When you think of expensive cities in America, you normally think of New York City. With a large population and not a lot of space, it’s no wonder that New York is one of the most expensive cities in the world to live in. That being said, there is another city whose Real Estate prices are sky high.
The metro area was once again the most expensive in the U.S. in 2017, with a median price for a single-family home of $1.27 million, according to data from the National Association of Realtors released Tuesday.
It had the biggest year-over-year price gain, a whopping 26.4%.
Its price increase back to 2002 is more than double that of the national median: 123% compared to 48%.
And the second-most expensive housing market, San Francisco metro, doesn’t even come close: at $920,000, the median there is nearly 40% cheaper than in San Jose. “Remarkably, home prices have risen a cumulative 48% since 2011, yet during this same timeframe, incomes are up only 15%,” NAR chief Economist Lawrence Yun said in a release. “In the West region, where very healthy labor markets are driving demand, the gap is even wider.”
Right behind San Francisco is the Anaheim metro area, where the median price is $785,000; urban Honolulu, at $760,600; and San Diego-Carlsbad, where the median is $610,000: less than half that of San Jose.