How Much House Does $200K Buy You in Every State?

It’s less than 1,000 square feet in a third of the country.

By Andrew Lisa Feb 22, 2022 Real Estate Investing 101

Housing prices rose so high in 2021 — just shy of 20% — that Zillow now quotes the median home value in the U.S. as $316,368. According to the Federal Reserve Bank of St. Louis, prices shot up so high in the second half of the year that the median sale price in the third quarter of 2021 breached $400,000 for the first time when it hit $404,700.

In the post-pandemic world, $200,000 clearly doesn’t go as far as it used to. In fact, the last time the median sale price was under $200,000 was the fourth quarter of 2003, when it hit $198,000. If $200,000 is your budget’s ceiling, then you’re going to have to put a lot of thought into where you’re going to live.

In 2015, the average American home topped out at an indulgent 2,687 square feet, according to Rocket Mortgage, before settling down to 2,301. Even so, $200,000 won’t get you anywhere near that in any state in the country — you’ll be well under 2,000 square feet even in the cheapest states. In the most expensive states, $200,000 will buy you something between a tiny house and the smallest studio apartments.

Discover: These Are the 50 Best Cities for Renters

Using data from the Federal Reserve Bank of St. Louis and the Missouri Economic Research and Information Center’s housing cost of living index (CoL), GoBankingRates ranked all 50 states by how much house — or how little — you can buy for $200,000.

See what $200,000 can buy you in each state.

Building Wealth

50. Hawaii

Housing CoL index: 312.6
Price per square foot: $580.26
No. of square feet for $200,000: 345

Did You Know?: Rising Sea Levels Are Hurting Home Values in These 40 Cities

49. New York

Housing CoL index: 227.5
Price per square foot: $422.30
No. of square feet for $200,000: 474

Warning: States With the Highest Property Taxes

48. California

Housing CoL index: 221
Price per square foot: $410.23
No. of square feet for $200,000: 488

Also Find: The Best Place to Buy a Home in Every State

47. Massachusetts

Housing CoL index: 177.8
Price per square foot: $330.04
No. of square feet for $200,000: 606

46. Oregon

Housing CoL index: 169.3
Price per square foot: $314.26
No. of square feet for $200,000: 636

45. Maryland

Housing CoL index: 163.6
Price per square foot: $303.68
No. of square feet for $200,000: 659

More: This Is the Salary You Need To Afford the Average Home in Your State

44. New Jersey

Housing CoL index: 148
Price per square foot: $274.73
No. of square feet for $200,000: 728

43. Vermont

Housing CoL index: 135.5
Price per square foot: $251.52
No. of square feet for $200,000: 795

42. Connecticut

Housing CoL index: 131.2
Price per square foot: $243.54
No. of square feet for $200,000: 821

Also See: 50 Housing Markets That Are Turning Ugly

41. Maine

Housing CoL index: 130.3
Price per square foot: $241.87
No. of square feet for $200,000: 827

40. Alaska

Housing CoL index: 126
Price per square foot: $233.89
No. of square feet for $200,000: 855

39. Washington

Housing CoL index: 121.6
Price per square foot: $225.72
No. of square feet for $200,000: 886

Building Wealth

38. Rhode Island

Housing CoL index: 121.5
Price per square foot: $225.53
No. of square feet for $200,000: 887

Learn: Best Places in Every State To Get a Vacation Home

37. Arizona

Housing CoL index: 117.8
Price per square foot: $218.67
No. of square feet for $200,000: 915

36. Colorado

Housing CoL index: 117.3
Price per square foot: $217.74
No. of square feet for $200,000: 919

35. Nevada

Housing CoL index: 114.3
Price per square foot: $212.17
No. of square feet for $200,000: 943

34. New Hampshire

Housing CoL index: 106.8
Price per square foot: $198.25
No. of square feet for $200,000: 1,009

33. Montana

Housing CoL index: 105.2
Price per square foot: $195.28
No. of square feet for $200,000: 1,024

More for You: You Might Actually Be Able To Afford a Mansion in These 20 States

32. Florida

Housing CoL index: 104.1
Price per square foot: $193.24
No. of square feet for $200,000: 1,035

31. Delaware

Housing CoL index: 102.4
Price per square foot: $190.08
No. of square feet for $200,000: 1,052

30. South Dakota

Housing CoL index: 101.6
Price per square foot: $188.60
No. of square feet for $200,000: 1,060

29. Virginia

Housing CoL index: 100.7
Price per square foot: $186.92
No. of square feet for $200,000: 1,070

28. Utah

Housing CoL index: 99.3
Price per square foot: $184.33
No. of square feet for $200,000: 1,085

27. Idaho

Housing CoL index: 97.3
Price per square foot: $180.67
No. of square feet for $200,000: 1,107

Also See: Best Places To Live On a $50,000 Salary in Every State

Building Wealth

26. Pennsylvania

Housing CoL index: 95
Price per square foot: $176.37
No. of square feet for $200,000: 1,134

25. North Dakota

Housing CoL index: 94.3
Price per square foot: $175.04
No. of square feet for $200,000: 1,143

24. North Carolina

Housing CoL index: 90.7
Price per square foot: $168.36
No. of square feet for $200,000: 1,188

23. Minnesota

Housing CoL index: 88.5
Price per square foot: $164.28
No. of square feet for $200,000: 1,217

22. Wisconsin

Housing CoL index: 86.7
Price per square foot: $160.94
No. of square feet for $200,000: 1,243

Check Out: The Most Expensive Suburbs in Every State

21. Louisiana

Housing CoL index: 86
Price per square foot: $159.64
No. of square feet for $200,000: 1,253

20. Nebraska

Housing CoL index: 84.7
Price per square foot: $157.22
No. of square feet for $200,000: 1,272

19. Texas

Housing CoL index: 83.9
Price per square foot: $155.74
No. of square feet for $200,000: 1,284

18. Missouri

Housing CoL index: 82.1
Price per square foot: $152.40
No. of square feet for $200,000: 1,312

17. South Carolina

Housing CoL index: 82
Price per square foot: $152.21
No. of square feet for $200,000: 1,314

FYI: The Cost To Own a 3-Bedroom Home in Every State

16. New Mexico

Housing CoL index: 82
Price per square foot: $152.21
No. of square feet for $200,000: 1,314

15. Arkansas

Housing CoL index: 79.8
Price per square foot: $148.13
No. of square feet for $200,000: 1,350

14. Michigan

Housing CoL index: 79.6
Price per square foot: $147.76
No. of square feet for $200,000: 1,354

Building Wealth

13. Tennessee

Housing CoL index: 79.4
Price per square foot: $147.39
No. of square feet for $200,000: 1,357

Advice: 17 Dumb Home-Buying Mistakes That Hurt Your Wallet

12. Wyoming

Housing CoL index: 78.6
Price per square foot: $145.90
No. of square feet for $200,000: 1,371

11. Kentucky

Housing CoL index: 78.5
Price per square foot: $145.72
No. of square feet for $200,000: 1,373

10. West Virginia

Housing CoL index: 78.4
Price per square foot: $145.53
No. of square feet for $200,000: 1,374

9. Indiana

Housing CoL index: 77.8
Price per square foot: $144.42
No. of square feet for $200,000: 1,385

8. Ohio

Housing CoL index: 77
Price per square foot: $142.93
No. of square feet for $200,000: 1,399

Also See: This Is the Salary You Need To Afford the Average Home in Your State

7. Illinois

Housing CoL index: 75.3
Price per square foot: $139.78
No. of square feet for $200,000: 1,431

6. Oklahoma

Housing CoL index: 75.2
Price per square foot: $139.59
No. of square feet for $200,000: 1,433

5. Georgia

Housing CoL index: 75.1
Price per square foot: $139.40
No. of square feet for $200,000: 1,435

4. Iowa

Housing CoL index: 74.7
Price per square foot: $138.66
No. of square feet for $200,000: 1,442

3. Kansas

Housing CoL index: 72.8
Price per square foot: $135.14
No. of square feet for $200,000: 1,480

2. Alabama

Housing CoL index: 69.5
Price per square foot: $129.01
No. of square feet for $200,000: 1,550

1. Mississippi

Housing CoL index: 66.4
Price per square foot: $123.26
No. of square feet for $200,000: 1,623

More From GOBankingRates

Methodology: To determine how much house $200,000 will buy you in every state, GOBankingRates first sourced the (1) US median listing price per square feet in the United States as sourced from the Federal Reserve Bank of St. Louis ($185.63). With this figure isolated, GOBankingRates sourced each state’s (2) housing cost of living index as sourced from the Missouri Economic Research and Information Center data for Quarter 3 of 2021. With these two factors, GOBankingRates was able to calculate how much square footage you could afford in each state with $200,000. All data were collected and are up to date as of Dec. 1, 2021.

About the Author

Andrew Lisa

Andrew Lisa has been writing professionally since 2001. An award-winning writer, Andrew was formerly one of the youngest nationally distributed columnists for the largest newspaper syndicate in the country, the Gannett News Service. He worked as the business section editor for amNewYork, the most widely distributed newspaper in Manhattan, and worked as a copy editor for TheStreet.com, a financial publication in the heart of Wall Street's investment community in New York City.