Real Estate News

Home prices show surprisingly different rates across country

Published: 25 Apr 2017

No interested home buyer probably expects every market in the U.S. to be the same. Certain states have a history for being less expensive than others, and conventional wisdom holds that the city is usually pricier than a less developed urban area, though certainly not always. There are, though, some pieces of information that only come through when you put some of the most obviously different prices against each other for comparison.

Another barrier is the difference between owning and renting in each of these states. It's not uncommon for many to rent for a considerable time before they decide to purchase, and NerdWallet culled U.S. Census Bureau's American Community Survey information to create a report on how much the median difference was. The source specifically looked at the percentage by which the median premium for owning a home was above the median monthly rent.

Though New York City is often thought to have extremely expensive properties, the data actually showed that New Jersey has the highest difference between these two points. In that state, the homeowner median is 93 percent higher than the median rent, 22 percent higher than the figure for the Empire State.

Overall, general home prices went up throughout the country last month, according to a statement from the National Association of Realtors. That organization explained that the average number of existing homes sold in March reached a ten-year pinnacle. It also said that the median price grew by 6.8 percent between 2016 and 2017.

Despite this, nearly half of all of March's home sales (exactly 48 percent) took less than a month to complete, which could indicate some strength. There were 1.83 million existing homes still available by the time March came to a close.