Where Does it Cost the Most to Buy a House in the U.S.?
MONDAY, DEC 20, 2021
Where does it cost the most to buy a house in the U.S.? If you guessed San Francisco, you’d be right – somewhat. The median value of a San Francisco home rose to almost $1.1 million in 2019, the highest amount in the country. But that’s only part of the story, since the median household income in San Francisco is $112,449, which means it takes 9.8 years for the average San Francisco household to earn as much as it would take to pay off a house.
A Social Explorer analysis of median household incomes and home values from the 2015-19 American Community Survey finds it takes more than 11.7 years of median household income earnings in Kings County, N.Y., to pay for the median $706,000 home price, tops in the nation. It’s followed by New York County, N.Y. (11.4 years for a $987,700 home); Teton County, Wyo. (10.2 years, $866,600); Bronx County, N.Y. (10.1 years, $404,700); and Nantucket County, Mass. (10.1 years, $1.1 million). For truly affordable housing, it takes 0.6 years to pay for a $24,400 home in Kenedy County, Texas.
Check out how long it might take the median household income to pay off the median home value in your county with Social Explorer’s cutting-edge, customizable mapping tools.
How Long it Might Take the Median Household Income to Pay Off the Median Home Value. Click Here to Explore Further.