The estate sales craze of the 1980s has made the real estate market in America a big deal again.
And that’s not all.
The market is a huge contributor to the national debt.
And it’s a major driver of the economic decline in many parts of the country.
Here are some key findings from the latest edition of “The Big Picture” — “Big Picture” is the title of our new series on the economy, the economy’s fundamentals and the changing face of the U.S. economy.1.
The real estate frenzy is back, and it’s bigger than ever.
In the last three decades, the average home price in the U, D.C., has risen more than 50%.
In New York City, it rose by more than 20% over that same period.
And the median price in Denver fell more than 6% during that same time period.2.
Real estate sales in 2017 exceeded the annual number of sales in 2016.3.
The median price for a home in 2017 was $6,854, up 6% from 2016.4.
The average price for condos in the D. C. metro area was up more than 40% over 2016.5.
Home values in California and New York were the top two markets for the median age in 2017, at 35 and 34 years old, respectively.
And in Boston, the median home age was 29 years old.6.
The number of people who have moved into their homes has skyrocketed.
Since 2010, home prices have doubled in the country, and median home prices are up more often than not.7.
As we’ve noted, median incomes have gone up.
Median household income has increased by more over the last 10 years than at any point since the 1930s.8.
Median wealth in the United States increased by nearly $1,000 for every $1 that median household income went up.
And since 2000, median wealth has more than doubled for the bottom 50% of households.9.
Households in the lower income brackets own more than half of the nation’s homes, while the richest 10% own just 13% of the homes.10.
While home ownership is up nationally, in the metro areas of Chicago and New Jersey, home values are down by almost 60% from where they were in 2016 — even as they are up across the country by a much larger amount.1 of 10