Rising house prices outpace wage growth

Next on the list was Oklahoma City, which saw a drop of 182.1 square feet, followed by Jacksonville, Fla., down 130.2 square feet; Boise, Idaho, down 125.8 square feet; and Las Vegas, down 96.8 square feet.

The list included five other midsize cities – Sacramento; Reno, Nevada; Louisville, Kentucky; Tampa, Florida; and Raleigh, NC – but not major cities.

Americans are less likely to want to live in a city now than before the pandemic, according to a December 2021 report from the Pew Research Center. Increased demand in smaller towns has pushed prices up in some of these areas faster than wages have been able to respond.

In fact, Mr Mugleston said, the gap between average incomes and property prices in large cities has declined only slightly since 2017. “It was surprising how some of the notoriously unaffordable big cities, such as San Francisco and Los Angeles, have become more affordable over the past five years,” he said. .

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