Red vs. Blue: Which states have the best homes?
When it comes to Republican red-voting states, Democrat blue-voting states or the swing states, who fares the best in real estate?
Realtor.com’s research team evaluated the data to see which has the biggest homes, priciest residences and the most home owners.
Note: The states that were considered swing states (and identified as “purple” in the study) were Colorado, Florida, Iowa, Michigan, Nevada, New Hampshire, North Carolina, Ohio, Pennsylvania, Virginia and Wisconsin.
Priciest homes: Blue states
The median home value in blue states is $301,000, about 91 percent more than some of the more conservative areas of the country. Hawaii, Washington, D.C., and California have the most expensive homes in the country. Blue states tend to have higher incomes, which can help explain the higher home prices too. The median household income in blue-dominant states is $62,564, about 23 percent more than red states ($50,820) and 13 percent higher than in swing states ($55,524).
Most home owners: Red states
Home ownership rates tend to be highest in red states, where homes tend to cost less. Nearly 68 percent households in red-leaning states are home owners compared to 63.5 percent in Democratic stronghold states and 67.8 percent in swing states. “Owning a home is more attainable in red states because the cost difference (in home prices])is substantially more significant than the income difference,” said Jonathan Smoke, realtor.com’s chief economist. “(And) you also get more in terms of space.”
The biggest homes: Red states
Land tends to be cheapest in the South and in rural America, which tend to be red-leaning states. The median red-state listing is about 2,000 square feet, about 210 square feet larger than a blue-leaning state and 100 square feet bigger than in swing states.
The most second-home owners: Blue states
Residents in blue states are 14 percent more likely to own a second home as well as 9 percent more likely to own real estate as an investment.
This article was contributed to The Log by Realtor.com.