Current:Home > reviewsCalifornia is home to the most expensive housing markets in the US: See a nationwide breakdown -WealthX
California is home to the most expensive housing markets in the US: See a nationwide breakdown
View
Date:2025-04-12 04:14:34
California is one of the largest and most populous states in the U.S. – it's also one of the most expensive places to live. According to data from the Census Bureau's American Communities Survey, the median monthly mortgage cost in California is $2,673. It's not just housing that adds up – health care, taxes, food and transportation all contribute to California's growing cost of living.
California has one of the most pricey housing markets in country
Last year, the California Community Poll found that 4 in 10 Californians were considering moving out of state, with the majority saying it’s too expensive to live there. Although the poll found a majority of Californians love living in the state, increasing costs of living is the main driver for people moving.
About 64% of counties in the Golden State having median homes values above the national median of $389,800. Four of the top five most expensive U.S. counties by median housing price were located in California.
County level data of housing statistics from the the American Community Survey shows how much homes are valued at across California.
Outside of California, Massachusetts rounds out the top five counties with the highest median home prices:
- Santa Clara County, CA: $1,583,130
- San Mateo County, CA: $1,573,470
- Marin County, CA: $1,454,450
- San Francisco County, CA: $1,332,660
- Nantucket County, MA: $1,313,450
Logan Mohtashami, lead analyst for HousingWire, a trade publication for mortgage, real estate, and housing professionals told USA TODAY that California has been ineffective in lowering the cost of living because not enough homes are being built. That means there is more demand for homes than supply.
Mohtashami called the housing market unhealthy, " We still have too many people chasing too few homes” he said. “California is going to be a tug of war. Can they keep enough people here? Or do more people just keep moving away?”
Cost of living:Nearly half of California residents are considering leaving the state, a poll finds.
California to Texas:A move from California to Texas could save a million dollars. Many Americans are opting in
See how much homes are valued in your county
For the roughly two-thirds of Americans who do own homes, location is a major determinate of their home's value. Home ownership is a major financial asset to many households and knowing the worth of a home can help families decide to buy or sell.
See the median value of homes in each U.S. county:
How was the data collected?
The National Association of Realtors analyzed data from the Census Bureau's American Community Survey of median housing prices for 3,112 counties and county equivalents across the U.S. Home values reflect the overall worth of all homes in a given area rather than solely home sales data, according to the association.
The median home value by county is a less biased statistic than the mean or average price. Median is not as heavily influenced by a small number of highly priced homes and is a more accurate representation of housing prices across the U.S.
Itzel Luna contributed to this reporting
veryGood! (17188)
Related
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- Beverly Hills bans use of shaving cream, silly string on Halloween night
- Family of man who died while being admitted to psychiatric hospital agrees to $8.5M settlement
- 'Concerns about the leadership' arose a year prior to Cavalcante's escape: Officials
- Mets have visions of grandeur, and a dynasty, with Juan Soto as major catalyst
- Tom Brady Reacts to Rumor He'll Replace Aaron Rodgers on New York Jets NFL Team
- Surveillance video prompts Connecticut elections officials to investigate Bridgeport primary
- In Kentucky governor’s race, Democrat presses the case on GOP challenger’s abortion stance
- Meta releases AI model to enhance Metaverse experience
- Google sued for negligence after man drove off collapsed bridge while following map directions
Ranking
- Average rate on 30
- Rough surf batters Bermuda as Hurricane Nigel charges through open waters
- Asian Games offer a few sports you may not recognize. How about kabaddi, sepaktakraw, and wushu?
- Maryland apologizes to man wrongly convicted of murder, agrees to $340K payment for years in prison
- Arkansas State Police probe death of woman found after officer
- The Federal Reserve holds interest rates steady but hints at more action this year
- Family of man who died while being admitted to psychiatric hospital agrees to $8.5M settlement
- The Games Begin in Dramatic Hunger Games: Ballad of Songbirds & Snakes Trailer
Recommendation
Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
Autopsy finds man who was punched at New England Patriots game before he died had medical issue
Dutch photographer Erwin Olaf has died at 64. He shot themes from gay nightlife to the royal family
Russell Brand faces sexual assault claim dating to 2003, London police say
Nearly 400 USAID contract employees laid off in wake of Trump's 'stop work' order
Having a hard time finding Clorox wipes? Blame it on a cyberattack
A small venture capital player becomes a symbol in the fight over corporate diversity policies
Wave of migrants that halted trains in Mexico started with migrant smuggling industry in Darien Gap