Americans may idolize a white Christmas, but owning a home in the nation’s snowiest states costs a premium, according to a LendingTree analysis.
Median-priced homes in the states that got the most snow in December 2021 cost $56,814 more on average than those in the states with the least snow.
Alaska, Idaho, and Utah saw the most snowfall last December. Their median home values – $304,900, $369,300, and $421,700 – are 4.93 times higher than their median household incomes.
Warmer states are typically less expensive than frigid Northern states, as evidenced by the flood of affordability-minded homebuyers to the Sun Belt.
But this isn’t always the case. LendingTree noted that the median home value in Hawaii ($722,500) is at least two times more than the median value in Alaska ($304,900).
Florida, which has consistently reported some of the greatest home price gains throughout the Great Migration, is another example of an unaffordable warm weather state.
Cooler Midwest and East Coast metros are starting to pick up steam thanks to their lack of volatility.
Where hot pandemic markets have seen massive swings in home prices, cities like Chicago (with an average snowfall of 28.1 inches) and Milwaukee (45 inches) where prices haven’t changed as much, are seeing an influx of home shoppers.
“Homes in places like Chicago and Milwaukee certainly got more expensive during the pandemic homebuying boom, but they’re still affordable compared with the rest of the country,” said Redfin Senior Economist Sheharyar Bokhari.
Bokhari said these areas are slow to feel the impacts of economic headwinds like inflation and the Fed raising interest rates.
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