The cost of owning a home has risen in almost 90% of U.S. cities, a new study found.
Homeownership costs rose to 201 (or 89%) of the 20126 measured metro market in the fourth quarter of 2024, compared to the same period last year. Report by the National Association of Realtors.
14% of the tracked metro area recorded double-digit price increases from 7% in the third quarter, as 30-year fixed mortgages ranged from 6.12% to 6.85%.
“Recorded home prices and the associated benefits of home wealth are undoubtedly good news for property owners,” NAR chief economist Lawrence Yun said in a statement this week. “But tenants looking to move to homeowners face significant hurdles.”
There are six of the 10 metro markets in the Midwest, with the largest median median. But Jackson, Michigan, led the way with a surge of 28.7%.
The only New York town to crack the top 10 finished fourth in northern Elmira, boasting a 17.6% increase.
The rest includes Peoria, Illinois, with prices rising 19.6%. Chattanooga, Tennessee, up 18.2%. Fondurac, Wisconsin, up 17.6%. Cleveland, Ohio – Lilia rises 16.4%. Bismarck, 15.8% increase. Akron, Ohio, up 15.5%. Blacksburg, Va. – Christiansburg rose 15%, while Canton Masilon, Ohio, rose 14.9%.
Compared to a year ago, the median single-family homes rose 4.8% nationwide to $410,100. Median home prices skyrocketed 49.9% between 2019 and 2024, according to NAR.
The most expensive market is in California, with the median home price in San Jose being nearly $2 million.
