The pandemic’s effects continue to impact housing markets, with formerly affordable cities seeing a steep rise in housing costs.
Home prices in what were once some of the country’s most affordable cities continue to soar, reports Mary K. Jacob in the New York Post. In Cleveland, home prices rose by 15 percent in 2024, the largest increase among the 50 largest U.S. cities.
Other cities follow closely behind: Milwaukee housing costs rose by 14.5 percent, Philadelphia’s grew by 14 percent, and Miami home costs rose by 11.8 percent. “Nationwide, home prices rose in all 50 of the largest metro areas for the first time since May 2022, with the typical home now costing $427,670.”
For cities that saw a drop in home costs, like Tampa (0.5 percent), this was in part due to increased housing construction, but also growing concerns about flooding and insurance costs. Austin, Texas saw a significant drop in rents last year following zoning reform and an apartment construction boom.
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