What Is the Typical Price of Upper Middle-Class House In the US? Includes House Price by State

Last Updated on July 9, 2023 By Emma W. Thomas

According to the National Association of Realtors, an existing home’s median price has been over $396,100 since March 2023. The cost of an upper-middle-class house will be significantly higher depending on the location. The typical upper-middle-class house price is $450,000 in most states.

What is an upper-middle-class income?

To be considered upper middle class, you need to have a personal income of over $62,500 and live in a household with an income of $100,000- $200,000

It is critical to note that household size impacts the income range; for example, a single-person household with an income of $30,000 is considered middle-class while a 2-person home with the same income is not. This is because smaller families need less income to support their lifestyle than larger households with kids yet to earn an income.

According to the Pew Research Center, upper-income Americans are those adults whose annual size-adjusted household income is more than double the national median size-adjusted household income. This class of individuals is our main focus as we look at how much they can expect to pay for decent housing in the US.

State-by-State House Price in the USA

Name of the State

Typical home value

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

$206,044 $345,363 $409,038 $178,744 $728,134 $539,640 $358,906 $358,686 $627,158 $383,063 $306,278 $834,583 $435,374 $236,049 $222,592 $200,038 $210,742 $190,037 $182,959 $351,375 $387,872 $558,313 $218,684 $315,122 $162,292 $227,347 $427,886 $243,012 $412,244 $429,421 $451,559 $279,763 $411,304 $309,861 $242,261 $205,800 $188,453 $485,475 $243,859 $413,948 $273,977 $284,308 $291,354 $294,336 $506,072 $332,149 $360,873 $562,936 $146,578 $262,652 $325,091

How much do upper-middle-class houses cost in the US?

According to the information from the Federal Reserve Bank of St. Louis, the median home price in the US is $428,700 as of the first quarter of 2022. Mortgage payments on a typical home are about 30.7% of the median income. An upper-middle-class house costs an average of $450,000, and most financial institutions need at least a 20% down payment.

The price of an upper-middle-class house varies depending on the state, but the average is $450,000.

Some states are cheaper than others, with upper-middle-class houses costing a little over $250,000 while others cost almost $700,000.

Price of typical upper-middle-class houses in different states in the US

As we discussed earlier, the cost of upper-middle-class houses varies significantly by state. This variance is because almost every state has its economic range of what income is perceived as upper middle class. What is considered an upper-middle-class house in one state can easily be middle-class in the next.

This section takes you through the typical price of upper-middle-class houses in different states. We also look at the median household incomes in these states, what percentage of the upper-middle-class population, and the expected monthly payments for an upper-middle-class home. Let’s get into it:

Texas

• The typical price of upper-middle-class house: $370,779
• Median household income of the upper middle class: $123,870
• Percentage of the population considered upper middle class: 60%
• Expected monthly payments for an upper-middle-class house: $1500

Texas is very affordable, and upper-middle-class houses are spacious, and elegant, yet affordable. Homes in Texas are cheaper than in most states because of relaxed building restrictions, the large availability of vacant land, and easily accessible building supplies. If you want to own a beautiful home with mortgage payments that don’t strain you, texas is a perfect location to consider.

Florida

• The typical price of upper-middle-class house: $415,700
• Median household income of the upper middle class: $117,719
• Percentage of the population considered upper middle class: 44.8%
• Expected monthly payments for the upper-middle-class house: $1509

Buying a house in Florida is quite expensive due to various factors; first, a high population makes the demand for homes higher than the supply. Property taxes in Florida are also quite high, making even cheap houses very expensive. Most homes are close to vacation spots and city centers, making them more expensive. Most upper-middle-class households in Florida love that they live near a place with enough entertainment activities, so they don’t mind these high prices.

Arizona

• The typical price of upper-middle-class house: $470,000
• Median household income of the upper middle class: $140,592
• Percentage of the population considered upper middle class: 60%
• Expected monthly payments for an upper-middle-class house: $2381

Arizona is popular with the upper middle class, who love beautiful landscapes and weather. Arizona has a strong economy that also sees a low cost of living. The typical price of an upper-middle-class house is higher than expected due to the huge gap between housing demand and supply.

Minnesota

• Typical Price of an upper-middle-class house: $335,407
• Median household income of the upper middle class: $147,470
• Percentage of the population considered upper middle class: 46.5%
• Expected monthly payments for an upper-middle-class house: $3400

Houses in Minnesota are expensive because land there is quite costly, and there is a higher demand for homes than the supply. However, most people in this state are upper-class earners, so they can afford the houses without a huge strain on their finances. With just $300,000, you can get a decent upper-middle-class house in most locations in Minnesota.

Tennessee

• Typical Price of upper-middle-class house: $300,000
• Median household income of the upper middle class: $98,679
• Percentage of the population considered upper middle class: 47%
• Expected monthly payments for an upper-middle-class house: $1520

Tennessee is among the best states to own a house as an upper-middle-class earner. This state has low property tax, no state income tax, and most of the state is in rural areas. Tennessee is a good location to consider if you want to own a tasteful home while leaving some money in your pockets.

North Carolina

• Typical Price of an upper-middle-class house: $320,291
• Median household income of the upper middle class: $120,411
• Percentage of the population considered upper middle class: 45%
• Expected monthly payments for an upper-middle-class house: $1623

North Carolina is a popular location for the upper middle class looking to own homes. The state has higher than average house prices, with most upper-middle-class earners paying a little over $400,000 for their homes. Despite the high cost of housing, the state is popular because there are many career opportunities. The state also has a reasonable cost of living and a variety of lifestyles to suit everyone’s needs.

South Carolina

• Typical Price of an upper-middle-class house: $293,445
• Median household income of the upper middle class: $120, 365
• Percentage of the population considered upper middle class: 20%
• Expected monthly payments for an upper-middle-class house: $1487

South Carolina is a popular state to own a home because of low homeownership costs and low real estate taxes. With a little over $250,000, you can own a decent upper-middle-class home.

Washington

• The typical price of an upper-middle-class house: $555, 943
• Median household income of the upper middle class: $194,296
• Percentage of the population considered upper middle class: 45%
• Expected monthly payments for upper middle-class house:$4,534

House prices in Washington are quite high due to the high cost of real estate, the shortage of houses for sale, and local zoning laws. To afford an upper-middle-class home in this state, you need to dig deeper in your pocket.

Colorado

• Typical Price of upper-middle-class house:$ 604,911
• Median household income of the upper middle class: $240,360
• Percentage of the population considered upper middle class: 45%
• Expected monthly payments for an upper-middle-class house: $3065

a typical upper-middle-class house in Colorado costs over $600,000, making it among the most expensive state to buy a house. There’s a high imbalance between the housing supply and demand, and this causes the price of houses to shoot over the roof.

Nevada

• Typical Price of an upper-middle-class house: $484,000
• Median household income of the upper middle class: $60,620
• Percentage of the population considered upper middle class: 30%
• Expected monthly payments for an upper-middle-class house: $2452

Houses in Nevada are quite affordable because the supply of homes is higher than the demand. With just $400,000, you can buy a spacious and luxurious house. The only downside of buying a house in Nevada as an upper-middle-class earner is a poor job market with lower-than-average wages.

Key insights and takeaway

The typical price of upper-middle-class houses in the US is $400,000, but you can pay as little as $250,000 or as high as $600,000, depending on the specific state. Before buying a house, determine how much you can afford to raise as a deposit and what monthly payments are affordable for your household. After you have a figure in mind, look for states where you can easily access opportunities and can afford a decent house within your budget. We hope you now have a clear picture of how much you need to pay for a house in the US.

Sources

Upper-middle-class house costs Zillow.com

Expected monthly payments https://www.mortgagecalculatorplus.com/