Photo: Andrey Armyagov / Shutterstock
By 2030, it is estimated that a single-family home could cost approximately $382,000 on average. So if you are planning to buy a home in the future, you should take some steps to be in a position to pay for it when the time comes.
Home prices have skyrocketed above market value since the pandemic. During business shutdowns, people left the city and returned to their homes in the suburbs, driving up prices in those areas. In addition, there are currently historically low interest rates, which has also led to an increase in their price.
In the past 10 years, home prices have increased by 48.55%. And although by 2030 a single-family home is expected to cost $382,000 or more, this will vary from city to city.
San Francisco could be the most expensive in the country at $2.61 million. Next will be San Jose with $2.25 million and Oakland with $1.71 million.
In New York City, the price could be $964,101. Home prices in Nashville can be $539,292. Houston home prices could rise to $309,806 from $23,326 currently.
If you are planning to buy a home in the future, the recommendation is to start saving as soon as possible, as The more money you have, the higher the down payment.
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