Most Expensive Housing Markets in the NortheastSeptember 13, 2021
Anyone who’s shopped for a home recently is probably well aware of the tight U.S. housing market. Even before Covid-19 spurred millions of Americans to relocate — just as the cost of building new homes went through the roof due to pandemic-related supply chain disruptions — Americans were converting a decade of stock market gains and the “sugar high” of the 2017 Republican tax cuts into new homes in suburban communities with good schools and strict zoning regulations.
This national shopping spree for first and second homes and rental properties has predictably priced out less-affluent prospective home buyers, especially younger families seeking more space to raise children close enough to good jobs and opportunities to advance professionally and economically. (These are cities where the middle class can no longer afford housing.)
While there are recent indications that home prices nationwide are now growing at a slower pace, prices are still prohibitively expensive for many buyers. In the Northeast, median home prices in the most desirable markets range between $743,000 and $2 million, while median annual household incomes are between $100,000 and $250,000.
To identify the most expensive housing markets in the Northeast, 24/7 Wall St. reviewed data from the U.S. Census Bureau’s 2019 American Community Survey five-year estimates, ranking only the 1,116 census-designated places, cities, and towns with at least 5,000 residents. (All data came from the ACS except percent of population change, which we calculated using ACS data.)
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