How the US has become the most expensive city to buy a home in the world

The US real estate market has taken a battering, with prices soaring to more than $2.6 million, according to real estate agency Realtor.com.

The figures show that the average price of a home is more than double what it was in 2014, and that the city of Houston is still the most unaffordable for home buyers. 

The US median price of $722,000 in 2016 was the second highest in the western world, ahead of New York and Los Angeles.

The average price in Houston has increased by just 0.3 per cent since 2015, according Realtot.

The Houston market is the hottest property market in the US, and has seen the fastest rate of house price growth in the country.

The price of homes in the city increased by more than 5 per cent in just one year, from $1.6m in January 2016 to $2m in February 2017.

This has driven the median price in the area up more than 25 per cent, to $1,569,000.

The average price for a home listed in Houston was $1m in 2016, compared to $835,000 for the median market price in California.

That is a 40 per cent increase in just a year. 

According to Realtos report, the average home sold in the Houston market in 2017 was valued at $1 million.

This is an increase of nearly $100,000 from the year before.

The median price is up by more that 10 per cent.

The city has the highest median home price in America, but the median income is still a mere $25,000, the report found.

The highest price in Texas was $2,859,000 listed in the suburb of Katy, and the lowest price was $680,000 sold in a suburb of Waco.

In New York, prices increased by about 6 per cent last year.

The US is a land of plenty for the wealthy, with average income in 2016 of $91,200, according the census bureau. 

More: More on real estate in the UK: The UK Real Estate Market by the Numbers: Real Estate Prices in the United Kingdom, 2014-2016

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