U.S. economic recoveries possess negative impact for potential home buyers. Its continued growth has had many positive effects on the nation and the population.
Along with incomes and low unemployment, the housing market continues to grow. The median sale price of a U.S. home is now close to a third of a million dollars, or over $100,000 more than it was just a decade ago.
Housing markets are different from one another. While some might still be relatively inexpensive, others are well out of range for most Americans.
To determine the county with the most expensive housing market in every state, 24/7 Wall Street reviewed median home values of 3,119 counties and county equivalents as of the second quarter of 2017 from the National Association of Realtors.
In the most expensive markets in states like New York, Massachusetts, California, and Virginia, the typical home is valued at well over $750,000.
In California, the most expensive market has a median value in excess of $1 million. In other states, the most expensive market barely tops $200,000.
Monthly payments for the median home price for the same time period are also from the NAR and assume a fixed 30-year mortgage with a 3.5% interest rate and a 10% down payment.
Median household incomes for each county come from the U.S. Census Bureau’s 2016 American Consumer Survey.