According to the data, the West coast is the most expensive geographical hub, with a median home price of $319,000. Compared with the Northeast ($262,500), the South ($196,400), and then the Midwest ($175,500), it’s a fairly upward economic trajectory as one travels toward the Pacific.
When it comes to the most expensive cities for homeownership, San Francisco and its thriving tech scene means you need to earn at least $147,996 to own a home in the city, the median price of which is $781,600. On the opposite end of the spectrum is Detroit: You’d only need $36, 915 a year to own a $148,667 home in the motor city.
Surprisingly, since the foreclosure crisis in the mid-aughts, the NAR found that the “sales price of existing single-family homes in the U.S. has increased steadily since 2013 ($197,400) and 2014 ($208,900). That equates to a 13% increase over two years.”
That said, have a look at the map above, and take solace in the fact that there’s no major housing bubble developing here at the moment.