Home prices have risen by nearly 30 percent since 2019 in the United States when adjusted for inflation, according to a new State of the Nation’s Housing report by Harvard University’s Joint Center for Housing Studies. As the following chart shows, the rate of increase varies greatly in different metro areas across the country, ranging from 60 percent in Knoxville, Tennessee to 1.7 percent in the San Francisco-Oakland-Fremont area of California. According to the National Association of Realtors, the U.S. median existing single-family home price hit a new high of $412,500 in 2024 - five times that of the median household income.[...]
A Third of U.S. Burdened by Housing Cost
[...]The report published this week shows that renters are more often overburdened by their costs that homeowners, but that the gap has been closing in recent years. Before and after the Great Recession, homeowners were still more overburdened than renters in the country, but this equilibrium changed in 2012 when renters began to be burdened more by rising rent costs while homeowners were profiting from zero interest rates. With the end of the no-interest era in 2022, homeowners' burden jumped up, while the economic hardships of the inflation crisis affected both types of households. The researchers also identified higher insurance premiums and property taxes as an issue for homeowners, while saying that more than half of renters were spending more than 50 percent of household income on renting in 50 out of the 100 largest metro areas in the United States.