Most modern Americans’ expenses continue to surge, and U.S. housing costs are no exception. House prices spiked 48.55% over the past decade, climbing from an average of $173,000 to $257,000.
If this trend continues, experts at RenoFi predict the average home value could reach approximately $382,000 by 2030.
The pandemic led to increased home use as households adapted spaces for work and education. Low mortgage rates and federal stimulus boosted people’s ability to save for down payments. But they may not be able to utilize that cash.
During that same time, supply chain disruptions and rising construction wages increased homebuilding costs, tightening the market. As a result, home prices are now significantly higher than they were before the pandemic.
Here’s a closer look at which states are leading the charge in home value appreciation.
California: $1,048,100
California will lead the list of U.S. states’ highest average home valuesby 2030. Some blame the state’s attractive climate, robust job market, …