The cost to own a home is up in nearly 90% of cities across the United States, a new study found.
Homeownership costs rose in 201 — or 89% — of 226 measured metro markets in the 2024 fourth quarter, compared with the same period a year earlier, according to a report by the National Association of Realtors.
Fourteen percent of the metro areas tracked posted double-digit price gains, up from 7% in the third quarter, as 30-year fixed mortgage ranged from 6.12% to 6.85%.
“Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners,” said NAR Chief Economist Lawrence Yun in a statement this week. “However, renters who are looking to transition into homeownership face significant hurdles.”
The Midwest is home to six of the 10 metro markets with the largest median-price increases. However, Jackson, Miss., led the way with a 28.7% surge.
The only New York town to crack the top 10 was upstate Elmira, which finished fourth, boasting a 17.6% price hike.
The rest include Peoria, Ill., where prices rose 19.6%; Chattanooga, Tenn.-Ga., up 18.2%; Fond du Lac, Wis., up 17.6%; Cleveland-Elyria, Ohio, rising 16.4%; Bismarck, N.D. increasing 15.8%; Akron, Ohio, up 15.5%; Blacksburg-Christiansburg, Va., rising 15%, and Canton-Massillon, Ohio, with a price increase of 14.9%.
Compared to a year ago, the median price of a single-family home rose nationwide by 4.8% to $410,100. From 2019 to 2024, the median home price surged 49.9%, according to NAR.
The most expensive markets are in California, where the median home price in San Jose is nearly $2 million.