Realtor.com data reveals stark differences in luxury home pricing across the U.S. In New York, a luxury home averages $5.49 million requiring a salary of $1.15 million. Conversely, West Virginia's luxury homes average just $750,000, with an annual salary requirement of $158,000. The analysis, conducted by Realtor.com's economists, defined luxury as the top 5% of homes on the market, illustrating how luxury definitions and affordability differ dramatically based on location, thereby influencing potential buyers' decisions.
"The cost to purchase a luxury home varies greatly across the U.S. In New York and Hawaii, a luxury home will cost you upward of $5 million, while in lower-priced states like West Virginia, the luxury price threshold is less than $800,000."
"To ascertain the true price of a luxury home in each state, Realtor.com economists examined the top 5% of homes (by price) that are on the market and then determined the average cost of the properties within that group."
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