{"id":11201,"date":"2025-02-09T04:42:30","date_gmt":"2025-02-09T09:42:30","guid":{"rendered":"https:\/\/citystuff.com\/new-york\/?p=11201"},"modified":"2025-02-09T04:42:30","modified_gmt":"2025-02-09T09:42:30","slug":"the-cost-of-a-home-soared-in-nearly-90-percent-of-us-cities","status":"publish","type":"post","link":"https:\/\/citystuff.com\/new-york\/2025\/02\/09\/the-cost-of-a-home-soared-in-nearly-90-percent-of-us-cities\/","title":{"rendered":"The cost of a home soared in nearly 90 percent of US cities"},"content":{"rendered":"

The Cost of a Home Soared in Nearly 90% of US Cities, Study Shows<\/h1>\n

Homeownership Costs Rose in 201 of 226 Measured Metro Markets<\/h2>\n

The cost to own a home is up in nearly 90% of cities across the United States, a new study found. Homeownership costs rose in 201 of 226 measured metro markets in the 2024 fourth quarter, compared with the same period a year earlier, according to a report by the National Association of Realtors.<\/p>\n

Double-Digit Price Gains in 14% of Metro Areas<\/h2>\n

Fourteen percent of the metro areas tracked posted double-digit price gains, up from 7% in the third quarter, as 30-year fixed mortgage rates ranged from 6.12% to 6.85%.<\/p>\n

National Association of Realtors’ Chief Economist Weighs In<\/h2>\n

“Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners,” said NAR Chief Economist Lawrence Yun in a statement this week. “However, renters who are looking to transition into homeownership face significant hurdles.”<\/p>\n

The Midwest Leads the Way with Six of the 10 Metro Markets with the Largest Median-Price Increases<\/h2>\n

The Midwest is home to six of the 10 metro markets with the largest median-price increases. However, Jackson, Miss., led the way with a 28.7% surge.<\/p>\n

New York’s Elmira Ranks Fourth with a 17.6% Price Hike<\/h2>\n

The only New York town to crack the top 10 was upstate Elmira, which finished fourth, boasting a 17.6% price hike.<\/p>\n

Other Metro Areas with Notable Price Increases<\/h2>\n

The rest include Peoria, Ill., where prices rose 19.6%; Chattanooga, Tenn.-Ga., up 18.2%; Fond du Lac, Wis., up 17.6%; Cleveland-Elyria, Ohio, rising 16.4%; Bismarck, N.D. increasing 15.8%; Akron, Ohio, up 15.5%; and Canton-Massillon, Ohio, with a price increase of 14.9%.<\/p>\n

Nationwide, the Median Home Price Rose 4.8% to $410,100<\/h2>\n

Compared to a year ago, the median price of a single-family home rose nationwide by 4.8% to $410,100. From 2019 to 2024, the median home price surged 49.9%, according to NAR.<\/p>\n

The Most Expensive Markets are in California, with a Median Home Price of Nearly $2 Million in San Jose<\/h2>\n

Conclusion:
\nThe study by the National Association of Realtors highlights the significant increase in the cost of owning a home in nearly 90% of US cities. As the demand for housing continues to rise, it is essential for policymakers to address the challenges faced by renters looking to transition into homeownership.<\/p>\n

FAQs:
\n* What is the current state of the housing market in the US?
\n* What are the factors driving the increase in home prices?
\n* How do the results of this study impact renters looking to become homeowners?
\n* What are the implications of these findings for the overall economy?<\/p>\n","protected":false},"excerpt":{"rendered":"

The Cost of a Home Soared in Nearly 90% of US Cities, Study Shows Homeownership Costs Rose in 201 of 226 Measured Metro Markets The cost to own a home is up in nearly 90% of cities across the United States, a new study found. Homeownership costs rose in 201 of 226 measured metro markets […]<\/p>\n","protected":false},"author":6,"featured_media":11202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-11201","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2025\/02\/newspress-collage-y025nzzxd-1739047540688.jpg?quality=75&strip=all&1739029548&w=1024&w=1024&resize=1024,682&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/11201"}],"collection":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/comments?post=11201"}],"version-history":[{"count":1,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/11201\/revisions"}],"predecessor-version":[{"id":11203,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/11201\/revisions\/11203"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/media\/11202"}],"wp:attachment":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/media?parent=11201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/categories?post=11201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/tags?post=11201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}