California is in second place, which makes sense since it is the third-largest state in the country and the most populous. The median home price is $505,000, and the estimated monthly mortgage payment is $2,399.32.
In this article we take a look at the 25 most expensive cities in the US to buy a house. Click to skip ahead and jump to the 10 most expensive cities in the US to buy a house.
The funny thing is, there is a lot of variance across the United States, with the most expensive places belonging to some of the fastest growing or exclusive cities, while other areas have a lot more to offer in less money. The amount of money you can spend for the same house varies wildly across cities and states. In Detroit, Michigan, for $250,000, you can easily get a property of over 5,400 square feet, while in some of the more expensive cities in our list, you won't even get 300 square feet. This disparity is in fact why the US is among the 10 countries with the cheapest land per acre for sale.
Like I said before, the prices across the US vary strongly for property. To determine our rankings, we took a look at the median cost of a house in each metropolitan area in the US for both 2019 and 2018 from the National Association of Realtors, and then calculated the average of both rankings to come up with our own. The only issue is, NAR's data is based on single family home prices. Manhattan has mostly apartments, not single family homes with a backyard and a front yard. New York City's real estate is fundamentally different from the rest of the country. While a 4,000 square foot house on a one acre plot is a viable option in Houston, it doesn't even exist in Manhattan. That is why we have also adjusted the rankings to take this anomaly into account. So let's take a look at the cities where purchasing a home can only be a dream for most of us, starting with number 25:
Many of us who have seen Mafia movies remember this area as full of incredible beachfront mansions, which cost more money than most of us will see in our life, and it is an extremely expensive city to buy a house in.
Click to continue reading and see the 10 most expensive cities in the US to buy a house. Disclosure: 25 Most Expensive Cities in the U.S. to Buy a House is originally published at Insider Monkey.
To determine just how much the most expensive cities in the U.S. can really cost, we turned to the latest data from the Council for Community and Economic Research (opens in new tab). Its Cost of Living Index measures scores of prices across 265 urban areas for housing (opens in new tab), groceries, utilities, transportation, healthcare (opens in new tab), and miscellaneous goods and services (such as getting your hair done or going to a movie). We also gathered data on household incomes (opens in new tab), home values and unemployment (opens in new tab) rates for each city to provide additional insights into the true cost of living for typical residents. Take a closer look at the 11 most expensive cities in the U.S.
Few cities can top Los Angeles for excess and glamor, but most of its residents don't work in Hollywood or shop on Rodeo Drive. While high living expenses make L.A. one of the most expensive U.S. cities, median annual incomes are a paltry $655 above the national level.
Honolulu has by far the most expensive groceries of all 265 urban areas surveyed for the Cost of Living Index. For example, milk and bananas cost about twice the national average, while potatoes are almost three times more expensive. Overall, a trip to the supermarket costs 50% more than what a shopper would shell out back on the mainland.
With space at a premium and location paramount, the median home value (opens in new tab) in Manhattan is second only to San Francisco on our list of most expensive U.S. cities. Typical rent for an apartment averages a stunning $4,531 a month, blowing away every other city tracked by the Cost of Living Index. Meanwhile, the average home price is $2.5 million.
The budget-busting doesn't stop there. Residents pay a premium of 26% at the grocery store, while transportation runs 10% above average. Meanwhile, miscellaneous goods and services are 36% more expensive. For example, if you want to go to the movies (opens in new tab), you'll pay 60% more for a ticket. Yoga (opens in new tab) classes cost almost double the national average. All of this and more conspires to make Manhattan the most expensive city in the U.S.
The capital and largest city in England is the eleventh most expensive housing market. The median house costs 8.6 times the median income. While the London housing market has been cooling during the pandemic, housing costs are still very high in this city.
A lack of adequate inventory has continued to make this area an expensive place to buy. DQNews, a real estate firm, reporting that the median house price for the six-county area in Southern California rose 16% from the previous year. February 2021 housing sales were 17.6% higher than the same time last year.
This southern Bay Area city ties with San Francisco for the eighth most expensive housing market on the list. As with San Francisco, the median house price costs 9.6 times the median income in the area.
Melbourne, the second most populous city in Australia after Sydney, is the sixth most expensive housing market. Analysts expect Melbourne housing prices to rise 16% this year, the largest increase since 2010.
1. Hong Kong ($1,235,220)Hong Kong has a booming economy, well-known for its skyscrapers and considered to be a perfect example of the modern city. A huge centre for culture and a fast adapting urban environment make Hong Kong one of the most expensive places to buy property.
10. Paris ($624,299)The city of love: Paris is recognised as being one of the most romantic cities in the world. Perhaps this comes down to the fluid language of its people, the picturesque atmosphere and architecture, or its rich culture and history. Regardless, Paris is one of the most visited cities in the world and also one of the most expensive.
As expected, there are some regions that not even a global pandemic or political unrest can shake: according to a recent report by Savills, Monaco remains at the top of the list as the most expensive place to buy property, thanks in no small part to its abundance of wealthy residents.
Monaco topping the list of the most expensive property markets in the world should come as no surprise, with the French principality long regarded as a playground for the global elite.
Despite this, Shanghai does remain one of the most expensive cities when it comes to property, with an average prime capital value of $2,200 per sq ft, but only time will tell how long this lasts as buyers look for greater certainty in their real estate purchases.
Home affordability can vary widely from one place to the next, especially with unique taxes, utilities, and other expenses associated with any given city. So many variables can make it hard to find the cheapest state to buy a house.
Iowa came in at the top of our list of the most affordable homes in America. It takes a mere 10.6 percent of the median household income to afford a home in the Hawkeye State. Homes clock in at just $147,800.
Rounding out the five most expensive places to buy a home is Colorado, the fourth Western state to make the list. It takes the typical earner more than 21 percent of their income (about $93,000, on average) to afford a house here.
What you can expect for your money: This 1,250 square-foot A-Frame house sits so close to the national park you might be asked for your America the Beautiful pass before walking into your backyard. Stripped down almost to the studs, the house is currently on the market for $145,000.
However, there are some cities that are more expensive to live in than others. There are different ways of calculating how expensive a place is to live. While some people calculate this using a ratio of earnings compared to property price, this list is based on the price of property per square meter. Here are the top 20 most expensive places to buy a home in the world.
The average price per square meter of property in Monaco is a whopping $60,114. This makes it significantly more expensive than anywhere in the world and the best place to search for a property that offers true luxury.
Bizarrely, even though demand for properties in London is so high, there is a large number of houses and apartments that are empty for most of the year. This is because the rich and famous like to have a base in the capital but do not use it as their full time residence.
Paris is the most expensive place to live in France and is the tenth most expensive place to live in the world. Inflation in the property market is continuing in Paris with prices rising by 4.4% in just one year.
A square meter of property in Paris is valued at $14,100. The central neighborhoods in the city are the most expensive places to buy a home while it is possible to purchase properties for less in the suburbs of the city.
Stockholm is the cultural and financial center of Sweden so it is one of the best places to live in this country. The reality of the Swedish property market is that negative interest rates have created a situation where house prices have risen dramatically.
This could potentially lead to a housing bubble in this country. Reports suggest that the market prices are rising by as much as 10% year on year. The place most affected by the price rises in Stockholm. Buying a property in this city now costs $9,439 per square meter.
This makes Toronto a desirable place to live for a wide range of people but it is also one of the reasons why it is so expensive to buy a property there. According to the Toronto Real Estate Board, the average house price in Toronto in 2017 is $825,00.
In fact, between 2008 and 2016, house prices dropped by 16.9% in Italy as a whole. The decrease in prices has led to an increase in property sales across the country. However, Rome is still an expensive place to buy your home as a property in Rome costs $7,859 per square meter. 59ce067264