A recent study by the National Association of Realtors revealed that homeownership costs have risen in 89% of U.S. metro areas. The fourth quarter of 2024 saw price gains in 201 of 226 tracked markets, with 14% experiencing double-digit increases. Jackson, Mississippi led with a 28.7% surge in median home prices. Nationally, the median single-family home price rose by 4.8% to $410,100. The surge in prices has created a favorable situation for current homeowners while posing significant challenges for renters looking to buy.
The cost to own a home is up in nearly 90% of cities across the United States, a new study found.
Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners.
However, renters who are looking to transition into homeownership face significant hurdles.
Compared to a year ago, the median price of a single-family home rose nationwide by 4.8% to $410,100.
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