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Home Affordability in the “13 Original Colonies”

The original 13 U.S. states are among the country’s most desirable, and most expensive, places to live, according to LendingTree.

To celebrate the Fourth of July, LendingTree, the nation’s largest online loan marketplace, has taken a look at the states that were present at the birth of the country,” said LendingTree Chief Economist Tendayi Kapfidze. “Specifically, we analyzed the modern-day states born out of the 13 colonies that declared their independence from Great Britain in 1776.”

LendingTree states that the weighted average home price in the former 13 colonies is $239,351, $27,000 higher than the weighted average home price of $212,635 for the rest of the U.S. Despite their age, these areas are cultural hubs, with some of the nation’s largest economies, meaning there is still high demand for housing in these states.

While the average home price was high, the media home price in each state studied are affordable to those who earn the state’s median income. Kapfidze notes that even if a state might appear affordable, not every town or city within it will be affordable to someone making the state’s median income.

In every capital city in these 13 states except for Boston, median priced homes are affordable to median income earners. Boston is notoriously pricey, and a median income would not be enough to afford the monthly payment on a median priced home, compared to more affordable capital cities such as Concord, New Hampshire and Raleigh, North Carolina, which are more affordable to median income earners.

New Hampshire is the most affordable of the original 13 states, with a median home value of $244,900 and a median salary of $71,305. New Hampshire capital Concord is also the most affordable capital, with a median home value of $212,600, and a median salary of $61,310.

The least affordable state is New York, with a median home value of $293,000, which is less than Massachuset’s median value of $352,600, but New York’s median income is slightly less, at $62,765, plus an affordability surplus of just $292.

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.

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