H
omeownership costs are on the rise in a staggering 89% of US cities, with prices increasing in nearly nine out of ten metropolitan areas. According to a recent report by the National Association of Realtors, 226 measured metro markets saw median home prices surge between October and December last year compared to the same period in 2023.

    The Midwest is driving this trend, with six of its top 10 cities experiencing double-digit price hikes. Jackson, Mississippi, leads the pack with a whopping 28.7% increase, making it the most expensive city among the 226 surveyed. Upstate New York's Elmira comes in fourth, boasting a 17.6% price jump.

    While property owners are reaping the benefits of record-high home prices and housing wealth gains, renters face significant barriers to entering the market. "Rising costs make homeownership more challenging for those looking to transition from renting," said Lawrence Yun, NAR Chief Economist.

    The median US home price rose 4.8% year-over-year to $410,100 in the fourth quarter of last year. Over the past five years, prices have skyrocketed by 49.9%, with California's San Jose boasting the highest median price of nearly $2 million.