Home Values Are Often A Reflection Of What Area Residents Can Afford — And Just As Home Values Are Low In The Area, So Are Incomes. The Typical Household In This Tennessee ZIP Code Earns Just $29,798 A Year, Less Than Half The National Median Income Of $62,843. Both Incomes And Home Values Are Also Affected By The Local Job Market To Some Degree. Over The Last Five Years, 11.0% Of Area Workers Were Unemployed, More Than Double The Comparable 5.3% National Unemployment Rate.
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Published May 11, 2021
By Samuel Stebbins [24/7 Wall St. via The Center Square] –
The COVID-19 pandemic had devastating economic consequences in the United States, grinding entire industries to a halt. One sector that did not suffer, however, was real estate. Driven by the pandemic, existing home sales hit their highest level in nearly a decade and a half in 2020.
The median home sale price in the United States was $265,000 in 2020 — $30,000 more than it was the previous year. A quarter of a million dollars, however, is not affordable for many Americans. Still, for those on a tight budget, there are many parts of the country where most homes are selling for far less.
Using median home sale prices provided by ATTOM Data Solutions, a real estate and property data company, 24/7 Wall St. identified the least expensive ZIP codes in each state.
The 38127 ZIP code in Memphis, Tennessee, is one of several in the broader Memphis metro area to report some of the lowest median home sale prices in the last year. A total of 871 area homes were bought and sold in 2020, and the median sale price was just $45,000.
Home values are often a reflection of what area residents can afford — and just as home values are low in the area, so are incomes. The typical household in the 38127 ZIP code earns just $29,798 a year, less than half the national median income of $62,843. Both incomes and home values are also affected by the local job market to some degree. Over the last five years, 11.0% of area workers were unemployed, more than double the comparable 5.3% national unemployment rate.
ZIP codes were ranked based on median sales price of condos and single-family homes in 2020. Only ZIP codes with at least 1,000 single-family homes and condos and where at least 500 of housing units were sold in 2020 were considered. The estimated market value is determined by ATTOM’s automated valuation model.
Supplemental data on median household income, the share of households that are at least 50 years old, and unemployment are five-year estimates at the ZIP code level for 2015-2019 from the U.S. Census Bureau’s American Community Survey.
|Least expensive ZIP||Location||Median home sales price ($)||Median household income ($)||ZIP codes in state with home sale data|
|Kansas: 66104||Kansas City||103,344||39,726||7|
|Louisiana: 71112||Bossier City||135,000||51,623||16|
|Missouri: 63136||Saint Louis||37,000||32,223||49|
|Nevada: 89103||Las Vegas||199,000||42,537||44|
|New Jersey: 08332||Millville||124,750||57,265||50|
|New Mexico: 88310||Alamogordo||169,097||43,307||12|
|New York: 14616||Rochester||127,000||52,660||16|
|North Carolina: 28052||Gastonia||115,000||39,426||121|
|North Dakota: 58103||Fargo||190,000||46,866||3|
|Oklahoma: 73110||Oklahoma City||97,500||43,059||30|
|Oregon: 97603||Klamath Falls||199,500||51,972||37|
|Rhode Island: 02889||Warwick||243,000||77,783||1|
|South Carolina: 29841||North Augusta||145,000||52,516||58|
|West Virginia: 26508||Morgantown||264,450||70,904||1|