Austin, TX -- (ReleaseWire) -- 11/03/2023 --MyEListing.com, a commercial real estate data and listing platform, published a report that found where home prices are rising faster than wage growth the most, breaking their findings down at both the national and state-by-state level.
On the national level, the United States "faces a 15 percentage point gap between housing price and wage growth." Home prices in western and southern states are rising the fastest, according to MyEListing's report.
On the state-by-state level, Idaho has it the worst, featuring a very significant 45.6 percentage point gap between housing price and wage growth. Illinois rounds out the list at #50, with a mere 3.6 percentage point gap.
Other states with notable percentage point gaps between housing price and wage growth include:
1. Idaho, with a 45.6.7% gap;
2. Arizona, with a 37.7% gap;
3. Utah, with a 33.8% gap;
4. Florida, with a 29.4% gap;
5. Tennessee, with a 27.1% gap;
6. Nevada, with a 26.6% gap;
7. Montana, with a 25.4% gap;
8. Georgia, with a 24.8% gap;
9. Rhode Island, with a 23.1% gap; and
10. North Carolina, with a 22.8% gap.
You can read MyEListing's published report here: https://myelisting.com/commercial-real-estate-news/1786/home-prices-rising-faster-than-wages-states-where-its-worst/
MyEListing's report analyzes data between 2018 and 2022, using the most recent data from the Bureau of Labor Statistics, the Federal Housing Finance Agency's Annual House Price Indexes, and the Census Bureau American Communities Survey. The report provides insights that "highlight disparities that reflect economic trends, regional influences, and the challenges many Americans face in finding affordable housing" using percentage point gaps: The higher the percentage point, the wider the gap, the less affordable the housing market.
MyEListing.com is a national commercial real estate marketplace and data platform. Users can sign up for free and get access to accurate local market intelligence, comp software, a national agent directory, and more. The site also supports other players in the industry, including NAI Global, Colliers, and Cushman & Wakefield.