In 30 states across the country, more than 30% of household income is spent on housing.
Almost as soon as the 1,200-square-foot Cape Cod home went on the market in early April, a flurry of calls came in. Priced at $400,000 in tony Bergen County, New Jersey, across the river from Manhattan, it was the rare single-family home under $500,000.
“I felt terrible,” said Maxwell Stokes, the listing agent at Compass Real Estate. “There are just so many young buyers out there.” According to The Kobeissi Letter, a financial newsletter that measures and analyzes various markets, the median home price in the United States is up 45% over the past three years to $468,000. That makes it financially harder than ever to own a home in America. Here are where the top 10 most expensive markets are in the country according to The Kobeissil Letter:5. Colorado: $530,000 10.
Housing affordability is at new lows, according to the data. There are now 30 states where 30% of the household income is spent on housing, according to The Kobeissi Letter.
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