Rising Home Prices In Utah: What Buyers Should Know

Prices for houses in Utah can be staggering -- the median average for a single-family home in the Beehive State is nearly $550,000.

But it could be worse.

The new ranking for the most expensive housing is out and Utah comes in at No. 9 among the 50 states and the District of Columbia.

And while it is nearly mind-blowing to think the average home in Utah costs more than a half-million dollars, states like Hawaii and California are worse -- much worse.

Big Bucks

A single-family home in paradise (aka Hawaii) is over $1-million dollars and California isn't much better, coming in at $882,000 per home.

It's also expensive to buy a home in Washington, D.C. ($770,000), Massachusetts ($676,000), Washington state ($669,000), Colorado ($613,000), New York ($562,000) and Oregon ($561,000).

In just about all of these places, quality of life and geographical beauty are a centerpiece (except maybe D.C.).

And in all three of these places the cost of everyday living matches the high prices of homes. A gallon of milk in Hawaii is about eight bucks, a gallon of gas in California is close to five bucks and a loaf of bread in D.C. will likely run you about four bucks.

Utah's Desirability

With just eight locations ahead of Utah in home pricing, it emphasizes the desirability of the Beehive State. Going all the way back to the 1970s, Utah was middle of the pack in home prices (24th out of 51).

So what's changed?

"I just think Utah has been 'discovered,'" said St. George mayor Michele Randall. "People are starting to see what we've known all along -- this is a pretty awesome place."

If frugal living is more your vibe (and you don't mind the farm life), the cheapest states to buy a home in the United States are Iowa ($231,000), Oklahoma ($246,000) and Ohio (249,000).