Home Prices Are Sky-High in California and New York — But People in Another State Have to Save the Longest to Buy Soaring mortgage rates amid inflation have kept prospective buyers across the U.S. at bay.
By Amanda Breen •
Key Takeaways
- The median home sale price is $786,500 in California and $770,000 in New York.
- Buyers in one state might have to extend their to-buy timelines more than those in others.
Eighty-four percent of consumers believe it's a bad time to buy a house, according to the Fannie Mae Home Purchase Sentiment Index released last month. Between surging home prices amid the pandemic and soaring mortgage rates in response to inflation now, it's little wonder why.
Of course, certain U.S. cities offer more affordable housing options. Although home prices have spiked at more than double the rate of income, prospective buyers can find some of the best deals in Youngstown, Ohio and Syracuse, New York, where the median list price is $149,900 and $217,250, respectively, per a Realtor.com study.
Related: Kevin O'Leary: Inflation Has 'Downsized' Lifestyles in U.S.
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