Christmas is coming, and for many states it’s time to let it snow! Everyone loves a good snow on Christmas day, but how much do people pay to have homes where it will be a white Christmas?
A new report from LendingTree analyzed housing and environmental data to compare the cost of median-priced homes in states that got the most— and least— snow in December 2021.
The report found that the median home values in the 14 states that got the most snow in December 2021 are $56,814 more, on average, than median home values in the states that reported less than 0.00 inches of snow over the same period.
Key highlights:
- With averages of 31.14, 18.13 and 15.15 inches, Alaska, Idaho and Utah recorded the highest snowfall amounts last December. Median home values in the states— $304,900, $369,300 and $421,700, respectively— are 4.93 times more than the median household incomes.
- Behind these three states are North Dakota and Minnesota in fourth and fifth with median home values of $224,400 and $285,400, respectively. The median home value to income ratio for these two states falls at 3.37 and 3.67, respectively.
- Median home values in the nation’s snowiest states fluctuate quite a bit. Of the 14 states that reported the most snowfall last December, Washington has the highest median home value at $485,700. Michigan has the lowest median home value at $199,100.
- As in snowier states, home values vary significantly in the states that reported the least snowfall. Median home values in the states that reported 0.00 inches of snow in December 2021 range from as high as $722,500 in Hawaii to as low as $145,600 in Mississippi.
- Though they tend to cost tens of thousands of dollars more, median-priced homes aren’t that much more expensive relative to median household incomes in the nation’s snowiest states. In the 14 states that saw the most snow last December, median-priced homes are an average of 4.32 times more expensive than median annual household incomes. In the 14 states that reported 0.00 inches of snow, they’re 3.93 times more expensive.
- States that didn’t record snowfall aren’t always less expensive. For example, the median home value in Hawaii of $722,500 is at least two times more than the median home value of $304,900 in Alaska— the state that reported the most snow.
Major takeaway:
“A variety of factors, from the logistical difficulties associated with breaking ground and transporting materials in colder areas to the necessity of spending extra on additional insulation and/or more robust heating systems, can contribute to homes being more expensive in snowier parts of the country,” said Jacob Channel, LendingTree’s Senior Economist and report author.
When it comes to homebuyers choosing to live in states for their snow, Berkshire Hathaway HomeServices Associate Broker Gina Pelaia of Homer, Alaska has some insight.
Pelaia said that in her experience living and working in Alaska, the snowiest state according to the report, “We do have a lot of outdoor adventure people that love to live in our area because of the activities they can do in the show.”
“People enjoy cross country skiing, snow shoeing, snow machining, ice skating, etc. One really fun activity is that people can take a water taxi over to hike the glacier, and they can actually ice skate on the frozen lake and it’s beautiful,” said Pelaia.
For the full report, click here.
