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State Farm stops insuring California homes
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LOS ANGELES - To the surprise of no one - California ranked among the top states in the U.S. with the highest increase in house prices.
That's according to a new survey by SelfStorage, which compared average prices over two periods using Zillow's average house price in 2012-2016 and 2017-2022 to see the increase.
Idaho actually took the top spot - recording an increase of 78.7%. According to the data, the state’s average house price from 2012 to 2016 was $152,221.50, compared to the average from 2017 to 2022, which is $272,019.10, a difference of $119,797.60. It makes Idaho the state with the largest percentage increase in average house price.
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Nevada and Washington ranked second and third, with an increase of 74.2% and 64.9%, respectively.
California came in at No. 9, recording a 54.6% increase. According to the data, the state's average house price from 2012 to 2016 was $318,510, compared to the average from 2017 to 2022 at $492,381.
The state with the lowest increase was Illinois, with an increase of 16.1%
Here's a list of the top 10:
- Idaho
- Nevada
- Washington
- Utah
- Oregon
- Arizona
- Montana
- Tennessee
- California
- Colorado
"House prices have increased at a rapid rate during the last few years, making it harder and harder for newer generations to purchase a home," a SelfStorage spokesperson said about the study. "Whilst it is a negative for those looking to buy a home, the residents of these areas above All states listed in the top 10 are way above the national average of an increase of 38.6%. Moreover, the study underlines the strong differences in parts of America, as most of the states cited are located on the West Coast.".