Find Out Which Counties Have the Most Expensive Housing Market in Each State
San Francisco County has the most expensive housing market in the nation, according to a recent analysis from the National Association of Realtors. NAR recently ranked the housing markets in 3,119 counties across America to determine the most expensive in each state.
A pricey market and housing affordability are, of course, two different things. Of the 50 counties with the highest housing prices, 22 also have the state’s highest incomes. However, even with a median income of more than $81,000, many San Franciscans are unable to afford a home. Not surprisingly, San Francisco County has a relatively low homeownership rate of 36.4%, compared to the statewide rate of 54.3% and the national rate of 63.9%.
Here are some other facts contained in the NAR analysis:
• The typical American home costs $235,000. In San Francisco, that figure is over $1 million.
• The three most expensive housing markets in the state are in San Francisco County.
• 38 of the counties with the most expensive housing markets are near urban centers.
• U.S. housing prices increased by almost 6% between the fourth quarters of 2015 and 2016. In the Western United States, the increase was nearly 8%.
Curious about the highest housing markets in each state? See them all here.