Here’s the most expensive city to buy a house — and it’s not even close
Any way you slice it, home prices in San Jose are on a tear.
The metro area was once again the most expensive in the U.S. in 2017, with a median price for a single-family home of $1.27 million, according to data from the National Association of Realtors released Tuesday.
It had the biggest year-over-year price gain, a whopping 26.4%.
Its price increase back to 2002 is more than double that of the national median: 123% compared to 48%.
And the second-most expensive housing market, San Francisco metro, doesn’t even come close: at $920,000, the median there is nearly 40% cheaper than in San Jose.
“Remarkably, home prices have risen a cumulative 48% since 2011, yet during this same timeframe, incomes are up only 15%,” NAR chief Economist Lawrence Yun said in a release. “In the West region, where very healthy labor markets are driving demand, the gap is even wider.”
Right behind San Francisco is the Anaheim metro area, where the median price is $785,000; urban Honolulu, at $760,600; and San Diego-Carlsbad, where the median is $610,000: less than half that of San Jose.
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