Including a few big surprises.
We don’t need to tell you that buying a house in 2023 is tricky business. According to recent research, it’s currently more affordable to pay monthly rent than to pay a mortgage in most areas of the country. And while experts predict that inflation will decrease as the year goes on, economic forecasts aren’t very comforting when you’re still fretting over whether you’ll need to cut out eggs to make your weekly grocery bill more manageable.
That being said, those of us in the position to buy property don’t necessarily want to wait for a miraculous drop in house prices that may never come. So if you’re looking to buy soon, Boulder Home Source has some interesting news. The real estate company did us all a favor by analyzing data from Zillow for the past five years across all 50 states to determine which U.S. states have seen the smallest rise in house prices.
A spokesperson for Boulder Home Source points out that this data can help buyers determine which parts of the country historically experience the least instability: “The past five years have seen the housing market experience a lot of turbulence, leading to increases in house prices across America. However, this study offers a fascinating insight into the states where prices are less likely to experience volatile increases and are more likely to remain relatively stable. This can serve as a useful guide to anyone looking to buy property in the coming months or year.”
Of course, some buyers may have to consider relocation when weighing their options. However, top 10 states where house prices have increased the least span some pretty diverse regions. New York state, for instance, makes an unexpected appearance at the top of the list — it ranks as the seventh state where prices have increased the least. Maryland, Connecticut, and Massachusetts are also in the top 10, which will be excellent news for buyers who need to remain within commuting distance of certain East Coast city centers.
Those in the western half of the country, however, aren’t in such luck, since the sole westernmost state that appears in the top 10 is North Dakota. However, the more expensive western states aren’t necessarily ranked last. California, which has the third highest cost of living according to World Population Review, comes in as the 16th least expensive state for buying property. Idaho, however, ranks 50th since its house prices have risen 91.9 percent in the last five years.
Here are the increases in house prices over the past five years, ranked from smallest to largest increase.
Increase in house prices over the past five years
| State | Increase in house prices |
| North Dakota | 22.7% |
| Louisiana | 23.6% |
| Alaska | 26.7% |
| Maryland | 33.9% |
| Mississippi | 36.7% |
| Illinois | 37.3% |
| New York | 39.3% |
| Connecticut | 39.4% |
| West Virginia | 40.0% |
| Massachusetts | 40.9% |
| Virginia | 41.9% |
| Wyoming | 42.6% |
| Minnesota | 42.9% |
| Hawaii | 44.0% |
| New Jersey | 44.9% |
| California | 45.6% |
| Arkansas | 46.3% |
| Pennsylvania | 46.6% |
| Oregon | 46.9% |
| Iowa | 47.3% |
| Colorado | 48.6% |
| Wisconsin | 49.4% |
| Rhode Island | 49.5% |
| Kentucky | 50.8% |
| Nebraska | 50.9% |
| Michigan | 53.7% |
| Vermont | 53.9% |
| Nevada | 54.1% |
| Ohio | 54.3% |
| Alabama | 55.8% |
| Texas | 55.9% |
| South Dakota | 56.3% |
| Missouri | 57.1% |
| Washington | 57.6% |
| Oklahoma | 59.0% |
| Indiana | 60.8% |
| New Hampshire | 63.7% |
| Kansas | 64.7% |
| South Carolina | 65.0% |
| Delaware | 67.1% |
| Utah | 68.9% |
| Maine | 70.4% |
| North Carolina | 72.2% |
| Florida | 73.5% |
| Arizona | 74.6% |
| Tennessee | 75.8% |
| New Mexico | 76.2% |
| Georgia | 76.5% |
| Montana | 79.4% |
| Idaho | 91.9% |
If this has you second-guessing your move, consider comparing it to the list of the cheapest states to buy a home in the U.S.
