As seen in the choropleth. There are clear geographical trends to note. The West Coast and East Coast are generally much more expensive than the Midwest and South. This would affirm the hypothesis that those coastal states, with major, economically powerful cities, have the most expensive home prices. It is important to not that Hawaii is a clear exception to this rule, as it is not a particularly relevant state in the scope of GDP production. Please note Hawaii as the maximum average home price ($604k) and West Virginia as the lowest ($116k).
This graph shows the average home price by state in 2023. This allows us to visualize the differences in home price from state to state. The average home price in America in 2023 is $431k, which corresponds to states, such as Oregon and Utah. There is a also a very large range with Hawaii as the maximum average home price ($711k) and West Virginia as the lowest ($136k). This shows us that there is a broad range of home prices across the U.S. For the prospective home owner, this may be a useful resource in determining where to live, as it gives insight into the general affordability of homes in each state.
In this graph, we show the distribution of home prices in each state for the year 2023. We can see a general trend that, the higher the mean price, the larger the distribution. This is with the notable exception of the District of Columbia. One possible explanation is that, in the more expensive states, there are many very expensive home prices that raise the mean home price for that state, and in the cheaper states, home prices are more uniform. Overall, the more expensive states will have a larger diversity in homes (from cheap to expensive).
The top 5 States based on average home price over the past 5 years were selected for this graph. The top 5 states are Hawaii, California, D.C., Massachussetts, and Washington. This graph shows how the home prices of these states have changed over time. We can see that the home prices across states have changed in a similar pattern. Note the abnormal increase in home prices around 2022. Also not that, while experiencing some change, the District of Colombia has remained relativtely stable. We believe that the unique trend of house prices in D.C. are due to the relatively small number of housing units in D.C. compared to other states.This visualization clearly shows us that the pandemic has indirectly placed upward pressure on home prices. As we have seen in the macro trends, this may be evidence of a real estate bubble. It will be important to stay aware of how economic factors change, so we can prepare are selves to continue to recover from the economic effects of COVID-19.