During 2021, home value growth was such that in at least 25 metropolitan areas it exceeded median wages, with an appreciation that exceeded $100,000 dollars in 11 of theseaccording to a report by the real estate company Zillow.
“More than anything, 2021 was a year of rich and poorand the gulf between the two widened,” Zillow economist Nicole Bachaud said in a press release.
“Those who owned a house saw their household wealth increase dramatically. But many tenants witnessed that dream being out of reach or had to drastically adjust their expectations and plans,” he said.
In California, San Jose had the highest median income, $93,000but also saw the highest home value growth, at $229,277 in 2021, according to the research.
San Francisco also saw a significant increase in home value appreciation that outpaced wages.
At the same time, down payments, which are often The biggest obstacle to owning a home for first-time buyers, they increased by more than $10,000 in 2021 for a typical 30-year fixed mortgage.
As an example, typical down payments increased to nearly $14,500 in Miami, more than $20,600 in Phoenix, and $16,700 in Las Vegas.
House prices have continued to rise, driven by tight supply and rising mortgage rates, which recently increased to 4.5%. Down payments on traditional 30-year mortgages also increased by more than $10,000 last year, according to Zillow.
Here are the 25 areas where home value growth outpaced median wages:
San Jose–Sunnyvale–Santa Clara
Home value growth: $229,277 dollars
Median income: $93,000
yesan Francisco–Oakland-Hayward
Home value growth: $204,914 dollars
Median income: $75,000
San Diego—Carlsbad
Home value growth: $160,493 dollars
Median income: $54,703
Urban Honolulu
Home value growth: $138,254 dollars
Median income: $51,000
Los Angeles–Long Beach–Anaheim
Home value growth: $131,979 dollars
Median income: $50,000
Seattle–Tacoma–Bellevue
Home value growth: $131,129 dollars
Median income: $65,000
Boise-City
Home value growth: $124,979 dollars
Median income: $50,000
Salt Lake City
Home value growth: $119,539 dollars
Median income: $53,638 dollars
Riverside–San Bernardino–Ontario
Home value growth: $111,014 dollars
Median income: $45,000
Denver–Aurora–Lakewood
Home value growth: $108,922 dollars
Median income: $65,000 dollars
Phoenix–Mesa–Scottsdale
Home value growth: $103,470 dollars
Median income: $52,000
Nashville–Davidson–Murfreesboro–Franklin
Home value growth: $84,395 dollars
Median income: $50,000 dollars
Las Vegas–Henderson–Paradise
Home value growth: $83,894 dollars
Median income: $46,000
Portland–Hillsboro–Vancouver
Home value growth: $83,283 dollars
Median income: $60,000
Boston–Cambridge–Newton
Home value growth: $76,616 dollars
Median income: $66,852
Tampa–St. Petersburg–Clearwater
Home value growth: $74,754 dollars
Median income: $46,000
Atlanta–Sandy Springs–Roswell
Home value growth: $73,036 dollars
Median income: $50,000 dollars
Miami–Fort Lauderdale–West Palm Beach
Home value growth: $72,053 dollars
Median income: $40,000
Charlotte–Concord–Gastonia
Home value growth: $71,804 dollars
Median income: $57,000
Dallas–Fort Worth–Arlington
Home value growth: $69,488 dollars
Median income: $50,000 dollars
Providence–Warwick
Home value growth: $66,657 dollars
Median income: $55,000 dollars
Orlando–Kissimmee–Sanford
Home value growth: $64,638 dollars
Median income: $44,384
New York–Newark–Jersey City
Home value growth: $63,928 dollars
Median income: $60,000
San Antonio–New Braunfels
Home value growth: $54,769 dollars
Median income: $46,966
Albuquerque
Home value growth: $47,215 dollars
Median income: $45,000 dollars
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Source-laopinion.com