Home prices are slowly recovering nationally, but not all markets are experiencing the same kind of growth. Even if prices and interest rates are low in many parts of the United States, there are still many expensive housing markets all around the country. Prices in these areas remain high because lots of people want to live there, and development is very restricted. Here are the top 5 most expensive housing markets in the United States.
5. Los Angeles, California. At $56,653, median incomes in Los Angeles households are above average, but median home prices are also high, at $296,800. Median property taxes are $3,985 and median homeowners insurance is $922 in Los Angeles. Even though the median income per household is a little higher in Los Angeles, the average LA family’s income is too small to afford a median-priced home.
4. Miami, Florida. Median home prices in Miami have fallen to $206,700 after the housing market fall. With median property taxes at $2,600 and homeowner insurance at $1,460, buying a home for the typical family, which has a $45,407 income, is difficult.
3. San Diego, California. San Diego is a highly sought after city by home buyers, but the city is very limited in terms of home building, so home prices are really high. A median house in San Diego costs $379,100, while the average family only makes $59,477, making it hard for home owners to afford the high property taxes and insurance.
2. New York City, New York. With the highest median property taxes in the United States and median home prices at $377,600, New York has the second most expensive housing market in 2013.
1. San Francisco, California. The most expensive houses in the United States can be found in San Francisco, where the average household income is $71,975, and the average price for a home is $552,600. San Francisco home owners typically pay $922 in homeowners insurance and $4,991 in property taxes.
Despite home prices being low in the US, some states still manage to hold on to some high real estate values. Even if it took the hardest hit when the housing market crashed, California manages to remain on top when it comes to the most expensive housing markets in the United States in 2013.