The housing market in America has seen some unexpected growth lately. Although growth in house prices was in the cards, most economists did not anticipate just how much. This was mainly due to the lack of housing supply, which dropped to record lows.
The National Association of Realtors tracked 150 housing markets in 2016 and found that 87% experienced increases in home prices. Perhaps even more impressive, 52% of those markets had a median sale price above or equal to the previous record highs.
The other determining factor was that buyer interest was still elevated in most areas due to interest rates below 4%. More than 1.4 million jobs were created, which brought the job market ever closer to being fully employed. Lawrence Yun, the chief economist at NAR, also mentioned that the inability for the demand to be met by the supply of housing had driven prices upward.
The median family income rose to $70,831, but the increasing mortgage rates and home costs keep most buyers in a choke hold. The salary needed to buy a property in one of the top five metro areas exceeds $100,000.
Below is a list of the 25 most expensive housing markets, and how much you need to earn to afford an average house in each.
Wyoming screams outdoor living, with wide open spaces and unspoiled nature. It’s one of the largest states, and had the least amount of people. Just 579,315 people live there, and 63,335 of those live in the capital, Cheyenne.
The median home costs about $ 255,000, meaning you’ll need to make about $56,000 to afford a home. Luckily, Wyoming is one of the few states where the median income is at least $58,000, making homes affordable for the most part.
However, the area isn’t for everyone. Wyoming has very hot summers and very cold winters. The climate is semi-arid, and in some areas is even be classified as a desert. Nevertheless, it is a naturally beautiful state and anyone with an affinity for nature will feel right at home here.