to buy?

A recent study from Badeloft, shared with GOBankingRates via email, determined the nine most sought-after U.S. states for homebuyers. The study factored in key criteria like number of online searches for buying a house, the average price of homes, cost of living, the median household income and current mortgage interest rates in each state. The states were then ranked according to the volume of homebuying searches, while the other criteria were calculated to provide additional insights and context to the rankings.

Here’s a look at the states where Americans are itching to put down roots.

Massachusetts

Average home price: $614,700
Cost of living: $1,105
Median household income: $63,498
Search count (“buy a house in…”): 1,693,410

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Michigan

Average home price: $252,200
Cost of living: $1,426
Median household income: $89,645
Search count (“buy a house in…”): 1,618,330

Illinois

Average home price: $280,900
Cost of living: $1,355
Median household income: $72,205
Search count (“buy a house in…”): 1,796,270

Pennsylvania

Average home price: $278,700
Cost of living: $1,205
Median household income: $66,559
Search count (“buy a house in…”): 2,105,290

Georgia

Average home price: $375,300
Cost of living: $1,499
Median household income: $68,957
Search count (“buy a house in…”): 2,027,110

Learn More: Why Many Regret Moving to Texas Post-Pandemic

New Jersey

Average home price: $477,600
Cost of living: $1,173
Median household income: $89,296
Search count (“buy a house in…”): 2,087,570

North Carolina

Average home price: $371,100
Cost of living: $1,278
Median household income: $61,972
Search count (“buy a house in…”): 2,333,510

Florida

Average home price: $407,200
Cost of living: $1,091
Median household income: $63,062
Search count (“buy a house in…”): 2,964,750

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California

Average home price: $785,900
Cost of living: $1,393
Median household income: $84,907
Search count (“buy a house in…”): 4,299,130

All information sourced via Badeloft and accurate as of June 2024.

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This article originally appeared on GOBankingRates.com: 9 Most Sought-After States for Home Buying in 2024

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