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Record Appreciation Is Sending Homeowner Wealth Soaring

Pro Builder

Middle-income homeowners have seen their properties appreciate by 68% since 2012, amounting to $122,100 in equity wealth, according to the National Association of Realtors. Similarly, low-income homeowners reported $98,900 in equity gains, and upper-income households accrued $150,800 in equity.

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Is Your Local Housing Market Headed Toward a Home Price Correction?

Pro Builder

High-cost tech hubs like Seattle and San Jose as well as a number of housing markets concentrated in the West and Mountain West are among the first to see home prices fall after reaching unsustainable highs during the pandemic. The first group includes high-cost tech hubs like Seattle and San Jose.

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How Much Does It Cost to Buy a Home in the Largest U.S. Cities?

Pro Builder

Qualifying for a mortgage in today's high-cost housing market requires more income than in years past, but some U.S. On the other hand, prospective buyers in cities like San Jose, Calif., need to have a qualifying annual income of $359,127 to afford monthly payments of $8,380 for a median home price of $1,688,000.

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A Record Share of U.S. Homes Are Worth $1 Million or More

Pro Builder

Nearly nine out of 10 properties in San Francisco and San Jose tallied price tags of $1 million or more at the start of 2022, but Anaheim, California saw the fastest price growth with a 55% share of $1 million homes, double its original total. “The A record 6 million U.S. Read more.

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Home Value Appreciation Outpaced Median Salaries Across 25 Metros in 2021

Pro Builder

Home prices rose faster than median incomes in the majority of metro areas tracked by Zillow in 2021. metros tracked by Zillow in 2021, compared to just five metro areas where home value appreciation outpaced median income in 2020, CNBC reports. Louis were among the cities with the lowest home value growth to income ratio.

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Salary Needed to Afford a Home in the Top 15 Metros

Pro Builder

SmartAsset identified the salaries needed in the 15 largest metros to afford an average home payment and not exceed the recommended 36% debt-to-income ratio. The metro where residents need to make the most and least are San Jose, Calif. and Philadelphia. Key Findings. California is expensive. Read More. . . Regional Builders.

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Homeownership Wealth Gains for Second Quarter of 2020

Pro Builder

In the bottom 20% income percentile, a home accounts for 99% of total assets, compared to 42% for families in the top 10% income bracket. Nine of the top 10 metro areas with the largest housing wealth gains over a 10-year period were on the West Coast: San Jose-Sunnyvale-Sta. Read More. . Financials. Financials.